business stats ch. 5

Which approach to probability is exemplified by the following formula? (probability of an event = # times event has occurred in past / total # of observations

Empirical approach

When an experiment is conducted "without replacement," ________

Events are dependent

When are two experimental outcomes mutually exclusive?

If one outcome occurs, then the other cannot.

The probability of two or more events occurring concurrently is called a(n) ______

Joint probability

When applying the special rule of addition for mutually exclusive events, the joint probability is _______

0

The probability of an event that is affected by one or more other events is called a _________

Conditional probability

The result of a particular experiment is called a(n) _____

Outcome

If two events are independent, then their joint probability is computed with _____

The special rule of multiplication

Probabilities are important information when ___

Using inferential statistics

Which approach to probability assumes that the events are equally likely?

classical

A combination of a set of objects is defined by the order of the objects

false

The probability of rolling a 3 or 2 on a single die is an example of conditional probability.

false

An experiment may have __________

one or more outcomes

A joint probability measures the likelihood that two or more events will happen concurrently.

true

An illustration of an experiment is turning the ignition key of an automobile as it comes off the assembly line to determine whether or not the engine will start.

true

An individual can assign a subjective probability to an event based on the individual's knowledge about the event.

true

If there are "m" ways of doing one thing, and "n" ways of doing another thing, the multiplication formula states that there are (m) × (n) ways of doing both.

true

The complement rule states that the probability of an event not occurring is equal to one minus the probability of its occurrence.

true

The probability of rolling a 3 or 2 on a single die is an example of mutually exclusive events.

true

To apply the special rule of addition, the events must be mutually exclusive.

true