Question 1

An experiment is a process that produces outcomes.

Accepted Answer

A) True 
 B)False

Question 2

If the occurrence of one event precludes the occurrence of another event, then the two events are independent.

Accepted Answer

A) True 
 B)False

Question 3

If X and Y are mutually exclusive events, then if X occurs, ___.

Accepted Answer

A) Y must also occur 
B) Y cannot occur 
C) X and Y are independent 
D) X and Y are complements 
E) A and Y are collectively exhaustive 
A) Y must also occur 
B) Y cannot occur 
C) X and Y are independent 
D) X and Y are complements 
E) A and Y are collectively exhaustive

Question 4

If the CEO of Apple wanted to know the probability that if someone owned an Apple computer, they would also own a different brand computer, this would be an example of a __________ probability.

Accepted Answer

A) conditional 
B) marginal 
C) joint 
D) non-joint 
E) union 
A) conditional 
B) marginal 
C) joint 
D) non-joint 
E) union

Question 5

The table below provides summary information about students in a class.The gender of each individual and the major is given.   A student is randomly selected from this group, and it is found that the student is majoring in finance.What is the probability that the student is a male?

Accepted Answer

A) 0.21 
B) 0.10 
C) 0.56 
D) 0.48 
E) 0.78 
A) 0.21 
B) 0.10 
C) 0.56 
D) 0.48 
E) 0.78

Question 6

Buyers of television sets are offered a choice of one of three different styles.There are 9 different outcomes if two customers make a selection.

Accepted Answer

A) True 
 B)False

Question 7

Meagan Dubean manages a portfolio of 200 common stocks.Her staff classified the portfolio stocks by 'industry sector' and 'investment objective.'   Which of the following statements is NOT true?

Accepted Answer

A) Growth and Income are complementary events. 
B) Electronics and Growth are dependent. 
C) Electronics and Healthcare are mutually exclusive. 
D) Airlines and Healthcare are collectively exhaustive. 
E) Growth and Income are collectively exhaustive. 
A) Growth and Income are complementary events. 
B) Electronics and Growth are dependent. 
C) Electronics and Healthcare are mutually exclusive. 
D) Airlines and Healthcare are collectively exhaustive. 
E) Growth and Income are collectively exhaustive.

Question 8

Given P (A)= 0.45, P (B)= 0.30, P (A $\cap$ B)= 0.05.Which of the following is true?

Accepted Answer

A) A and B are independent 
B) A and B are mutually exclusive 
C) A and B are collectively exhaustive 
D) A and B are not independent 
E) A and B are complimentary 
A) A and B are independent 
B) A and B are mutually exclusive 
C) A and B are collectively exhaustive 
D) A and B are not independent 
E) A and B are complimentary

Question 9

If two events are mutually exclusive, then their joint probability is always zero.

Accepted Answer

A) True 
 B)False

Question 10

Let A be the event that a student is enrolled in an accounting course, and let S be the event that a student is enrolled in a statistics course.It is known that 30% of all students are enrolled in an accounting course and 40% of all students are enrolled in statistics.Included in these numbers are 15% who are enrolled in both statistics and accounting.Find P(S).

Accepted Answer

A) 0.15 
B) 0.30 
C) 0.40 
D) 0.55 
E) 0.60 
A) 0.15 
B) 0.30 
C) 0.40 
D) 0.55 
E) 0.60

Question 11

An automobile dealer wishes to investigate the relation between the gender of the buyer and type of vehicle purchased.Based on the following joint probability table that was developed from the dealer's records for the previous year what is P(Male)?

Accepted Answer

A) 0.48 
B) 0.50 
C) 0.20 
D) 0.02 
E) 0.60 
A) 0.48 
B) 0.50 
C) 0.20 
D) 0.02 
E) 0.60

Question 12

Which of the following statements is not true regarding probabilities:

Accepted Answer

A) probability is the basis for inferential statistics 
B) probabilities are subjective measures with limited value in business. 
C) probabilities are used to determine the likelihood of certain outcomes 
D) probabilities can inform many business decisions. 
A) probability is the basis for inferential statistics 
B) probabilities are subjective measures with limited value in business. 
C) probabilities are used to determine the likelihood of certain outcomes 
D) probabilities can inform many business decisions.

Question 13

A probability of an event will have a value ranging from -1 to +1.

Accepted Answer

A) True 
 B)False

Question 14

A market research firms conducts studies regarding the success of new products.The company is not always perfect in predicting the success.Suppose that there is a 50% chance that any new product would be successful (and a 50% chance that it would fail).In the past, for all new products that ultimately were successful, 80% were predicted to be successful (and the other 20% were inaccurately predicted to be failures).Also, for all new products that were ultimately failures, 70% were predicted to be failures (and the other 30% were inaccurately predicted to be successes).For any randomly selected new product, what is the probability that the market research firm would predict that it would be a success?

Accepted Answer

A) 0.80 
B) 0.50 
C) 0.45 
D) 0.55 
E) 0.95 
A) 0.80 
B) 0.50 
C) 0.45 
D) 0.55 
E) 0.95

Question 15

Let F be the event that a student is enrolled in a finance course, and let S be the event that a student is enrolled in a statistics course.It is known that 40% of all students are enrolled in a finance course and 35% of all students are enrolled in statistics.Included in these numbers are 15% who are enrolled in both statistics and finance.A student is randomly selected, and it is found that the student is enrolled in finance.What is the probability that this student is also enrolled in statistics?

Accepted Answer

A) 0.15 
B) 0.75 
C) 0.375 
D) 0.50 
E) 0.80 
A) 0.15 
B) 0.75 
C) 0.375 
D) 0.50 
E) 0.80

Question 16

Meagan Dubean manages a portfolio of 200 common stocks.Her staff classified the portfolio stocks by "industry sector" and "investment objective."   If a stock is selected randomly from Meagan's portfolio what is P(Growth)?

Accepted Answer

A) 0.50 
B) 0.83 
C) 0.67 
D) 0.75 
E) 0.90 
A) 0.50 
B) 0.83 
C) 0.67 
D) 0.75 
E) 0.90

Question 17

The probability of an event A is equal to the sum of the probabilities of the sample points in A.

Accepted Answer

A) True 
 B)False

Question 18

A recent survey found that 24% of people in Michigan like oatmeal.If the probability that someone lives in Michigan is 4.8%, what is the probability that someone lives in Michigan and likes oatmeal?

Accepted Answer

A) 28.4% 
B) 24.0% 
C) 4.8% 
D) 19.2% 
E) 1.2% 
A) 28.4% 
B) 24.0% 
C) 4.8% 
D) 19.2% 
E) 1.2%

Question 19

An automobile dealer wishes to investigate the relation between the gender of the buyer and type of vehicle purchased.Based on the following joint probability table that was developed from the dealer's records for the previous year what is P(SUV)? ___________.

Accepted Answer

A) 0.30 
B) 0.40 
C) 0.12 
D) 0.10 
E) 0.60 
A) 0.30 
B) 0.40 
C) 0.12 
D) 0.10 
E) 0.60

Question 20

Let A be the event that a student is enrolled in an accounting course, and let S be the event that a student is enrolled in a statistics course.It is known that 30% of all students are enrolled in an accounting course and 40% of all students are enrolled in statistics.Included in these numbers are 15% who are enrolled in both statistics and accounting.Find the probability that a student is in accounting and is also in statistics.

Accepted Answer

A) 0.15 
B) 0.70 
C) 0.55 
D) 0.12 
E) 0.60 
A) 0.15 
B) 0.70 
C) 0.55 
D) 0.12 
E) 0.60

An experiment is a process that produces outcomes.

If the occurrence of one event precludes the occurrence of another event, then the two events are independent.

If X and Y are mutually exclusive events, then if X occurs, ___.

If the CEO of Apple wanted to know the probability that if someone owned an Apple computer, they would also own a different brand computer, this would be an example of a __________ probability.

The table below provides summary information about students in a class.The gender of each individual and the major is given. A student is randomly selected from this group, and it is found that the student is majoring in finance.What is the probability that the student is a male?

Buyers of television sets are offered a choice of one of three different styles.There are 9 different outcomes if two customers make a selection.

Meagan Dubean manages a portfolio of 200 common stocks.Her staff classified the portfolio stocks by 'industry sector' and 'investment objective.' Which of the following statements is NOT true?

Given P (A)= 0.45, P (B)= 0.30, P (A $\cap$ B)= 0.05.Which of the following is true?

If two events are mutually exclusive, then their joint probability is always zero.

An automobile dealer wishes to investigate the relation between the gender of the buyer and type of vehicle purchased.Based on the following joint probability table that was developed from the dealer's records for the previous year what is P(Male)?

Which of the following statements is not true regarding probabilities:

A probability of an event will have a value ranging from -1 to +1.

Meagan Dubean manages a portfolio of 200 common stocks.Her staff classified the portfolio stocks by "industry sector" and "investment objective." If a stock is selected randomly from Meagan's portfolio what is P(Growth)?

The probability of an event A is equal to the sum of the probabilities of the sample points in A.

A recent survey found that 24% of people in Michigan like oatmeal.If the probability that someone lives in Michigan is 4.8%, what is the probability that someone lives in Michigan and likes oatmeal?

An automobile dealer wishes to investigate the relation between the gender of the buyer and type of vehicle purchased.Based on the following joint probability table that was developed from the dealer's records for the previous year what is P(SUV)? ___________.

Introduction to Statistics

Charts and Graphs

Descriptive Statistics

Discrete Distributions

Continuous Distributions

Sampling and Sampling Distributions

Statistical Inference: Estimation for Single Populations

Statistical Inference: Hypothesis Testing for Single Populations

Statistical Inferences About Two Populations

Analysis of Variance and Design of Experiments

Simple Regression Analysis and Correlation

Multiple Regression Analysis

Building Multiple Regression Models

Time-Series Forecasting and Index Numbers

Analysis of Categorical Data

Nonparametric Statistics

Statistical Quality Control

Decision Analysis

Filters

Exam 4: Probability

An experiment is a process that produces outcomes.

If the occurrence of one event precludes the occurrence of another event, then the two events are independent.

If X and Y are mutually exclusive events, then if X occurs, ___.

If the CEO of Apple wanted to know the probability that if someone owned an Apple computer, they would also own a different brand computer, this would be an example of a __________ probability.

The table below provides summary information about students in a class.The gender of each individual and the major is given. A student is randomly selected from this group, and it is found that the student is majoring in finance.What is the probability that the student is a male?

Buyers of television sets are offered a choice of one of three different styles.There are 9 different outcomes if two customers make a selection.

Meagan Dubean manages a portfolio of 200 common stocks.Her staff classified the portfolio stocks by 'industry sector' and 'investment objective.' Which of the following statements is NOT true?

Given P (A)= 0.45, P (B)= 0.30, P (A ∩\cap∩ B)= 0.05.Which of the following is true?

If two events are mutually exclusive, then their joint probability is always zero.

An automobile dealer wishes to investigate the relation between the gender of the buyer and type of vehicle purchased.Based on the following joint probability table that was developed from the dealer's records for the previous year what is P(Male)?

Which of the following statements is not true regarding probabilities:

A probability of an event will have a value ranging from -1 to +1.

Meagan Dubean manages a portfolio of 200 common stocks.Her staff classified the portfolio stocks by "industry sector" and "investment objective." If a stock is selected randomly from Meagan's portfolio what is P(Growth)?

The probability of an event A is equal to the sum of the probabilities of the sample points in A.

A recent survey found that 24% of people in Michigan like oatmeal.If the probability that someone lives in Michigan is 4.8%, what is the probability that someone lives in Michigan and likes oatmeal?

An automobile dealer wishes to investigate the relation between the gender of the buyer and type of vehicle purchased.Based on the following joint probability table that was developed from the dealer's records for the previous year what is P(SUV)? ___________.

Introduction to Statistics

Charts and Graphs

Descriptive Statistics

Discrete Distributions

Continuous Distributions

Sampling and Sampling Distributions

Statistical Inference: Estimation for Single Populations

Statistical Inference: Hypothesis Testing for Single Populations

Statistical Inferences About Two Populations

Analysis of Variance and Design of Experiments

Simple Regression Analysis and Correlation

Multiple Regression Analysis

Building Multiple Regression Models

Time-Series Forecasting and Index Numbers

Analysis of Categorical Data

Nonparametric Statistics

Statistical Quality Control

Decision Analysis

Filters

Given P (A)= 0.45, P (B)= 0.30, P (A $\cap$ B)= 0.05.Which of the following is true?