Scenario 4-1 In a Given Year, Country a Exported $12 Million Worth

question 28

Multiple Choice

Scenario 4-1
In a given year, country A exported $12 million worth of goods to country B and $6 million worth of goods to country C; country B exported $4 million worth of goods to country A and $7 million worth of goods to country C; and country C exported $5 million worth of goods to country A and $2 million worth of goods to country B.
-Which of the following is true?​

• A)​Economists assume that there are no private property rights in a free market.
• B)​A free market is also known as a fettered market.
• C)​A voluntary transaction means that all parties to the transaction must expect to benefit.
• D)​People always receive goods and services at a discounted price in a free market.
• E)​An economic growth is represented by an inward shift of the production possibility curve.

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Definitions:

Normal Distribution

A bell-shaped probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Standard Deviation

Standard Deviation is a measure of the amount of variation or dispersion present in a set of values, indicating how spread out the values are.

Fast Food

A type of food service that emphasizes minimal preparation time and quick service, often associated with preheated or precooked ingredients served in a packaged form for take-away.

Probability Mass Function

An operation that calculates the chance that a given discrete random variable precisely equals a certain value.