Random Sample of Executives from Companies with Assets Over $1

question 67

Multiple Choice

Random sample of executives from companies with assets over $1 million was selected and asked for their annual income and level of education. The following MegaStat output summarized the results: Using this output, what conclusions can you draw?

• A) The total size of the sample used was 24.
• B) Since the P-value is 0.0008, there is an 8% chance of these results happening when there is no significant difference in the incomes of these three groups.
• C) Since the calculated F-value is large, and the P-value is so small, there is strong evidence to suggest that the three groups with different levels of education do not all have the same incomes.
• D) Since the calculated F-value is large, and the P-value is so small, there is strong evidence to suggest that all three groups with different levels of education have the same incomes.

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Definitions:

Economy

A system of production, distribution, and consumption of goods and services within a certain geographical area.

Trouble

A vague term that could refer to difficulties or problems but lacks specificity in an economic or defined key-term context.

Implementation Lag

The time between the identification of a need for a policy and the moment the policy takes effect.

Fiscal Policy

Governmental adjustment of its spending levels and tax rates to monitor and influence a nation's economy.