Estimate the Indicated Probability by Using the Normal Distribution as an Approximation

question 27

Multiple Choice

Estimate the indicated probability by using the normal distribution as an approximation to the binomial distribution.
-With n = 20 and p = 0.60, estimate P(fewer than 8) .

• A) 0.0668
• B) 0.4953
• C) 0.0202
• D) 0.4332

Understand the concept and roles of fiscal policy in an economy.

Identify the goals of government programs and the nature of government transfer programs.

Explain the concept of externalities and their impact on society.

Recognize the main and secondary sources of revenue for the U.S. federal government.

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Definitions:

Majority Voting

A decision-making process where the option that receives more than half of the votes cast by eligible voters is chosen.

Economic Efficiency

The optimal distribution of resources to maximize productivity and fulfill consumer preferences with minimal waste.

Paradox Of Voting

The concept that in a large election, the probability of one vote being decisive is so small that rational voters have no incentive to vote.

Majority Voting

A decision-making process where the choice supported by more than half of the participants wins.