If the Number of People Employed Is 240,000 and the Labor

question 157

Multiple Choice

If the number of people employed is 240,000 and the labor force is 250,000, the unemployment rate is

• A) 2.4%.
• B) 2.9%.
• C) 4.0%.
• D) 4.7%.

Apply Bayes' Law to compute posterior and prior probabilities.

Calculate probabilities of compound events using rules of addition and multiplication.

Distinguish between independent and dependent events in probability.

Calculate probabilities in real-life scenarios, such as bidding for contracts or sales and interest rates forecasts.