How far do rich parents take us? How much education children get is strongly associated with the wealth and social status of their parents, termed "socioeconomic status," or SES. The SES of parents, however, has little influence on whether children who have graduated from college continue their education. One study looked at whether college graduates took the graduate admission tests for business, law, and other graduate programs. The effects of the parents' SES on taking the LSAT for law school were "both statistically insignificant and small."
(a) What does "statistically insignificant" mean?
(b) Why is it important that the effects were small in size as well as insignificant?