Suppose That Output in an Economy Is 1,000 Units and the Number

question 342

Multiple Choice

Suppose that output in an economy is 1,000 units and the number of hours worked in the economy is 40. If the economy enters an expansion, which of the following combinations of output and hours worked would best reflect the expansion?

• A) 1,000 units of output and 40 hours worked
• B) 1,200 units of output and 50 hours worked
• C) 1,600 units of output and 60 hours worked
• D) 1,800 units of output and 75 hours worked

---

Definitions:

Random Variable

A variable that reflects numerical outcomes attributed to random occurrences.

Occurrences

The instances or number of times an event or condition appears or is observed.

Probability Distribution

A numerical function outlining all conceivable outcomes and their associated chances for a random variable within a certain range.

Random Variable

A variable determined by the numerical results of chance phenomena.