One Thousand Tickets Are Sold at $1 Each for a Color

question 43

Multiple Choice

One thousand tickets are sold at $1 each for a color television valued at $350. What is the expected value of the gain if a person purchases one ticket?

• A)-$349
• B)-$0.65
• C)-$0.001
• D)-$0.80

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Definitions:

Headright System

A land grant policy that was used during the colonization of America, offering settlers a certain amount of land for each individual they brought over to the New World.

House of Burgesses

The first legislative assembly of elected representatives in North America, established by the Virginia Company in 1619.

Indentured Servitude

A labor system where people paid for their passage to the New World by working for an employer for a certain number of years.

Socioeconomic Development

The process of social and economic development in a society, often measured by improvements in economic indicators, social well-being, and quality of life.