Question 1

SCENARIO 4-10
Are whites more likely to claim bias? It was found that 60% of the workers were white,30% were black and 10% are other races.Given that a worker was white,the probability that the worker had claimed bias was 30%.Given that a worker was black,the probability that the worker had claimed bias was 40%.Given that a worker was other race,the probability that the worker had claimed bias was 0%.
-Referring to Scenario 4-10,what is the probability that a randomly selected worker had not claimed bias?

Accepted Answer

The answer of SCENARIO 4-10
Are whites more likely to claim...

Question 2

SCENARIO 4-10
Are whites more likely to claim bias? It was found that 60% of the workers were white,30% were black and 10% are other races.Given that a worker was white,the probability that the worker had claimed bias was 30%.Given that a worker was black,the probability that the worker had claimed bias was 40%.Given that a worker was other race,the probability that the worker had claimed bias was 0%.
-Referring to Scenario 4-10,when a randomly selected worker was not white,what is the probability that the worker had not claimed bias?

Accepted Answer

The answer of SCENARIO 4-10
Are whites more likely to claim...

Question 3

An investment consultant is recommending a certain class of mutual funds to the clienteles based on its exceptionally high probability of exceptionally high gain.It is an unethical practice to tell the clienteles the probability of a loss in her recommendations.

Accepted Answer

It is ethical and necessary for an investment consultant to disclose all relevant information, including the probability of a loss, to ensure that clients can make informed decisions.

Question 4

SCENARIO 4-9
A survey conducted by the Segal Company of New York found that in a sample of 189 large companies,40 offered stock options to their board members as part of their non-cash compensation packages.For small- to mid-sized companies,43 of the 180 surveyed indicated that they offer stock options as part of their noncash compensation packages to their board members.
-Referring to Scenario 4-9,is the size of the company independent of whether stock options are offered to their board members and why?

Accepted Answer

The answer of SCENARIO 4-9
A survey conducted by the Segal...

Question 5

SCENARIO 4-10
Are whites more likely to claim bias? It was found that 60% of the workers were white,30% were black and 10% are other races.Given that a worker was white,the probability that the worker had claimed bias was 30%.Given that a worker was black,the probability that the worker had claimed bias was 40%.Given that a worker was other race,the probability that the worker had claimed bias was 0%.
-Referring to Scenario 4-10,what is the probability that a randomly selected worker is black and had not claimed bias or is white and has claimed bias?

Accepted Answer

The answer of SCENARIO 4-10
Are whites more likely to claim...

Question 6

SCENARIO 4-10
Are whites more likely to claim bias? It was found that 60% of the workers were white,30% were black and 10% are other races.Given that a worker was white,the probability that the worker had claimed bias was 30%.Given that a worker was black,the probability that the worker had claimed bias was 40%.Given that a worker was other race,the probability that the worker had claimed bias was 0%.
-Referring to Scenario 4-10,what is the probability that a randomly selected worker is black and had not claimed bias?

Accepted Answer

The answer of SCENARIO 4-10
Are whites more likely to claim...

Question 7

You know that the probability of a randomly selected student will cheat on an exam is 1%.You also know that the probability of a randomly selected student will cheat on an exam knowing that his/her fellow classmate is cheating on the exam is also 1%.Which of the following is true about the event of "the randomly selected student cheating on an exam" and "his/her classmate is cheating on the exam"?
A)They are mutually exclusive.
B)They are collectively exhaustive.
C)They are independent.
D)None of the above.

Accepted Answer

The probabilities of a student cheating on an exam do not change based on whether their classmate is cheating, indicating that the two events are independent of each other.

Question 8

SCENARIO 4-10
Are whites more likely to claim bias? It was found that 60% of the workers were white,30% were black and 10% are other races.Given that a worker was white,the probability that the worker had claimed bias was 30%.Given that a worker was black,the probability that the worker had claimed bias was 40%.Given that a worker was other race,the probability that the worker had claimed bias was 0%.
-Referring to Scenario 4-10,what is the probability that a randomly selected worker is white and had claimed bias?

Accepted Answer

The answer of SCENARIO 4-10
Are whites more likely to claim...

Question 9

An investment consultant is recommending a certain class of mutual funds to the clienteles based on its exceptionally high probability of gain.It is an unethical practice not to also recommend a class of mutual funds with an exceptionally high probability of loss.

Accepted Answer

Recommending investments based on their potential for gain is a standard practice, and it is not unethical to omit recommendations for investments with a high probability of loss. The consultant's duty is to act in the best interest of their clients, which includes recommending investments that align with the clients' goals and risk tolerance, not necessarily presenting options with high risk of loss.

Question 10

SCENARIO 4-11
A sample of 300 adults is selected.The contingency table below shows their registration status and their preferred source of information on current events.
 
-Referring to Scenario 4-11,if an adult is selected at random,what is the probability that he/she is a registered voter who does not prefer to get his/her current information from the internet?

Accepted Answer

The answer of SCENARIO 4-11
A sample of 300 adults is...

Question 11

SCENARIO 4-10
Are whites more likely to claim bias? It was found that 60% of the workers were white,30% were black and 10% are other races.Given that a worker was white,the probability that the worker had claimed bias was 30%.Given that a worker was black,the probability that the worker had claimed bias was 40%.Given that a worker was other race,the probability that the worker had claimed bias was 0%.
-Referring to Scenario 4-10,what is the probability that a randomly selected worker is not black and had not claimed bias?

Accepted Answer

The answer of SCENARIO 4-10
Are whites more likely to claim...

Question 12

SCENARIO 4-10
Are whites more likely to claim bias? It was found that 60% of the workers were white,30% were black and 10% are other races.Given that a worker was white,the probability that the worker had claimed bias was 30%.Given that a worker was black,the probability that the worker had claimed bias was 40%.Given that a worker was other race,the probability that the worker had claimed bias was 0%.
-Referring to Scenario 4-10,if a randomly selected worker had claimed bias,what is the probability that the worker is white?

Accepted Answer

The answer of SCENARIO 4-10
Are whites more likely to claim...

Question 13

SCENARIO 4-10
Are whites more likely to claim bias? It was found that 60% of the workers were white,30% were black and 10% are other races.Given that a worker was white,the probability that the worker had claimed bias was 30%.Given that a worker was black,the probability that the worker had claimed bias was 40%.Given that a worker was other race,the probability that the worker had claimed bias was 0%.
-Referring to Scenario 4-10,if a randomly selected worker had not claimed bias,what is the probability that the worker is white?

Accepted Answer

The answer of SCENARIO 4-10
Are whites more likely to claim...

Question 14

An investment consultant is recommending a certain class of mutual funds to the clienteles based on its exceptionally high probability of gain.It is an ethical practice to explain to the clienteles what the meaning of probability is.

Accepted Answer

It is ethical for an investment consultant to explain the terminology used in investment recommendations to the clients. Explaining the meaning of probability, in this case, would help the clients understand the potential risks and returns associated with the recommended mutual funds.

Question 15

SCENARIO 4-11
A sample of 300 adults is selected.The contingency table below shows their registration status and their preferred source of information on current events.
 
-Referring to Scenario 4-11,if an adult is selected at random,what is the probability that he/she is a registered voter who prefers to get his/her current information from the television?

Accepted Answer

The answer of SCENARIO 4-11
A sample of 300 adults is...

Question 16

An investment consultant is recommending a certain class of mutual funds to the clienteles based on its exceptionally high probability of gain.It is an ethical practice to explain to the clienteles what the basis of her probability estimate is.

Accepted Answer

It is ethical for an investment consultant to explain the basis of her probability estimate to her clients in order to provide transparency and build trust in the recommendation.

Question 17

To ethically advertise a school lottery scheme to try to raise money for the athletic department,the organizer of the lottery does not need to explicitly specify the probability of each of the prize in the lottery.

Accepted Answer

It is important to provide transparency and clarity to participants in any lottery scheme. Not specifying the probability of winning each prize can be misleading and may be considered unethical advertising. Full disclosure of all pertinent information is necessary to make an informed decision to participate.

Question 18

SCENARIO 4-11
A sample of 300 adults is selected.The contingency table below shows their registration status and their preferred source of information on current events.
 
-Referring to Scenario 4-11,if an adult is selected at random,what is the probability that he/she is a registered voter or prefers to get his/her current information from radio?

Accepted Answer

The answer of SCENARIO 4-11
A sample of 300 adults is...

Question 19

SCENARIO 4-11
A sample of 300 adults is selected.The contingency table below shows their registration status and their preferred source of information on current events.
 
-Referring to Scenario 4-11,if an adult is selected at random,what is the probability that he/she is a registered voter?

Accepted Answer

The answer of SCENARIO 4-11
A sample of 300 adults is...

Question 20

SCENARIO 4-11
A sample of 300 adults is selected.The contingency table below shows their registration status and their preferred source of information on current events.
 
-Referring to Scenario 4-11,if an adult is selected at random,what is the probability that he/she prefers to get his/her current information from the internet?

Accepted Answer

The answer of SCENARIO 4-11
A sample of 300 adults is...

Quiz 4: Basic Probability

An investment consultant is recommending a certain class of mutual funds to the clienteles based on its exceptionally high probability of exceptionally high gain.It is an unethical practice to tell the clienteles the probability of a loss in her recommendations.

An investment consultant is recommending a certain class of mutual funds to the clienteles based on its exceptionally high probability of gain.It is an unethical practice not to also recommend a class of mutual funds with an exceptionally high probability of loss.

An investment consultant is recommending a certain class of mutual funds to the clienteles based on its exceptionally high probability of gain.It is an ethical practice to explain to the clienteles what the meaning of probability is.

An investment consultant is recommending a certain class of mutual funds to the clienteles based on its exceptionally high probability of gain.It is an ethical practice to explain to the clienteles what the basis of her probability estimate is.

To ethically advertise a school lottery scheme to try to raise money for the athletic department,the organizer of the lottery does not need to explicitly specify the probability of each of the prize in the lottery.

SCENARIO 4-11 A sample of 300 adults is selected.The contingency table below shows their registration status and their preferred source of information on current events. -Referring to Scenario 4-11,if an adult is selected at random,what is the probability that he/she is a registered voter?