In a Two- Product,two- Country World,international Trade Can Lead to Increases

question 20

Multiple Choice

In a two- product,two- country world,international trade can lead to increases in

• A)prices of both goods in both countries.
• B)consumer welfare only if output of both products is increased.
• C)consumer welfare in both countries but not total production of both products.
• D)total production of both products but not consumer welfare in both countries.
• E)output of both products and consumer welfare in both countries.

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Definitions:

Normally Distributed

A dataset is normally distributed when it forms a symmetrical, bell-shaped curve around the mean, following the normal distribution pattern.

Standard Deviation

A gauge for the amount of distribution or variation present in a sequence of numbers.

Mean

The mean of a collection of numbers, determined by adding all the numbers together and then dividing by the count of the numbers.

Standard Normal

A standard normal distribution characterized by a mean value of zero and a standard deviation measuring one.