Given the Following Set of Scores X : 10, 12

question 19

Multiple Choice

Given the following set of scores X : 10, 12, 6, 8, 9, 11, 13, 13, 5, 0, 1 What is the variance?

• A) 20.6
• B) 4.54
• C) 18.7
• D) 4.3

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Definitions:

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors.

Specialization

The process of concentrating on and becoming expert in a particular subject or skill within production or labor.

Comparative Advantage

The ability of an individual, firm, or country to produce a particular good or service at a lower opportunity cost than others, leading to a basis for beneficial trade.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, effectively the value of the opportunity lost.