Expected value is defined as
a. the profit on a fair bet.
b. the most likely outcome of a given experiment.
c. the outcome that will occur on average for a given experiment.
d. the relative frequency with which an event will occur.
c
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Refer to the above figures. Which of the panels would be consistent with the situation in which external benefits exist?
A) Panel 1 B) Panel 2 C) Panels 1 and 2 D) neither panel
When the price level changes, which of the following variables will change and thereby cause a change in the aggregate quantity of goods and services demanded?
a. the real value of wealth b. the interest rate c. the value of currency in the market for foreign exchange d. All of the above are correct.
About how much is the present value of $1 that will be paid to you in 3 years if the interest rate were 5%?
A. $1.14 B. $1.05 C. $1.00 D. $.86
If the fiscal year begins without a budget and Congress fails to pass continuing resolution, then:
A. the president has the right to raise the debt ceiling. B. federal agencies operate on the basis of the previous year's budget. C. the interest rate paid on the national debt automatically increases. D. the federal government shuts down.