You Have Determined That Waiting Times at a Toll Booth

question 44

Multiple Choice

You have determined that waiting times at a toll booth are uniformly distributed over the interval 20 to 60 seconds. The first random number your simulation returns is 0.4732. What is the waiting time that this random number generates?

• A) 38.928 seconds
• B) 48.928 seconds
• C) 68.928 seconds
• D) 78.928 seconds
• E) 88.928 seconds

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Definitions:

Monetary Policy

Economic strategy chosen by a government's central bank to control the money supply, aiming at achieving macroeconomic goals such as controlling inflation, consumption, growth, and liquidity.

Adaptive Expectations

An economic theory suggesting that people adjust their future expectations based on past experiences and trends.

Government Policy

The actions taken by a government to achieve its objectives in various sectors like economy, social welfare, and public services.

Rational Expectations

An economic theory suggesting that individuals make predictions about future events using all available information, thus their expectations are on average correct.