When the Frequency of an Event Is 95%, Its Probability

question 64

Multiple Choice

When the frequency of an event is 95%, its probability is

• A) .95
• B) .05
• C) .50
• D) Cannot be found from the information given

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Definitions:

Production Possibilities Curve

A graphical representation that shows the maximum number of goods or services that can be produced using limited resources.

Full Employment

A situation in which all available labor resources are being used in the most economically efficient way, often characterized by the absence of cyclical unemployment.

Entrepreneur

An individual who takes on the risk of starting and managing a business venture to achieve financial returns or other personal objectives.

Production

The process of creating goods or services using inputs like labor, capital, and natural resources.