The Old Age Pensions Act Was Passed in 1927 Because

question 58

Multiple Choice

The Old Age Pensions Act was passed in 1927 because of

• A) the poverty of older workers forced out of the labour force
• B) a study done of the poor older workers
• C) flaws in the Government Annuities Act
• D) political infighting by the Liberal Party
• E) concern for mothers who worked

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Definitions:

Monte Carlo Simulation

A computational algorithm that uses repeated random sampling to obtain numerical results, especially to calculate risks and uncertainties in predictive and forecasting models.

Cumulative Probability

The probability of obtaining a result equal to or less than a specific value within a statistically distributed set of data.

Demand Probability

The likelihood or chance that a product or service will be desired or required by the market at a certain time.

Monte Carlo Simulation

A statistical technique employing random variables to simulate a model numerous times, thereby estimating the probable outcomes of various decisions or future events.