THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING

question 218

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
A basketball player makes 80 percent of his free throws during the regular season.Consider his next eight free throws.
-What is the probability that he will make between four and six (inclusive) free throws?

• A)0.1468
• B)0.4863
• C)0.4404
• D)0.6291

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Definitions:

Production Possibilities Frontier

A chart that maps out all possible maximum production outcomes for a pair of items, given certain inputs which involve resources and more.

Interdependence

The mutual reliance between two or more entities, where the actions of one significantly affect the other, prevalent in global economies.

Gains From Trade

The benefits that parties obtain from engaging in voluntary trade, often resulting in an increase in overall economic efficiency and consumer welfare.

Gain From Trade

Refers to the increase in output and consumption that countries experience through specialization and exchange of goods and services.