Question 1

If P(A)= 0.5 and P(B)= 0.80,then P(A or B)must be 0.95.

Accepted Answer

A) True 
 B)False

Question 2

Interest rates
The following represent interest rates on 20 U.S.Treasury bond issues with maturity dates in 2000-2001,as listed in Money Magazine:  
-Determine the probability that a randomly selected bond will have a rate of interest between 11 and 12 percent.

Accepted Answer

The answer of Interest rates
The following represent interest rates on...

Question 3

Portfolio Composition
An investment firm has classified its clients according to their gender and the composition of their investment portfolio (primarily bonds,primarily stocks,or a balanced mix of bonds and stocks).The proportions of clients falling into the various categories are shown in the following table:
 $$\begin{array}{l}
\quad \quad \quad \quad \text { Partfolin Compasition }\
\begin{array} { | l | c | c | c | } 
\hline \text { Cender } & \text { Ennds } & \text { Stacks } & \text { Galanced } \
\hline \text { Mala } & 0.18 & 0.20 & 0.25 \
\hline \text { Female } & 0.12 & 0.05 & 0.20 \
\hline
\end{array}
\end{array}$$ One client is selected at random,and two events A and B are defined as follows:
A: The client selected is male.
B: The client selected has a balanced portfolio.
-Express each of the following events in words:
A)A or B
B)A and B
C)A and $\bar { B }$ 
D) $\bar { A }$ or $\bar { B }$

Accepted Answer

The client selected either is male or ha

Question 4

What is the subjective approach to probability?

Accepted Answer

The degree to which

Question 5

Gender
The physical science degrees conferred by a school between 1992 and 1995 were broken down as follows: $$\begin{array}{l}
\quad \quad \quad \quad \quad \quad \quad \quad \text { Gender }\
\begin{array} { | l | c c | c | } 
\hline \text { Major } & \text { Male } & \text { Female } & \text { Total } \
\hline \text { Physics } & 25 & 25 & 50 \
\text { Chemistry } & 60 & 40 & 100 \
\text { Geology } & 30 & 20 & 50 \
\hline \text { Total } & 115 & 85 & 200 \
\hline
\end{array}
\end{array}$$ Suppose a person is selected at random from these graduates.Consider the following events:
M: The person is a male.
F: The person is a female.
P: The person graduated in physics.
C: The person graduated in chemistry.
G: The person graduated in geology.
-Find P(C / F).

Accepted Answer

The answer of Gender
The physical science degrees conferred by a...

Question 6

Gender
The physical science degrees conferred by a school between 1992 and 1995 were broken down as follows: $$\begin{array}{l}
\quad \quad \quad \quad \quad \quad \quad \quad \text { Gender }\
\begin{array} { | l | c c | c | } 
\hline \text { Major } & \text { Male } & \text { Female } & \text { Total } \
\hline \text { Physics } & 25 & 25 & 50 \
\text { Chemistry } & 60 & 40 & 100 \
\text { Geology } & 30 & 20 & 50 \
\hline \text { Total } & 115 & 85 & 200 \
\hline
\end{array}
\end{array}$$ Suppose a person is selected at random from these graduates.Consider the following events:
M: The person is a male.
F: The person is a female.
P: The person graduated in physics.
C: The person graduated in chemistry.
G: The person graduated in geology.
Complete the formula: P(M / P)= P(P and M)/ ____________________.

Accepted Answer

The answer of Gender
The physical science degrees conferred by a...

Question 7

College
The table below indicates the number of majors found in a college of business:  
-What is the probability that a randomly selected student is either a computer science major or a marketing major?

Accepted Answer

The answer of College
The table below indicates the number of...

Question 8

Gender
The physical science degrees conferred by a school between 1992 and 1995 were broken down as follows: $$\begin{array}{l}
\quad \quad \quad \quad \quad \quad \quad \quad \text { Gender }\
\begin{array} { | l | c c | c | } 
\hline \text { Major } & \text { Male } & \text { Female } & \text { Total } \
\hline \text { Physics } & 25 & 25 & 50 \
\text { Chemistry } & 60 & 40 & 100 \
\text { Geology } & 30 & 20 & 50 \
\hline \text { Total } & 115 & 85 & 200 \
\hline
\end{array}
\end{array}$$ Suppose a person is selected at random from these graduates.Consider the following events:
M: The person is a male.
F: The person is a female.
P: The person graduated in physics.
C: The person graduated in chemistry.
G: The person graduated in geology.
-Find P(M and P).

Accepted Answer

The answer of Gender
The physical science degrees conferred by a...

Question 9

The table below gives the probabilities of combinations of religion and political parties in a major U.S.city. $$\begin{array}{l}
\quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \text { Religion }\
\begin{array} { | l | c c c c | } 
\hline\text { Political parties } & \text { Protestant } ( A ) & \text { Catholic } ( B ) & \text { Jewish } ( C ) & \text { Other } ( D ) \
\hline \text { Democrat } ( E ) & 0.35 & 0.10 & 0.03 & 0.02 \
\text { Republican } ( F ) & 0.27 & 0.09 & 0.02 & 0.01 \
\text { Independent } ( G ) & 0.05 & 0.03 & 0.02 & 0.01 \
\hline
\end{array}
\end{array}$$ 
-Which two of the following pairs of events intersect?

Accepted Answer

A)  A and D 
B)  A and E 
C)  F and E 
D)  B and C 
E)  D and B 
A)  A and D 
B)  A and E 
C)  F and E 
D)  B and C 
E)  D and B

Question 10

Odds
The odds in favor of an event are the number of successes divided by the number of failures.The probability of this event occurring is the number of successes divided by the sum of the number of successes and the number of failures.The number of successes is five and the number of failures is four.
Find the probability of failure.

Accepted Answer

The answer of Odds
The odds in favor of an event...

Question 11

An example of the classical approach to probability would be:

Accepted Answer

A)  the estimate of number of defective parts based on previous production data. 
B)  your estimate of the probability of a pop quiz in class on a given day. 
C)  the annual estimate of the number of deaths of persons age 25. 
D)  the probability of drawing an Ace from a deck of cards. 
A)  the estimate of number of defective parts based on previous production data. 
B)  your estimate of the probability of a pop quiz in class on a given day. 
C)  the annual estimate of the number of deaths of persons age 25. 
D)  the probability of drawing an Ace from a deck of cards.

Question 12

Portfolio Composition
An investment firm has classified its clients according to their gender and the composition of their investment portfolio (primarily bonds,primarily stocks,or a balanced mix of bonds and stocks).The proportions of clients falling into the various categories are shown in the following table:
 $$\begin{array}{l}
\quad \quad \quad \quad \text { Partfolin Compasition }\
\begin{array} { | l | c | c | c | } 
\hline \text { Cender } & \text { Ennds } & \text { Stacks } & \text { Galanced } \
\hline \text { Mala } & 0.18 & 0.20 & 0.25 \
\hline \text { Female } & 0.12 & 0.05 & 0.20 \
\hline
\end{array}
\end{array}$$ One client is selected at random,and two events A and B are defined as follows:
A: The client selected is male.
B: The client selected has a balanced portfolio.
-There are 12 players on a basketball team and 5 of those players start the game.How many different starting lineups are possible?

Accepted Answer

The answer of Portfolio Composition
An investment firm has classified its...

Question 13

College
The table below indicates the number of majors found in a college of business:  
-What is the probability that a randomly selected student is an accounting major?

Accepted Answer

The answer of College
The table below indicates the number of...

Question 14

If the odds in favor of an event happening are A:B,what is the probability being expressed?

Accepted Answer

The answer of If the odds in favor of an...

Question 15

If P(A)= 0.25 and P(B)= 0.60,then P(A and B)is:

Accepted Answer

A)  0.15. 
B)  0.35. 
C)  0.85. 
D)  Cannot be determined from the information given. 
A)  0.15. 
B)  0.35. 
C)  0.85. 
D)  Cannot be determined from the information given.

Question 16

Overtime hours
A personnel manager is reviewing number of overtime hours worked by employees in her plant.She has compiled the following data: $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Number. of Overtime } \
\text { Hours Worked }
\end{array} & \begin{array} { c } 
\text { No. of Employees } \
\text { (Frequency) }
\end{array} & \begin{array} { c } 
\text { Probability } \
\text { P(x) }
\end{array} \
\hline 0 & 12 & 0.128 \
3 & 18 & 0.191 \
4 & 10 & 0.106 \
5 & 13 & 0.138 \
6 & 15 & 0.160 \
7 & 12 & 0.128 \
8 & 14 & 0.149 \
\hline \text { Total } & 94 & 1.000 \
\hline
\end{array}$$ For a randomly selected employee let X be the number of overtime hours worked,and define the following events:
A = employee who works no overtime.
B = employee who works at least 7 hours overtime.
C = employee who works at most 4 hours overtime.
-Determine the probability of event A.

Accepted Answer

The answer of Overtime hours
A personnel manager is reviewing number...

Question 17

In advertising a mountain cabin near Keystone,Colorado,a property owner can specify (1)whether or not pets are permitted,(2)whether the rent is based on off-season,during summer season,or during the Dec.-Jan.peak skiing season,(3)whether or not children under 12 are allowed,and (4)whether the minimum stay is for 4,7,or 10 days.How many different versions of the ad can be generated?

Accepted Answer

The answer of In advertising a mountain cabin near Keystone,Colorado,a...

Question 18

Basketball Team
A basketball team at a university is composed of ten players.The team is made up of players who play either guard,forward,or center position.Four of the ten are guards; four of the ten are forwards; and two of the ten are centers.The numbers of the players are 1,2,3,4,for the guards; 5,6,7,8 for the forwards; and 9 and 10 for the centers.The starting five are numbered 1,3,5,7,and 9.Let a player be selected at random from the ten.Define the following events:
A = player selected has a number from 1 to 8.
B = player selected is a guard.
C = player selected is a forward.
D = player selected is a starter.
E = player selected is a center.
-P(D and E)is equal to:

Accepted Answer

A)  0.10. 
B)  0.05. 
C)  0.50. 
D)  0.20. 
E)  0.60. 
A)  0.10. 
B)  0.05. 
C)  0.50. 
D)  0.20. 
E)  0.60.

Question 19

Plan to buy
Intentions of consumers regarding future automobile purchases and the financial capability of the consumers are given below: $$\begin{array}{l}
\quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \quad \text { Plan to buy }\
\begin{array} { | c | c c c | } 
\hline \begin{array} { c } 
\text { Qualify for } \
\text { Financing }
\end{array} & \begin{array} { c } 
\text { Within 6 months } \
( \mathrm { A } )
\end{array} & \begin{array} { c } 
\text { 6 months or longer } \
( \mathrm { B } )
\end{array} & \begin{array} { c } 
\text { No } \
\text { (C) }
\end{array} \
\hline \text { Yes (D) } & 0.30 & 0.20 & 0.10 \
\text { No (E) } & 0.10 & 0.10 & 0.20 \
\hline
\end{array}
\end{array}$$
-For a randomly selected consumer,find the following probability: P(A and D).

Accepted Answer

The answer of Plan to buy
Intentions of consumers regarding future...

Question 20

In the board game called TRIVIAL PURSUIT,a single die is used to determine the number of spaces a player is allowed to move.A player is currently positioned 3 spaces from a space where a correct answer will earn a "pie" and 4 spaces from a space where "roll again" is the option.Assuming a fair die,what is the probability the player will get to answer a question for a "pie" or get to "roll again"?

Accepted Answer

The answer of In the board game called TRIVIAL PURSUIT,a...

If P(A)= 0.5 and P(B)= 0.80,then P(A or B)must be 0.95.

Interest rates The following represent interest rates on 20 U.S.Treasury bond issues with maturity dates in 2000-2001,as listed in Money Magazine: -Determine the probability that a randomly selected bond will have a rate of interest between 11 and 12 percent.

What is the subjective approach to probability?

College The table below indicates the number of majors found in a college of business: -What is the probability that a randomly selected student is either a computer science major or a marketing major?

An example of the classical approach to probability would be:

College The table below indicates the number of majors found in a college of business: -What is the probability that a randomly selected student is an accounting major?

If the odds in favor of an event happening are A:B,what is the probability being expressed?

If P(A)= 0.25 and P(B)= 0.60,then P(A and B)is:

A Preview of Business Statistics

Visual Description of Data

Statistical Description of Data

Data Collection and Sampling Methods

Discrete Probability Distributions

Continuous Probability Distributions

Sampling Distributions

Estimation From Sample Data

Hypothesis Tests Involving a Sample Mean or Proportion

Hypothesis Tests Involving Two Sample Means

Analysis of Variance Tests

Chi-Square Applications

Nonparametric Methods

Simple Linear Regression and Correlation

Multiple Regression and Correlation

Model Building

Models for Time Series and Forecasting

Decision Theory

Total Quality Management

Filters

Exam 5: Probability: Review of Basic Concepts

If P(A)= 0.5 and P(B)= 0.80,then P(A or B)must be 0.95.

Interest rates The following represent interest rates on 20 U.S.Treasury bond issues with maturity dates in 2000-2001,as listed in Money Magazine: -Determine the probability that a randomly selected bond will have a rate of interest between 11 and 12 percent.

What is the subjective approach to probability?

College The table below indicates the number of majors found in a college of business: -What is the probability that a randomly selected student is either a computer science major or a marketing major?

An example of the classical approach to probability would be:

College The table below indicates the number of majors found in a college of business: -What is the probability that a randomly selected student is an accounting major?

If the odds in favor of an event happening are A:B,what is the probability being expressed?

If P(A)= 0.25 and P(B)= 0.60,then P(A and B)is:

A Preview of Business Statistics

Visual Description of Data

Statistical Description of Data

Data Collection and Sampling Methods

Discrete Probability Distributions

Continuous Probability Distributions

Sampling Distributions

Estimation From Sample Data

Hypothesis Tests Involving a Sample Mean or Proportion

Hypothesis Tests Involving Two Sample Means

Analysis of Variance Tests

Chi-Square Applications

Nonparametric Methods

Simple Linear Regression and Correlation

Multiple Regression and Correlation

Model Building

Models for Time Series and Forecasting

Decision Theory

Total Quality Management

Filters