The Gains from Trade

question 31

Multiple Choice

The gains from trade

• A)are likely realized in the long run when workers and firms have had the time to adjust to the new competitive environment.
• B)are immediately realized in the short run, when governments drop protectionist policies.
• C)are smaller than the costs of adjustment.
• D)none of the above

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Definitions:

Normal Distribution

A bell-shaped curve where a large number of data points are symmetrically distributed around the mean, with fewer and fewer observations the further away from the mean.

Point Estimate

A single value or statistic that serves as the best guess or most reasonable approximation of a population parameter.

True Population Mean

The average value of a characteristic within an entire population, often unknown and estimated through samples.

Off-Campus

Pertaining to activities, housing, or locations that are not situated within the main area or boundaries of a university or college.