A major insurance firm interviewed a random sample of 1,200 college students to find out the type of life insurance preferred, if any. The results follow:
Is there evidence that life insurance preference of male students is different than that of female students? Test using the 5% level of significance.
Definitions:
International Trade
The swapping of merchandise and services between nations.
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.
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