The Table Given Below Shows the Number of Labor Hours

question 57

Multiple Choice

The table given below shows the number of labor hours required to produce 1 umbrella and 1 bushel of corn in the U.K. and the Rest of the World. The United Kingdom has an absolute advantage in the production of _____. $$\begin{array} { | c | c | c | } \hline \text { Labor hours to make: } & \text { In the Urited Kingdorn } & \text { In the Rest of the World } \\\hline \text { l umbrella } & 3.00 & 2.00 \\\hline \text { 1 bushel of corn} & 1.00 & 0.25 \\\hline\end{array}$$

• A)neither corn nor umbrella
• B)both corn and umbrella
• C)only corn
• D)only umbrella

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Definitions:

Confidence Interval

A span of numbers that holds a certain likelihood of containing the actual value of the parameter.

Confidence Level

Confidence level indicates the probability that a population parameter will fall between two set values for a certain proportion of times.

Confidence Interval

An array of values, derived from observations of a sample, which is believed to enclose the value of a mystery parameter in the population.

Mean

The arithmetic average of a set of numbers, calculated by dividing the sum of the numbers by the count of numbers.