John Runs a Computer Software Store

question 5

Multiple Choice

John runs a computer software store. He counted 130 people who walked by his store in a day, 59 of whom came into the store. Of the 59, only 24 bought something in the store. Estimate the probability that a person who comes into the store will buy nothing. Round your answer to the nearest hundredth.

• A)0.82
• B)0.55
• C)0.27
• D)0.59
• E)none of these choices

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Definitions:

Barriers to Free Trade

Restrictions, such as tariffs, quotas, and regulations, imposed by governments to control international trade and protect domestic industries.

International Allocation

The distribution of resources, goods, or capital among countries around the globe according to various economic factors and policies.

Comparative Advantage

The ability of an individual, company, or country to produce goods or services at a lower opportunity cost than competitors.