Which of the Following Statements Is True About the "Law

question 32

Multiple Choice

Which of the following statements is true about the "law of large numbers" (LLN) ?

• A)The LLN states that if an experiment with a random outcome is repeated a large number of times, the empirical probability that is observed is likely to be close to the theoretical probability.
• B)The LLN states that if you simulate or conduct an experiment or simulation enough times the empirical probability observed will always match the theoretical probability that is expected.
• C)The LLN is almost always true, but there are special occasions, even when outcomes are random, when the LLN can be broken.
• D)The LLN states that the empirical probability that is observed will simulate the theoretical probability that is expected for any finite number of trials, so a simulation or experiment need not have an excessive number of trials.

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Definitions:

Unemployment Rate

The percentage of the labor force that is jobless and actively looking for employment.

Worker Productivity

The amount of goods and services produced per hour worked by an employee.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs and production technology, illustrating the concept of opportunity cost.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.), demonstrating the trade-offs in production volume between different commodities.