Question 1

Predicting the outcome of a football game is using the subjective approach to probability.

Accepted Answer

The subjective approach to probability involves using personal judgment and experience to estimate the likelihood of an event occurring. Predicting the outcome of a football game involves analyzing various factors such as team performance, injuries, and weather conditions, and then using personal judgment to estimate the likelihood of a particular outcome. Therefore, it falls under the subjective approach to probability.

Question 2

The collection of all possible outcomes of an experiment is called:

Accepted Answer

The sample space is the set of all possible outcomes of an experiment. Therefore, the correct answer is B. The other choices are not correct. A simple event is a single outcome of an experiment. A sample is a subset of a population, and a population is the entire group of individuals that we want to study.

Question 3

Of the last 500 customers entering a supermarket,50 have purchased a wireless phone.If the relative frequency approach for assigning probabilities is used,the probability that the next customer will purchase a wireless phone is

Accepted Answer

The relative frequency approach is used when there is a limited sample size and we assume that the proportion of successes (in this case, purchasing a wireless phone) will remain constant for future trials.

In this case, out of the last 500 customers, 50 have purchased a wireless phone. Therefore, the proportion of customers who purchase a wireless phone is 50/500 = 0.1 or 10%.

Since we are assuming that this proportion will remain constant for future customers, the probability that the next customer will purchase a wireless phone is also 0.1 or 10%.

Therefore, the best choice is A) 0.10.

Question 4

If A and B are mutually exclusive events with P(A)= 0.75,then P(B):

Accepted Answer

Since A and B are mutually exclusive, they cannot both happen at the same time, meaning the sum of their probabilities cannot exceed 1. Given P(A) = 0.75, the maximum P(B) can be is 1 - 0.75 = 0.25, so it cannot be larger than 0.25.

Question 5

If P(A)= 0.4 and P(B)= 0.6,then A and B must be collectively exhaustive.

Accepted Answer

The probabilities of events A and B being 0.4 and 0.6, respectively, do not imply that A and B are collectively exhaustive. They could be independent, overlapping, or even mutually exclusive events without additional information.

Question 6

If two events are collectively exhaustive,what is the probability that one or the other occurs?

Accepted Answer

The answer of If two events are collectively exhaustive,what is...

Question 7

P(A)+ P(B)= 1 for any events A and B that are mutually exclusive.

Accepted Answer

P(A) + P(B) = 1 only if A and B are complementary events, meaning one happens if the other does not. For mutually exclusive events, this equation does not necessarily hold unless they also cover the entire sample space.

Question 8

The relative frequency approach to probability uses long term relative frequencies,often based on past data.

Accepted Answer

The statement accurately describes the relative frequency approach to probability, which relies on observed frequencies over a long period of time to estimate the probability of an event occurring in the future.

Question 9

You think you have a 90% chance of passing your next advanced financial accounting exam.This is an example of subjective approach to probability.

Accepted Answer

The statement is based on the individual's personal opinion or estimation, rather than on objective data or mathematical calculations. This makes it an example of subjective approach to probability.

Question 10

If either event A or event B must occur,they are called mutually exclusive.

Accepted Answer

Mutually exclusive events cannot occur at the same time. If either event A or B must occur, then they are not mutually exclusive. Therefore, the statement is false.

Question 11

Which of the following is a requirement of the probabilities assigned to outcome O_i?

Accepted Answer

Probabilities must always be between 0 and 1, inclusive. Therefore, option C is the correct requirement. Options A and B are incorrect because probabilities cannot be negative or greater than 1. Option D is incorrect because all outcomes cannot have a probability of 1, as the probabilities must add up to 1 for all possible outcomes.

Question 12

If an experiment consists of five outcomes with P(O₁)= 0.10,P(O₂)= 0.20,P(O₃)= 0.30,P(O₄)= 0.25,then P(O₅)is

Accepted Answer

The sum of probabilities of all outcomes in an experiment must equal 1. Adding the given probabilities: 0.10 + 0.20 + 0.30 + 0.25 = 0.85. Therefore, P(O₅) = 1 - 0.85 = 0.15.

Question 13

An approach of assigning probabilities which assumes that all outcomes of the experiment are equally likely is referred to as the:

Accepted Answer

The classical approach of assigning probabilities assumes that all outcomes are equally likely. This approach is based on theoretical reasoning and does not rely on empirical evidence or subjective judgment.

Question 14

If events A and B cannot occur at the same time,they are called mutually exclusive.

Accepted Answer

This is true by definition of mutually exclusive events. If events A and B cannot happen simultaneously, they are said to be mutually exclusive.

Question 15

The collection of all the possible outcomes of a random experiment is called a sample space.

Accepted Answer

This is the definition of a sample space in probability theory.

Question 16

If P(A)= 0.4 and P(B)= 0.6,then A and B must be mutually exclusive.

Accepted Answer

Since the sum of their probabilities P(A)+P(B)=1 and P(A∩B)=0 (where ∩ denotes intersection), it is not necessary for A and B to be mutually exclusive. They could have some overlap, but not complete overlap. Therefore, option B is the correct answer.

Question 17

Which of the following is an approach to assigning probabilities?

Accepted Answer

The answer of Which of the following is an approach...

Question 18

A sample space of an experiment consists of the following outcomes: 1,2,3,4,and 5.Which of the following is a simple event?

Accepted Answer

A simple event is an event that consists of a single outcome in a sample space. Option A and B are not simple events as they consist of multiple outcomes. Option D is not even an outcome in the sample space. Option C, on the other hand, is a single outcome and hence qualifies as a simple event.

Question 19

If either event A or event B must occur,then A and B are mutually exclusive and collectively exhaustive events.

Accepted Answer

Mutually exclusive events cannot occur at the same time, and collectively exhaustive events cover all possible outcomes. If either A or B must occur, then they cannot occur simultaneously (mutually exclusive) and together they cover all possibilities (collectively exhaustive).

Question 20

If you roll a balanced die 50 times,you should expect an even number to appear:

Accepted Answer

A balanced die has six faces, with three of them being even (2, 4, 6) and three being odd (1, 3, 5), giving an even number a 50% chance of appearing on any given roll. Therefore, over 50 rolls, you would expect an even number to appear about 25 times on average.

Quiz 6: Probability

Predicting the outcome of a football game is using the subjective approach to probability.

The collection of all possible outcomes of an experiment is called:

Of the last 500 customers entering a supermarket,50 have purchased a wireless phone.If the relative frequency approach for assigning probabilities is used,the probability that the next customer will purchase a wireless phone is

If A and B are mutually exclusive events with P(A) = 0.75,then P(B) :

If P(A)= 0.4 and P(B)= 0.6,then A and B must be collectively exhaustive.

If two events are collectively exhaustive,what is the probability that one or the other occurs?

P(A)+ P(B)= 1 for any events A and B that are mutually exclusive.

The relative frequency approach to probability uses long term relative frequencies,often based on past data.

You think you have a 90% chance of passing your next advanced financial accounting exam.This is an example of subjective approach to probability.

If either event A or event B must occur,they are called mutually exclusive.

Which of the following is a requirement of the probabilities assigned to outcome O_i?

If an experiment consists of five outcomes with P(O₁) = 0.10,P(O₂) = 0.20,P(O₃) = 0.30,P(O₄) = 0.25,then P(O₅) is

An approach of assigning probabilities which assumes that all outcomes of the experiment are equally likely is referred to as the:

If events A and B cannot occur at the same time,they are called mutually exclusive.

The collection of all the possible outcomes of a random experiment is called a sample space.

If P(A)= 0.4 and P(B)= 0.6,then A and B must be mutually exclusive.

Which of the following is an approach to assigning probabilities?

A sample space of an experiment consists of the following outcomes: 1,2,3,4,and 5.Which of the following is a simple event?

If either event A or event B must occur,then A and B are mutually exclusive and collectively exhaustive events.

If you roll a balanced die 50 times,you should expect an even number to appear:

Quiz 6: Probability

Predicting the outcome of a football game is using the subjective approach to probability.

The collection of all possible outcomes of an experiment is called:

Of the last 500 customers entering a supermarket,50 have purchased a wireless phone.If the relative frequency approach for assigning probabilities is used,the probability that the next customer will purchase a wireless phone is

If A and B are mutually exclusive events with P(A) = 0.75,then P(B) :

If P(A)= 0.4 and P(B)= 0.6,then A and B must be collectively exhaustive.

If two events are collectively exhaustive,what is the probability that one or the other occurs?

P(A)+ P(B)= 1 for any events A and B that are mutually exclusive.

The relative frequency approach to probability uses long term relative frequencies,often based on past data.

You think you have a 90% chance of passing your next advanced financial accounting exam.This is an example of subjective approach to probability.

If either event A or event B must occur,they are called mutually exclusive.

Which of the following is a requirement of the probabilities assigned to outcome Oi?

If an experiment consists of five outcomes with P(O1) = 0.10,P(O2) = 0.20,P(O3) = 0.30,P(O4) = 0.25,then P(O5) is

An approach of assigning probabilities which assumes that all outcomes of the experiment are equally likely is referred to as the:

If events A and B cannot occur at the same time,they are called mutually exclusive.

The collection of all the possible outcomes of a random experiment is called a sample space.

If P(A)= 0.4 and P(B)= 0.6,then A and B must be mutually exclusive.

Which of the following is an approach to assigning probabilities?

A sample space of an experiment consists of the following outcomes: 1,2,3,4,and 5.Which of the following is a simple event?

If either event A or event B must occur,then A and B are mutually exclusive and collectively exhaustive events.

If you roll a balanced die 50 times,you should expect an even number to appear:

Which of the following is a requirement of the probabilities assigned to outcome O_i?

If an experiment consists of five outcomes with P(O₁) = 0.10,P(O₂) = 0.20,P(O₃) = 0.30,P(O₄) = 0.25,then P(O₅) is