Assume Z Is a Standard Normal Random Variable

question 69

Multiple Choice

Assume z is a standard normal random variable. Then P(1.41 < z < 2.85) equals _____.

• A) .4772
• B) .3413
• C) .8285
• D) None of the answers is correct.

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Definitions:

Comparative Advantage

The capability of a nation or business to manufacture a specific product or offer a service at a lesser opportunity cost compared to its rivals.

Opportunity Cost

The expenditure experienced from not picking the immediate runner-up selection during a choice process.

Economies of Scale

The cost advantage achieved when production becomes efficient, leading to a decrease in the per-unit cost as the volume of production increases.

Autarky

A situation where a country or economy operates in total self-sufficiency, without engaging in international trade.