Of the Last 100 Customers Entering a Computer Shop, 25

question 97

Multiple Choice

Of the last 100 customers entering a computer shop, 25 have purchased a computer. If the classical method for computing probability is used, the probability that the next customer will purchase a computer is

• A)0.25
• B)0.50
• C)1.00
• D)0.75

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Definitions:

Identical Basket

A concept used in economics to compare the cost of a specific set of goods and services across different geographical locations or time periods.

Purchasing Power Parity

An economic theory that compares different countries' currencies through a "basket of goods" approach to assess their purchasing power.

Exchange Rate

The value of one currency for the purpose of conversion to another, which determines how much foreign currency one can get with the domestic currency.

Basket of Goods

A selection of various goods and services used to track inflation and the cost of living over time.