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A researcher is using a random number table to pick between two groups labelled X and Y.X is to be chosen with a probability of 5/7 and Y with a probability of 2/7.The researcher assigns the digits {1, 2, 3,
4, 5} to X and the digits {6, 7} to Y.The researcher uses this section of a random number table: What are the first and second choices?
Natural Rate
Often refers to the natural rate of unemployment, which is the level of unemployment consistent with a stable rate of inflation, or the equilibrium rate unaffected by short-term fluctuations.
Fully Employed
Refers to a situation where all available labor resources are being used in the most economically efficient way.
GDP
Gross Domestic Product, the total market value of all final goods and services produced within a country in a specific time period.
Natural Rate
The natural rate typically signifies the unemployment rate that maintains a steady inflation rate over time, also known as the natural rate of unemployment.
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