If We Know That the Length of Time It Takes

question 11

Multiple Choice

If we know that the length of time it takes a university student to find a parking space in the university car park follows a normal distribution with a mean of 3.5 minutes and a standard deviation of 1 minute,find the probability that a randomly selected university student will find a parking space in the car park in less than 3 minutes.

• A) 0.3085
• B) 0.3551
• C) 0.2674
• D) 0.1915

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Definitions:

Price Level

A measure of the average prices of goods and services in an economy over a period of time.

Wage Rate

The standard amount of compensation individuals receive in exchange for performing a certain task or job per unit of time.

Monetary Policy

The process by which a central bank, currency board, or equivalent regulatory committee manages the supply of money and interest rates to achieve macroeconomic objectives such as controlling inflation, consumption, growth, and liquidity.

Rational Expectations

Rational expectations is an economic theory that assumes individuals form forecasts about the future based on all available information, thereby influencing economic outcomes.