Suppose That a Worker in Country a Can Make Either

question 2

Multiple Choice

Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year.Country A has 200 workers.Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year.Country B has 400 workers.The opportunity cost of one tomato in Country A is:

• A) 100 bananas.
• B) 20 bananas.
• C) 5 bananas.
• D) 4 bananas.

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Definitions:

Null Hypothesis

A hypothesis that assumes no statistical significance or effect exists in a set of observations.

Level Of Significance

The threshold below which a statistical result is considered significant, indicating that an observed effect is unlikely to be due to chance alone.

Quantitative Data

Data that can be quantified and verified, and is amenable to statistical manipulation, typically involving numerical values.

Parametric Statistical Test

Statistical tests based on assumptions about the population parameters and the distribution of the sample data.