The Probability of Winning a 5/25 Lottery Game Where 5

question 20

Multiple Choice

The probability of winning a 5/25 lottery game where 5 numbers are picked from a range of 25 is ---------.

• A)1/53,130
• B)1/6,375,600
• C)1/32,852
• D)1/353,775

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Definitions:

Expansionary Gap

A situation where the actual output in an economy is greater than the potential output due to high demand.

Nominal Wages

The amount of money an employee is paid before adjustments for inflation, reflecting the current value of money.

Real Wages

The purchasing power of wages, adjusted for inflation, showing how many goods and services can be bought with a unit of labor.

Phillips Curve

An economic theory suggesting an inverse relationship between the rate of inflation and the rate of unemployment within an economy.