If an Average of 12 Customers Is Served Per Hour

question 33

Multiple Choice

If an average of 12 customers is served per hour, what is the probability that the next customer will arrive in 3 minutes or less?

• A) 0.55
• B) 0.30
• C) 0.45
• D) 0.39

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Definitions:

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than others, leading to trade benefits.

Terms Of Trade

The ratio of a country's export prices to its import prices, affecting the volume of goods a country can import for a given level of exports.

Exchange Rate

The value of one currency expressed in terms of another, determining how much of one currency can be exchanged for another.

Leading Import

The most significant or highest-valued good or service that a country imports from another country.