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