Assume for Namibia That the Opportunity Cost of Each Hut

question 278

Multiple Choice

Assume for Namibia that the opportunity cost of each hut is 200 bowls.Which of these pairs of points could be on Namibia's production possibilities frontier?

• A) (200 huts, 30,000 bowls) and (150 huts, 35,000 bowls)
• B) (200 huts, 40,000 bowls) and (150 huts, 30,000 bowls)
• C) (300 huts, 50,000 bowl) and (200 huts, 60,000 bowls)
• D) (300 huts, 60,000 bowls) and (200 huts, 80,000 bowls)

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Definitions:

Standard Error

A measure of the standard deviation of the sampling distribution of a statistic, indicating the accuracy with which a sample represents a population.

Standard Deviation

A statistical metric that quantifies the dispersion or spread of a dataset relative to its mean.

Sample Proportion

The fraction or percentage of items in a sample that are part of a particular category or characteristic of interest.

Binomial Distribution

A statistical function that delineates the chances of a variable assuming either of two mutually exclusive values, based on certain parameters.