Each Salesperson in a Large Department Store Chain Is Rated

question 8

Multiple Choice

Each salesperson in a large department store chain is rated with respect to sales potential for advancement. These traits for the 500 salespeople were cross-classified into the following table: What is the probability that the selected salesperson has above average sales ability?

• A) 50/500
• B) 150/500
• C) 300/500
• D) 16/50
• E) 154/500

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Definitions:

Current Year CPI

The Consumer Price Index for the current year, a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy, often used as an indication of inflation.

Base Year

A reference year used for comparative analysis, often in calculating economic indicators like indexes.

Absolute Change

The difference between the final value and the initial value of a quantity, without regard to the direction of change.