In a Management Trainee Program,80% of the Trainees Are Female,while

question 12

Multiple Choice

In a management trainee program,80% of the trainees are female,while 20% are male. Ninety percent of the females attended college; 78% of the males attended college. A management trainee is selected at random. What is the probability that the person selected is a female who attended college?

• A)0.20
• B)0.08
• C)0.25
• D)0.72

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Definitions:

Implicit Costs

The firm’s opportunity costs of using resources owned or provided by the owner.

Explicit Costs

Dollar costs incurred by business firms, such as wages, rent, and interest.

Implicit Costs

The opportunity costs that are not directly incurred but represent the loss of alternative benefits when choosing one option over another.

Explicit Costs

Direct, out-of-pocket payments for goods and services required to run a business.