Question

During its next session, Congress is given a 60% chance of taking serious measures to reduce the federal defcit. Congress is also given a 50% chance of voting a substantial pay raise for its members. If you estimate a 40% probability that it will do both,
a. How likely is it that the Congress will do neither?
b. If the Congress acts seriously on the defcit, how likely is it that it will vote itself a pay raise?
c. How likely is it that Congress will vote itself a pay raise but will not act seriously on the defcit?


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  • CreatedJuly 16, 2015
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