THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 78

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
It is estimated that 1.3% of all items produced on an assembly line have some form of defect.You randomly select 60 items for inspection.
-What is the probability that more than 1.5% of the 60 items have some form of defect?

---

Definitions:

Outlays

Expenses incurred or amount spent for a particular purpose.

Federal Government Budget Surplus

Occurs when a government's income exceeds its spending during a fiscal year.

Aggregate Demand

The aggregate need for products and services throughout an economy, specified at a consistent price level and during a certain time.

National Saving

The total saving in an economy, consisting of both private savings by households and businesses, and public savings by the government.