In Economics,specialization Means

question 76

Multiple Choice

In economics,specialization means:

• A)producing something using only one type of natural resource.
• B)producing something using only labor.
• C)focusing efforts on a particular product or a single task.
• D)producing only one unit of output.
• E)producing something using only one unit of a variable resource.

---

Definitions:

Population

The entire set of individuals or objects of interest or the measurements obtained from all individuals or objects of interest.

Parameter

A value that describes a characteristic of a population, such as its mean or standard deviation, often used in statistical models and inference.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the values in a dataset deviate from the mean.

Sampling Distribution

Distribution of likelihood for a distinct statistic, emanating from a random selection.