Table 3-1 Assume That Andia and Zardia Can Switch Between Producing Wheat

question 270

Multiple Choice

Table 3-1
Assume that Andia and Zardia can switch between producing wheat and producing beef at a constant rate.

-Refer to Table 3-1.Assume that Andia and Zardia each has 60 minutes available.If each person spends all his time producing the good in which he has a comparative advantage,then total production is

• A) 3 bushels of wheat and 6 pounds of beef.
• B) 3.5 bushels of wheat and 5.5 pounds of beef.
• C) 4 bushels of wheat and 5 pounds of beef.
• D) 7 bushels of wheat and 11 pounds of beef.

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Definitions:

Null Hypothesis

A statement or hypothesis that suggests there is no statistical significance between the two variables being studied or no effect of an experimental variable.

P > 0.05

Indicates that the probability of obtaining the observed data, or more extreme, under the null hypothesis is greater than 5%, suggesting results are not statistically significant.

T Test

A statistical test used to compare the means of two groups to determine if they are significantly different from each other.

P < 0.05

Indicates that the probability of obtaining the observed data, or more extreme, under the null hypothesis is less than 5%, suggesting statistically significant results.