The Basic Concept of the Central Limit Theorem Is That

question 62

True/False

The basic concept of the central limit theorem is that all research findings are limited in their application simply because they are based upon a sample and not a census.

---

Definitions:

Economy's Capacity

The maximum level of output that an economy can sustain over a period of time without increasing inflation.

Bowed Outward

A description of a production possibility frontier that displays increasing opportunity costs as more of one good is produced.

Specialized Resources

Inputs in the production process that have specific uses and are not easily adaptable to other types of production.

Comparative Advantage

The capacity of a person, business, or nation to create a product or offer a service with a smaller opportunity cost compared to its rivals.