A Group of Employees of Unique Services Will Be Surveyed

question 32

Multiple Choice

A group of employees of Unique Services will be surveyed about a new pension plan. In-depth interviews with each employee selected in the sample will be conducted. The employees are classified as follows: What is the probability that the first person selected is either in maintenance or in secretarial?

• A)0.200
• B)0.015
• C)0.059
• D)0.001

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Definitions:

Capital

Resources, such as funds, equipment, and buildings, that are used in the production of goods and services.

Labor

Refers to the human effort, both physical and mental, used in the production of goods and services.

Isocost Line

A graph that shows all combinations of capital and labor that can be purchased for a given total cost.

Price of Capital

The cost of using capital goods in production, often reflected in interest rates or rental costs.