The Bayes' theorem states that the conditional probability of event B given event A depends on the conditional probability of event A given event B and the independent probability of event B
Indicate whether the statement is true or false
F
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As the price of milk increases, what happens at the original equilibrium in the market for cereal that signals market participants that the original equilibrium must change? (Milk and cereal are complements.)
A) A surplus is created by an increase in supply. B) A surplus is created by a decrease in demand. C) A shortage is created by an increase in demand. D) A shortage is created by a decrease in supply.
Budget surpluses exist when: a. government spending exceeds its tax revenues
b. government tax revenues exceed its spending. c. government spending equals its tax revenues. d. expansionary fiscal policies increase real GDP and the price level.
Lines, ration coupons, and black markets are symptoms of a
a. price floor. b. price ceiling. c. free market. d. barter economy.
Suppose nominal GDP equaled $10,988 billion while the M2 money supply was $6,063 billion. What was the velocity of the M2 money stock?
A. 0.45 B. 0.55 C. 1.81 D. 2.36