Estimate the Probability of the Event
-The Data Set Represents

question 72

Multiple Choice

Estimate the probability of the event
-The data set represents the income levels of the members of a country club. Estimate the probability that a randomly selected member earns at least $90,000. Round your answers to the nearest tenth. $$\begin{array} { l } 104,000118,00084,000125,00087,000104,00090,00078,000139,000174,00081,00097,000132,00087,000118,000 \\111,00090,000146,00075,000111,000\end{array}$$

• A)0.4
• B)0.7
• C)0.8
• D)0.6

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Definitions:

Real GDP

Stands for Real Gross Domestic Product, which measures the value of all final goods and services produced within a country in a given period, adjusted for inflation.

Keynesian Theory

An economic theory stating that government intervention through fiscal policy is necessary to manage the cyclical nature of economies and adjust to demand shocks.

Real GDP

An inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, providing a more accurate picture of economic growth than nominal GDP.

Potential Real GDP

The maximum amount of goods and services that an economy can produce when it is fully employing its resources with efficiency, without causing inflation.