An S Chart Might Be Used as a Measure of Dispersion

question 3

Multiple Choice

An s chart might be used as a measure of dispersion rather than an R chart because it is:

• A) easier to understand
• B) more sensitive to variations
• C) more accurate
• D) b and c

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Definitions:

Acquired Comparative Advantage

An advantage gained by a country or firm through learning, innovation, and investment, as opposed to natural endowments.

Quota

A government-imposed trade restriction that limits the number or monetary value of goods that can be imported or exported.

Free-Trade Policies

Government policies aimed at reducing or eliminating barriers to trade between countries, such as tariffs and quotas, to encourage international commerce.

GATT

The General Agreement on Tariffs and Trade, a legal agreement between many countries, aimed at promoting international trade by reducing or eliminating trade barriers such as tariffs or quotas.