Two Chips Are Drawn at Random and Without Replacement from a Bag

question 60

Multiple Choice

Two chips are drawn at random and without replacement from a bag containing four blue chips and three red chips. Find the probability of drawing two red chips.

• A)\(\frac { 1 } { 7 }\)
• B)\(\frac { 6 } { 7 }\)
• C)\(\frac { 9 } { 49 }\)
• D)\(\frac { 1 } { 12 }\)

Analyze the effects of trade and specialization on an economy's production and consumption possibilities.

Distinguish between absolute and comparative advantage in trade relationships.

Recognize the conditions under which economies or individuals can benefit from trade, even when one party is more efficient in all areas of production.

Identify how opportunity costs shift the production possibilities frontier and influence economic choices.

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