Use the Following to Answer Questions

question 28

Short Answer

Use the following to answer questions :
A pollster asked 1000 adults whether Republicans or Democrats have better domestic economic policies. The following table gives the two-way classification of there opinions.

The pollster then randomly selected one adult from these 1,000 adults.
-The probability (rounded to three decimal places)that the selected adult is a female or thinks that Democrats have better domestic economic policies is:

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Definitions:

Comparative Advantage

The ability of an entity to produce goods or services at a lower opportunity cost than others, leading to more efficient trade possibilities.

Opportunity Costs

Opportunity costs represent the benefits an individual, investor, or business misses out on when choosing one alternative over another.

Mutually Beneficial Trade

A trade agreement between parties that provides gains or advantages to all involved parties.

Tariff

a tax imposed on imported goods and services, intended to make foreign commodities less price-competitive than domestic goods.