Examlex
A paint manufacturer discovers that the mean volume of paint in a gallon-sized pail is 1 gallon with a standard deviation of 0.05 gallons. The paint volumes are approximately bell-shaped. Estimate the percent of pails with volumes between 0.90 gallons and 1.10 gallons.
Country Better Off
A situation where a country's overall economic welfare or prosperity improves, often measured through metrics like GDP, employment rates, and living standards.
Individuals Worse Off
This term often references a situation where economic policies or market changes make certain individuals financially less well-off than before.
Comparative Advantage
Comparative Advantage is an economic theory that describes how countries or individuals can gain from trade if they specialize in the production of goods and services for which they have a lower opportunity cost compared to others.
Gain From Trade
The increase in welfare or benefit that countries or entities experience as a result of engaging in voluntary trade with each other.
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