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To compare the effect of weather on sales of soft drinks, a soda manufacturer sampled two regions of the country with the following results. Is there a difference in sales between the 2 regions? i. The null hypothesis is pa - pb = 0
Ii) The alternate hypothesis is pa - pb ≠ 0
Iii) If α = 0.01 and the z-statistic were calculated to be -1.96, your decision would be to fail to reject
Average Tariff
The average rate of duty or tax levied on imported goods.
Imports
Goods or services bought from foreign countries for domestic consumption or use.
Free Trade
International trade left to its natural course without tariffs, quotas, or other restrictions.
Absolute Advantage
The ability of an individual, company, or country to produce a good or service at a lower cost per unit than the cost at which any other entity can produce the same good or service.
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