An Improvement in Technology Would

question 136

Multiple Choice

An improvement in technology would

• A)enable the economy to produce outside its original production possibilities frontier
• B)enable the economy to move along its original production possibilities frontier
• C)eliminate scarcity; therefore, the production possibilities frontier would no longer exist
• D)have no effect on the production possibilities frontier
• E)change the production possibilities frontier to a line with a positive slope

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Definitions:

Robustness

The ability of a statistical method or test to remain effective under a variety of conditions or assumptions, or when faced with violations of those assumptions.

Sign Test

A non-parametric test used to evaluate the difference between paired samples, based on the direction of the differences between the pairs, not their magnitude.

T Test

A statistical test used to compare the means of two groups or the mean of one group with a known value, under the assumption of normally distributed data.

T Procedure

A statistical method used to test the mean of a population, especially useful when dealing with small sample sizes and unknown population standard deviations.