Opening Trade Between a Nation That Has "Cheap Labor" and One

question 70

Multiple Choice

Opening trade between a nation that has "cheap labor" and one that has "expensive labor" will

• A)lower the standard of living in both countries.
• B)raise the standard of living in both countries.
• C)make some workers less efficient.
• D)lead to an inappropriate allocation of resources.

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Definitions:

Factorial Design

An experimental design method used in statistics that allows the investigation of the effects of multiple factors by varying them together.

Replication

The process of repeating a study or experiment to confirm the findings of the original study.

Completely Randomized

A design of experiments where all the experimental units are allocated at random among all the treatments.

Degrees of Freedom

The number of independent values or quantities that can vary in an analysis without violating any constraints.