Find the Indicated Probability $\frac { 1 } { 3 }$

question 8

Multiple Choice

Find the indicated probability.
-On a multiple choice test, each question has 3 possible answers. If you make a random guess on the first question, what is the probability that you are correct?

• A) 0
• B) 3
• C) 1
• D) \(\frac { 1 } { 3 }\)

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Definitions:

Nominal Wages

The wages paid to employees measured in current money, without adjustment for inflation or purchasing power.

Price Level

An index that measures the average level of prices of goods and services in an economy over a period of time.

Real Wages

Wages adjusted for inflation, reflecting the true purchasing power of income received by workers.

Nominal Income

The amount of money earned in current dollars, without adjustment for inflation, affecting purchasing power over time.