Below Are the Production Possibilities (Without Trade)and the Trading Possibilities

question 145

Multiple Choice

Below are the production possibilities (without trade) and the trading possibilities (with free trade) for Canada.

-Refer to the graph above to answer this question.Assuming free trade,what is the opportunity cost of 1 more aircraft?

• A)0.033 railcars.
• B)33.33 railcars.
• C)30 railcars.
• D)50 railcars.
• E)3,000 railcars

Understand the definition and purpose of hypothesis testing.

Distinguish between point estimates and interval estimates in hypothesis testing.

Know the implications of Type I and Type II errors in hypothesis testing.

Recognize the difference between one-sided and two-sided hypotheses.

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