Prior to taking an exam of 5 true or false items, assume (as ludicrous as this seems) that you did not have a chance to study. Assume further that you just have to guess on each item with the resulting probability of getting any item correct is .50. What is the probability for each of the following outcomes?
Definitions:
Patent Protection
Legal rights granted to inventors to exclusively make, use, or sell their inventions for a certain period.
Aggregate Demand
The total demand for all goods and services in an economy at various price levels, during a specific time period.
Full Employment
An economic situation where all available labor resources are being used in the most efficient way possible, essentially meaning there is no involuntary unemployment.
Keynes
Refers to John Maynard Keynes, an influential British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.
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