The probability that the economy will enter a recession after the Federal Reserve increases the federal funds target rate is 60%, and the probability that the economy will enter a recession if the Federal Reserve does not increase the federal funds target rate is 10%. The unconditional probability that the economy will fall into recession is determined using the:
A) total probability rule.
B) addition rule for probabilities.
C) multiplication rule for probabilities.
Explanation:
A is correct
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