For Small Countries, Free Trade Results in a Higher Level

question 38

True/False

For small countries, free trade results in a higher level of national welfare than tariff protection.

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Definitions:

Statistical Significance

Indicates the likelihood that a result or relationship is caused by something other than mere chance.

Statistical Probability

The quantification of the likelihood of an event occurring based on a ratio of favorable outcomes to the total number of possible outcomes.

Statistical Precision

How similar the results are when measurements are taken repeatedly in unaltered circumstances.

T-statistic

A value derived from a T-test that measures the size of the difference relative to the variation in the sample data.