If Two Equally Likely Events a and B Are Collectively

question 24

Multiple Choice

If two equally likely events A and B are collectively exhaustive,what is the probability that event A occurs?

• A)0.
• B)0.50.
• C)1.00.
• D)Cannot be determined from the information given.

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Definitions:

Activity Lag

The delay between the time a particular economic policy is enacted and the time when its full effects are observed in the economy.

Passive Policy

An economic policy approach that involves minimal intervention by the government in the economy, allowing market forces to operate without active guidance or stimulus.

Short-run Aggregate Supply

The total production of goods and services in an economy at various price levels in a short-term period, before all production factors can be varied.

Aggregate Demand

The complete requirement for goods and services in an economy, determined at an established overall pricing level for a specific duration.