It Is Estimated That 45% of Households Own a Riding

question 49

Multiple Choice

It is estimated that 45% of households own a riding lawn mower. A sample of 15 households is studied. What is the probability that exactly 7 of these own a riding lawn mower?

• A) 0.8353
• B) 0.1647
• C) 0.7987
• D) 0.2013

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Definitions:

Equilibrium Output

The level of output where the quantity of goods produced equals the quantity of goods consumed, resulting in market equilibrium.

Potential Output

The maximum amount of goods and services an economy can produce when it is most efficiently utilizing all its resources.

Actual Output

The real quantity of goods and services produced by an economy or firm at a given period, regardless of capacity.

Nominal GDP

The overall economic output of a country, consisting of all final goods and services produced in a defined period, assessed at prevailing market prices without correction for inflation.