Suppose You Guessed and Correctly Answered a Multiple-Choice Question That

question 38

Multiple Choice

Suppose you guessed and correctly answered a multiple-choice question that had four options as possible answers, with each option equally likely and only one correct answer. What is the probability of your guessing the answer CORRECTLY?

• A) p = .75
• B) p = .80
• C) p = .25
• D) p < .05

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Definitions:

Wage Rates

The standard amount of pay given for work performed, typically expressed in terms of an hourly, daily, or piece rate.

Inclusive Unions

Labor unions that aim to represent and protect the interests of all workers, regardless of race, gender, or industry, promoting equal rights and opportunities.

Exclusive Unions

Exclusive unions refer to labor unions that represent a specific set of workers, often requiring membership as a condition for employment within certain industries.

Above-equilibrium Wage

A wage rate set higher than the market equilibrium, often leading to decreased unemployment and potentially excess supply of labor.