Here is a question based on the footnotes in the chapter. Pick the true statement from the four below.
A) The probability of an event is .33 and odds of an event are 3:1 are equivalent statements.
B) For statisticians, "the long run" means extensive sampling.
C) The empirical probability approach is sometimes referred to as the redactic approach.
D) All of the other alternatives are correct.

Question

Quizplus · Accepted Answer

"The long run" in statistical terms indeed refers to the concept of conducting extensive sampling or observations over a long period to ensure the stability of probability estimates. This contrasts with the other options where A is incorrect because a probability of .33 corresponds to odds of 1:2, not 3:1, and C is incorrect because the empirical probability approach is known as the relative frequency approach, not the "redactic" approach.

Here Is a Question Based on the Footnotes in the Chapter