For Textile Production, the U

question 128

Multiple Choice

For textile production, the U.S.capital/labor ratio is 0.5 and China's capital/labor ratio is 0.02.This means that

• A) the United States is the relatively capital scarce country.
• B) China is the relatively labor scarce country.
• C) China is the relatively capital abundant country.
• D) the United States is the relatively capital abundant country.

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Definitions:

Quantitative Forecasting

The use of statistical models and historical data to predict future trends or outcomes.

Correlation

A statistical measure that indicates the extent to which two or more variables fluctuate together.

Regression Analyses

Statistical methods used to estimate the relationships among variables, often used to predict a key variable based on others.

Forecasting

The practice of predicting future trends, demands, or events based on historical data and analysis.