The label on a package of bolts says each bolt has a diameter of 0.35 inch. to be in the package, the package error of the diameter must be less than 5%. one bolt has a diameter of 0.33 inch. should it go in the package? why or why not?

Standard Diameter of the bolt = 0.35 inches
Allowable deviation from the standard diameter = 5%

Minimum allowable diameter = Standard Diameter - Deviation
So,
Minimum allowable diameter = 0.35 - 0.05(0.35) = 0.3325 inches

Since the value 0.33 inches is lesser than the minimum allowable diameter , the bolt with diameter of 0.33 inches should not go into package.