The Probability of Event a Occurring Given That Event B

question 131

Multiple Choice

The probability of event A occurring given that event B has already occurred is 0.61. The probability of both events occurring is 0.5. What is the probability of event B occurring?

• A) 0.305
• B) 0.195
• C) 0.390
• D) 0.820
• E) 0.500

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Definitions:

Inflation

The speed at which the overall price level for goods and services increases, thereby diminishing the buying power.

Productive Capacity

The maximum output that an economy can produce without increasing inflation, given its current level of resources.

Equity

Fairness or justice in the way people are treated or the distribution of resources, often distinguished from equality by focusing on needs and outcomes.

Efficiency

The optimal use of resources to achieve the best possible outcome or output without wasting resources.