Suppose the Department of Labor reported that there was a 50% probability that the unemployment rate would drop below 8% by the end of the calendar year. This is an example of using ------ probability.
A)subjective
B)empirical
C)simple
D)classical

Question

Quizplus · Accepted Answer

Subjective probability is based on personal judgment or opinion rather than on exact calculations or specific past events. The Department of Labor's report of a 50% probability for the unemployment rate dropping is based on expert judgment and analysis, making it a subjective probability.

Suppose the Department of Labor Reported That There Was a 50