Concentration of Production Is Appropriate When

question 37

Multiple Choice

Concentration of production is appropriate when

• A) the product serves universal needs.
• B) the product does not serve universal needs.
• C) the product's value-to-weight ratio is low.
• D) volatility in important exchange rates is expected.

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Definitions:

Standard Normal Distribution

A probability distribution that has a mean of zero and a standard deviation of one, representing a perfect bell curve.

Continuous Probability Distributions

Mathematical functions that represent the probabilities of all possible values in an unbroken (continuous) range.

Exponential Distributions

A type of continuous probability distribution that is often used to model the time between independent events that happen at a constant average rate.

Uniform Probability Distribution

A continuous probability distribution for which the probability that the random variable will assume a value in any interval is the same for each interval of equal length.