If One Country Can Produce All Goods More Cheaply Than

question 128

True/False

If one country can produce all goods more cheaply than another, there is no reason to trade.

---

Definitions:

Significance Level

The probability of rejecting the null hypothesis in a statistical test when it is actually true, often denoted by alpha.

Proportion

A part, share, or number considered in comparative relation to a whole; a ratio.

Inference

The process of drawing conclusions about a population based on data from a sample.

Statistical Inference

The process of using data analysis to deduce properties of an underlying probability distribution.