Use the Formula to Determine the Probability to Four

question 144

Multiple Choice

Use the formula to determine the probability to four decimal places of the given event. The probability of at least three successes in eight trials of a binomial experiment in which

• A) 0.9961
• B) 0.8555
• C) 0.9648
• D) 0.1445

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Definitions:

Aggregate Demand

The aggregate request for every product and service within an economy at a specified time and price point.

Wages

Monetary compensation paid by an employer to an employee in exchange for work performed.

Long-Run Phillips Curve

A graphical representation suggesting that in the long term, there is no trade-off between inflation and unemployment, showing vertical at the natural rate of unemployment.

Unemployment Rate

The percentage of those in the labor force who are not working but are in search of employment.