A jar has 20 red jelly beans and 40 black jelly beans. If you pick a red jelly bean and put it back, what are the odds of picking a red jelly bean next?
A) 20/40
B) 20/60
C) 40/60
D) 0
B
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Borrowers benefit and lenders lose when the
A) actual interest rate is less than the expected real interest rate. B) actual interest rate is greater than the expected real interest rate. C) actual interest rate is equal to the expected real interest rate. D) actual inflation rate is less than the expected inflation rate.
How do pollution and crime affect GDP?
If the firms in a monopolistically competitive market are earning short-run economic profits, then
a. each existing firm will increase output in the long run as its marginal revenue curve shifts rightward b. each firm will experience an increase in the demand for its output in the long run c. each firm's profit will drop to normal in the long run as its demand curve shifts leftward due to entry of new firms d. barriers to entry will enable them to earn economic profits in the long run e. decreased demand for a key input will reduce that input's price in the long run and lower each firm's average total cost curve
If the income elasticity of a good is positive, we can conclude that the good is
a. an inferior good. b. a normal good. c. a luxury good. d. a necessity.