THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING

question 195

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
The following table presents the probability distribution function for the number of claims processed per hour at an insurance agency.

-Which of the following is true?

• A)P(X > 4)= 0.46
• B)P(X ≤ 4)= 0.27
• C)P(X > 2)= 1.00
• D)P(X ≥ 6)= 0.10

Recognize the role of regulations in job market entry and its implications for competition and voluntary exchanges.

Understand the impact of demand changes on the prices and quantities of resources.

Grasp the effects of unions and wage negotiations on employment levels and wages.

Comprehend the elasticity of the demand curve for human resources and its determinants.

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Definitions:

Opportunity Costs

The loss of potential gain from other alternatives when one alternative is chosen; the value of the next best choice.

Financial Investment

The purchase of a financial asset (such as a stock, bond, or mutual fund) or real asset (such as a house, land, or factories) in the expectation of financial gain.

Bank Certificate

A document issued by a bank certifying the deposit of money or financial instruments with a certain value.