Suppose That a Family Has 5 Children and That the Probability

question 228

Multiple Choice

Suppose that a family has 5 children and that the probability of having a girl is $\frac { 1 } { 2 } \text {. }$ . What is the probability of having at least three boys?

• A) 0.3125
• B) 0.4688
• C) 0.5000
• D) 0.1563

Understand the basics of exchange rates and how they are determined in international markets.

Interpret balance of payments data and its significance for a country's economic health.

Describe the impact of trade deficits and surpluses on a nation's economy.

Understand the difference between fixed and flexible exchange rate systems and their impacts on international trade.

---

Definitions:

UCC Section 2-301

A provision of the Uniform Commercial Code dealing with the obligation of the seller to transfer and deliver goods, and the buyer’s obligation to accept and pay for them.

Conforming Goods

Products that meet the specifications and requirements stipulated in a sales or supply contract.

Basic Duty

An essential or fundamental obligation required by law, contract, or ethical considerations.

Usage of Trade

Established customs and practices in a particular industry or market that are widely accepted and that parties to a contract are presumed to follow.