(b) It is commonly thought that, because of Christmas and holiday spending, 4th quarter consumption expenditure is higher than the first three quarters. Evaluate the validity of the statement on the given data, using analysis of variance. Clearly state your assumptions, null and alternate hypotheses, test statistics and sampling distributions.

Discuss the results fully. [15 marks]

Year: 20xx

Quarter: 1 to 4

lgdp: logarithm of US Real Gross Domestic Product, Billions of Chained 2012 Dollars, Quarterly, Not Seasonally Adjusted

lcons: logarithm of US Real Personal Consumption Expenditures, Billions of Chained 2012 Dollars, Quarterly, Not Seasonally Adjusted