Suppose the world economy is composed of just two countries: Italy and Greece. Each can produce steel or chemicals, but at different levels of economic efficiency. The production possibilities curves for the two countries are shown in the graphs below. 
Refer to the graphs and information above. Assume that prior to specialization and trade, Italy and Greece preferred points I and G on their respective production possibilities curves. As a result of complete specialization according to comparative advantage, the resulting gains in total output will be:
Definitions:
Statistically Significant
A term indicating that the results of an analysis demonstrate a likelihood that the observed effects or differences are not due to chance.
Sampling Variation
The variability in statistical measurements that occurs when different samples are taken from the same population.
Difference
Implies a point or way in which people or things are not the same.
Standard Deviation
A measure in statistics that quantifies the amount of variation or dispersion of a set of numeric values.
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