Solve the Problem

question 58

Multiple Choice

Solve the problem.
-A and B are events in a sample space S such that P(A) = 0.2, P(B) = 0.7, and P(A and B) = 0.14. Are events A and B independent?

• A) Yes
• B) No
• C) Not enough information

Determine the outcome of allowing trade on a country's export and import statuses.

Understand the concept of comparative advantage and how it affects trade decisions.

Analyze the effects of trade on producer and consumer surplus.

Recognize the role of tariffs and their impact on trade.