The Principle of Comparative Advantage Is That Total Output Will

question 188

True/False

The principle of comparative advantage is that total output will be greatest when each good is produced by that nation which has the lowest domestic opportunity cost.

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Definitions:

Population Variation

Differences or variations within a population, which can be due to genetic factors, environmental influences, or both.

P-values

In statistics, a measure that helps determine the significance of results from a hypothesis test, indicating the probability of observing the obtained results assuming the null hypothesis is true.

P-value

A statistical measure that helps in determining the significance of the results obtained from a hypothesis test, indicating the probability of observing the results by chance.

Statistical Significance

A result is said to be statistically significant if the computed p-value is less than some prescribed number, usually 0.05.