The Probability of an Event Is the _____ of Times

question 39

Multiple Choice

The probability of an event is the _____ of times the event would occur if we repeated a random trial many times.

• A) Number
• B) Opposite
• C) Proportion
• D) Sum

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Definitions:

Government Failure

Occurs when government intervention in the economy causes more harm than good, leading to inefficiencies or unintended negative consequences.

Idealized Economic Efficiency

A theoretical state in which resources are allocated in the most effective way possible, maximizing productivity while minimizing waste and inefficiencies.

Externality

A consequence of an industrial or commercial activity which affects other parties without this being reflected in market prices.

Uncompensated Benefits

Benefits that occur from an economic transaction that affect individuals not directly involved in the transaction, not compensated by the market.