Find the Indicated Probability
-On a Multiple Choice Test with Four

question 107

Multiple Choice

Find the indicated probability
-On a multiple choice test with four possible answers for each question, what is the probability of answering a question correctly if you make a random guess?

• A) 1
• B) \(\frac { 1 } { 2 }\)
• C) \(\frac { 1 } { 4 }\)
• D) \(\frac { 3 } { 4 }\)

Understand the relationship between marginal utility, total utility, and the decision-making process in consuming additional units of a good or service.

Understand the challenges of causal inference in quasi-experimental designs due to the absence of random assignment.

Identify the different quasi-experimental designs and their applications.

Recognize threats to internal validity in quasi-experimental designs.

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Definitions:

Inventory Balance

The total value of a company's inventory at the end of an accounting period, comprising raw materials, work-in-progress, and finished goods.

LIFO of $450,000

The last-in, first-out method applied to inventory that results in an ending balance of $450,000.

LIFO Reserve

The difference between the cost of inventory calculated using the Last In, First Out (LIFO) method and the cost calculated using the First In, First Out (FIFO) method.

FIFO Assumption

An accounting method where the first items purchased or produced are the first ones used or sold.