A Board of Directors Consists of Eight Men and Four

question 77

Multiple Choice

A board of directors consists of eight men and four women. A four-member search committee is to be chosen at random to recommend a new company president. What is the probability that all four members of the search committee will be women?

• A) 1/120 or 0.00083
• B) 1/16 or 0.0625
• C) 1/8 or 0.125
• D) 1/495 or 0.002
• E) None of the choices are correct

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Definitions:

Self-Regulating Market

A market mechanism in which market forces such as supply and demand are allowed to operate freely without external intervention, theoretically leading to efficient outcomes.

Say's Law

An economic theory that proposes supply creates its own demand, meaning production inherently creates the consumption of equivalent value.

Aggregate Supply Curve

This represents the total supply of goods and services that firms in an economy are willing to sell at a given price level during a specified time period.

Macroeconomic Equilibrium

A state where aggregate supply equals aggregate demand, resulting in a stable economy without tendencies to change.