If a Coin Is Tossed Three Times, the Likelihood of Obtaining

question 82

Multiple Choice

If a coin is tossed three times, the likelihood of obtaining three heads in a row is

• A) 0.0.
• B) 0.500.
• C) 0.875.
• D) 0.125.

Recognize the social costs associated with pollution as part of negative externalities.

Understand the concept of technology spillover and its classification as an externality.

Distinguish between command-and-control and market-based policies for correcting externalities.

Understand the implications of corrective taxes and subsidies on economic efficiency and government revenue.

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Definitions:

Budget

An estimate of income and expenditure for a set period of time.

Budget Line Equation

An economic model that represents all combinations of goods and services that a consumer may purchase given current prices within their income level.

Entertainment Budget

An estimate of the money allocated for leisure and entertainment activities within a certain period.

Electronic Matrix

A spreadsheet.