Suppose That the Country of Xenophobia Chose to Isolate Itself

question 157

Multiple Choice

Suppose that the country of Xenophobia chose to isolate itself from the rest of the world.Its ruler proclaimed that Xenophobia should become self-sufficient and so would not engage in foreign trade.From an economic perspective,when would this idea make sense

• A)if Xenophobia had an absolute advantage in all goods
• B)if Xenophobia had no absolute advantages in any good.
• C)never, as long as Xenophobia had a comparative advantage in any good
• D)never, as long as Xenophobia had an absolute advantage in at least half the goods traded

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Definitions:

Steroids

Steroids are organic compounds with four rings arranged in a specific molecular configuration, used both in medical treatment and illegally to enhance athletic performance.

Type II Error

The error that occurs when a statistical test fails to reject a false null hypothesis, mistakenly indicating that there is no effect or difference when there is.

Type I Error

The incorrect rejection of a true null hypothesis, also known as a "false positive."

Type II Error

Occurs when a statistical test fails to reject a false null hypothesis, also known as a false negative.