Insurance Company Records Indicate That 10% of Its Policyholders File

question 1

Multiple Choice

Insurance company records indicate that 10% of its policyholders file claims
Involving theft or robbery of personal property from their homes. Suppose a random
Sample of 400 policyholders is selected. The probability that the sample proportion of
Policyholders filing claims involving theft or robbery from their homes is less than 8% is

• A) .0918
• B) .1333
• C) .4082
• D) .0517
• E) .7892

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Definitions:

Production

The process of creating goods or services by combining labor, capital, and resources to meet consumer demands or needs.

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Systems of money in general use in particular countries or geopolitical regions.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost compared to another entity, enhancing the efficiency of global resource allocation.

Production Possibilities

The various combinations of goods and services that an economy can produce given its technological capabilities and available resources.