According to a Department of Labor Report, the City of Detroit

question 80

Multiple Choice

According to a Department of Labor report, the city of Detroit had a 20% unemployment rate in May. Eight working-age residents were chosen at random. What is the probability that at least two of the residents were unemployed?

• A) 0.1678
• B) 0.3355
• C) 0.4967
• D) 0.5033

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Definitions:

Efficient Markets

A theory that suggests that financial markets fully reflect all available information at any given time, making it impossible to consistently achieve higher returns.

Investment Capital

Funds invested in a business for the purpose of furthering its operations and generating income or profit.

Profit Opportunities

Situations or conditions that allow for the chance to generate earnings above the norm.

Economic Profits

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs.