You Have the Choice of Going to Hawaii for a Week

question 411

Multiple Choice

You have the choice of going to Hawaii for a week, staying at work for the week, or spending the week skiing. If you decide to go to Hawaii, the opportunity cost is

• A) the value of working and skiing.
• B) the value of working or skiing, depending on which you would have done rather than go to Hawaii.
• C) working, because you would be giving up a week's pay.
• D) none of the above if you enjoy the time spent in Hawaii.

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Definitions:

Two Categories

Descriptive of data or entities that can be divided into two distinct groups.

Chi-squared Goodness-of-fit

A statistical test used to determine if observed data matches the expected distribution of a given hypothesis.

Chi-squared Tests

Statistical tests used to determine if there is a significant difference between observed frequencies and the frequencies expected under a specific hypothesis.

Nominal Data

Categorical data that cannot be logically ordered or ranked.