Use the Following Data Sets to Answer the Questions

question 54

Multiple Choice

Use the following data sets to answer the questions:
Set A: 1, 2, 3, 4
Set B: 1, 1, 4, 7
Set C: 0, 5, 5, 10
Set D: 6, 6, 6, 6
-Which data set has standard deviation 0?

• A) Set A
• B) Set B
• C) Set C
• D) Set D

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Definitions:

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity more efficiently than another activity.

Absolute Advantage

The ability of a country, individual, or firm to produce more of a good or service than competitors using the same amount of resources.

Opportunity Cost

The cost of forgone alternatives when a decision is made to choose one option over others.

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or offer a service at a lower cost per unit than the cost at which any other entity produces that good or offers that service.