Specializing in the Production of a Good or Service in Which

question 229

Multiple Choice

Specializing in the production of a good or service in which one has a comparative advantage enables a country to do all of the following except

• A)engage in mutually beneficial trade with other nations.
• B)increase the variety of products that it can consume with no increase in resources.
• C)consume a combination of goods that lies outside its own production possibilities frontier.
• D)produce a combination of goods that lies outside its own production possibilities frontier.

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Definitions:

Continuous

Refers to a type of variable or data that can take an infinite number of values within a given range.

Pearson's Correlation Coefficient

A measure of the strength and direction of a linear relationship between two continuous variables, computed as the covariance of the variables divided by the product of their standard deviations.

Ordinal

A term referring to a type of data or a scale of measurement where items are ranked in order but the differences between rank positions are not necessarily equidistant.

Partial Correlation

A measure of the degree of association between two variables while holding one or more other variables constant.