If We Roll a Pair of Fair Dice and Count

question 25

Multiple Choice

If we roll a pair of fair dice and count the number of aces (one dot) showing, the probability model is as follows:

The probability of no aces is

• A) 0
• B) 1/36.
• C) 2/3.
• D) 25/36.
• E) impossible to determine.

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Definitions:

Capitalism

An economic system characterized by private or corporate ownership of capital assets and goods, with the production and pricing of goods determined primarily by competition in a free market.

Government Intervention

This involves actions taken by a government to affect the economy beyond the basic regulation of fraud and enforcement of contracts, which can include tariffs, subsidies, and adjustments to interest rates.

Wages and Prices

The relationship between the payment workers receive for their labor and the cost of goods or services in the economy.

Rational Expectations Theory

The hypothesis that individuals form forecasts about the future based on all available information and past experiences, affecting their economic decisions.