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Certification Test A standard certification test was given at three locations. 1,000 candidates took the test at location A , 600 candidates at location B , and 400 candidates at location C . The percentages of candidates from locations A , B , and C who passed the test were 70%, 68%, and 77%, respectively. One candidate is selected at random from among those who took the test. {Certification Test Narrative} What is the probability that the selected candidate passed the test?
Unemployment Rate
The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.
Stagflation
Stagflation is an economic condition characterized by slow economic growth, high unemployment, and high inflation, presenting a challenging scenario for policy response.
Phillips Curve
An economic theory describing an inverse relationship between rates of unemployment and corresponding rates of inflation, indicating trade-offs between policy objectives.
Short-run
A period in economics where at least one input is fixed and cannot be changed.
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