In an Instant Lottery, Your Chance of Winning Is 10

question 94

Multiple Choice

In an instant lottery, your chance of winning is 10.0%.If you play the lottery 100 times and the outcomes are independent, the probability that you win at least 15.0% of the time is ______.

• A)0.4933
• B)0.5
• C).15
• D)0.0478
• E)0.9213

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Definitions:

Positive Economic Statement

A statement that can be proved or disproved by reference to facts.

Normative Economic Statement

A subjective statement that expresses an opinion or a value judgment about what ought to be, rather than what is.

Can Be Verified

Indicates that a certain piece of information, claim, or data can be checked and confirmed for accuracy or truthfulness.

Positive Economic Statement

An objective statement based on empirical evidence that describes the world as it is. These statements can be tested and validated through observation.