These Two Countries Adopted Reforms That Liberalized Their Economies During

question 21

Multiple Choice

These two countries adopted reforms that liberalized their economies during the 1960s and they eventually became two of the world's freest economies. The two economies are

• A)Russia and India.
• B)Nigeria and Zimbabwe
• C)Hong Kong and Singapore
• D)Brazil and Venezuela

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Definitions:

Law of Large Numbers

A principle that states that as a sample size grows, its mean will get closer to the average of the whole population.

Probability Assignment Rule

A principle used to assign probabilities to outcomes of a random experiment, ensuring the probabilities are non-negative and sum to one.

Independent Events

Two or more events in probability with the outcome of any one event not influencing or being influenced by the outcome of the other event(s).

Fair Coin

A theoretical coin that has an equal likelihood of landing on heads or tails, often used in probability and statistics to model random events.