MSF SESS

If event A and event B cannot occur at the same time, then events A and B are said to be a) mutually exclusive. b) independent. c) collectively exhaustive. d) None of the above.

A

If two events are mutually exclusive and collectively exhaustive, what is the probability that both occur? a)0 b) 0.50 c) 1 d)Cannot be determined from the information given.

A

If two events are mutually exclusive, what is the probability that both occur at the same time? a)0 b) 0.50 c) 1 d)Cannot be determined from the information given.

A

Simple probability is also called a) marginal probability. b) joint probability c) conditional probability d) Bayes' theorem.

A

When using the general multiplication rule, P(A and B) is equal to a) P(A|B)P(B). b) P(A)P(B). c) P(B)/P(A). d) P(A)/P(B).

A

If the outcome of event A is not affected by event B, then events A and B are said to be : a) mutually exclusive. b) independent. c) collectively exhaustive. d) None of the above.

B

If two equally likely events A and B are mutually exclusive and collectively exhaustive, what is the probability that event A occurs? a)0 b) 0.50 c) 1 d)Cannot be determined from the information given.

B

Selection of raffle tickets from a large bowl is an example of a) simple probability. b) sampling without replacement. c) subjective probability. d) None of the above.

B

The collection of all possible events is called a) a simple probability. b) a sample space c) a joint probability. d) the null set.

B

True or False: 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.

False

True or False: 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.

False

True or False: If P(A and B) = 0, then A and B must be collectively exhaustive.

False

True or False: If P(A and B) = 1, then A and B must be mutually exclusive.

False

True or False: If P(A or B) = 1.0, then A and B must be mutually exclusive.

False

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

False

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

False

True or False: If either A or B must occur they are called mutually exclusive.

False

True or False: 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.

False

True or False: 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.

True

True or False: 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.

True

True or False: If A and B cannot occur at the same time they are called mutually exclusive.

True

True or False: If P(A and B) = 0, then A and B must be mutually exclusive.

True

True or False: If P(A and B) = 1, then A and B must be collectively exhaustive.

True

True or False: If P(A or B) = 1.0, then A and B must be collectively exhaustive.

True

True or False: The collection of all the possible events is called a sample space.

True

True or False: When A and B are mutually exclusive, P(A or B) can be found by adding P(A) and P(B).

True

A business venture can result in the following outcomes (with their corresponding chance of occurring in parentheses): Highly Successful (10%), Successful (25%), Break Even (25%), Disappointing (20%), and Highly Disappointing (?). If these are the only outcomes possible for the business venture, what is the chance that the business venture will be considered Highly Disappointing?

C

If either event A or event B must occur, then events A and B are said to be a) mutually exclusive. b) independent. c) collectively exhaustive. d) None of the above.

C

If two events are collectively exhaustive, what is the probability that one or the other occurs? a) 0 b) 0.50 c) 1 d) Cannot be determined from the information given.

C

If two events are mutually exclusive and collectively exhaustive, what is the probability that one or the other occurs? a)0 b) 0.50 c) 1 d)Cannot be determined from the information given.

C

12. If two events are independent, what is the probability that they both occur? a)0 b) 0.50 c) 1 d)Cannot be determined from the information given.

D

All the events in the sample space that are not part of the specified event are called a) simple events. b) joint events c) the sample space d) the complement of the event.

D

If events A and B are mutually exclusive and collectively exhaustive, what is the probability that event A occurs? a)0 b) 0.50 c) 1 d)Cannot be determined from the information given.

D

If two equally likely events A and B are collectively exhaustive, what is the probability that event A occurs? a)0 b) 0.50 c) 1 d)Cannot be determined from the information given.

D

If two equally likely events A and B are mutually exclusive, what is the probability that event A occurs? a)0 b) 0.50 c) 1 d)Cannot be determined from the information given.

D

If two events are collectively exhaustive, what is the probability that both occur at the same time? a) 0 b) 0.50 c)1 d)Cannot be determined from the information given.

D

If two events are mutually exclusive, what is the probability that one or the other occurs? a)0 b) 0.50 c) 1 d)Cannot be determined from the information given.

D

True or False: If either A or B must occur they are called collectively exhaustive

TRUE

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.

c