A student ran out of time on a multiple choice exam and randomly guessed the answers for two problems. Each problem had 4 answer choices – a, b, c, d – and only one correct answer. What is the probability that he answered both of the problems correctly? Write your answer as a fraction in simplest form.

Tom and lilly rented a house for $12,000 last year. at the start of the year they bought the house they had been renting directly from the owner for $250,000. they believe they could rent it for $12,000 this year, but stay in the house. how much does tom and lilly’s decision to buy the house change gdp? a. it reduces gdp by $12,000 b. it does not change gdp c. it raises gdp by $238,000 d. it raises gdp by $250,000