Most Economists Support Open Trade Because It Increase Our Choices

question 16

True/False

Most economists support open trade because it increase our choices as consumers,lowers costs for producers,increases competition and innovation,and leads to greater diffusion of technological change.

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Definitions:

Confidence Interval

A confidence interval is a range of values, derived from the sample data, that is believed to contain the true population parameter with a certain level of confidence.

Sample Sizes

The number of observations or data points from the population used to make estimations about the population.

Critical Value Z

A threshold value on the standard normal distribution used in hypothesis testing to decide whether to reject the null hypothesis.

Test Statistic

A value calculated from sample data during a hypothesis test. It is used to decide whether to reject the null hypothesis.