Solve the Problem. -An Ordinary Die Is Tossed. What Are the Odds in the Odds

question 267

Multiple Choice

Solve the problem.
-An ordinary die is tossed. What are the odds in favor of the die showing an odd number?

• A) 3 to 2
• B) 1 to 2
• C) 1 to 1
• D) 2 to 1

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Definitions:

Nominal Wage

Nominal wage is the amount of money that an employee receives from an employer as payment for work, without adjusting for inflation.

Real Wage

The purchasing power of wages, taking into account the effects of inflation or deflation, indicating the quantity of goods and services that can be bought.

Price Level

A uniform average of prices across the diverse range of economic goods and services.

Potential Output

The highest level of real gross domestic product (GDP) that can be sustained over the long term without increasing inflation.