Table 18-1 -From Table 18-1, the United States
A) Has an Absolute

question 166

Multiple Choice

Table 18-1
$\begin{array}{r}\text { Alternate Outputs from One Day's Labor Input }\\\begin{array}{lll}& \text { Wheat } \quad\quad\quad\quad&& \text { Textiles } \quad\quad\quad\quad\\\hline \text { United States } \\ \text { (One person's/day's labor) } \quad\quad\quad& \text {12 bushels } & \text { or } & \text {3 yards } \\\\ \text { Great Britain } \\ \text { (One person's/day's labor) } & \text { 3 bushels } & \text { or } & \text {12 yards } \\\end{array}\end{array}$

-From Table 18-1, the United States

• A) has an absolute advantage over Great Britain in the production of textiles.
• B) has an absolute advantage over Great Britain in the production of wheat.
• C) has a comparative advantage in the production of textiles.
• D) should export textiles to Great Britain.

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Definitions:

Confidence Interval

A swath of values, taken from statistical analyses of a sample, anticipated to hold within it the value of a not-yet-known population trait.

Standard Error

The standard deviation of the sampling distribution of a statistic, typically the mean.

Mean

The average value of a set of numbers, calculated by dividing the sum of all values by the number of values.

Confidence Interval

A range of values derived from sample data that is likely to contain the value of an unknown population parameter.