A Supermarket Claims That Their Checkout Scanners Correctly Price 99

question 677

Multiple Choice

A supermarket claims that their checkout scanners correctly price 99.8% of the items sold. How
Many items would you expect to buy, on average, to find one that scans incorrectly?

• A) 998
• B) 500
• C) 2
• D) 99.8
• E) 200

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Definitions:

Mortgage Loan

A loan used to purchase a piece of property, where the property itself serves as collateral for the loan.

Open-Market Sales

The selling of government securities in the open market to reduce the money supply and influence interest rates.

Money Supply

The total amount of money available in an economy at a particular time, including cash, coins, and balances held in checking and savings accounts.

Aggregate Demand

The summative desire for products and services within an economy, benchmarked at a constant price level over a set time frame.