Question 1

Let P(A)= 0.4,P(B|A)= 0.5,and P(B|Ac)= 0.25.Compute P(B).

Accepted Answer

A)  0.125 
B)  0.15 
C)  0.20 
D)  0.35 
A)  0.125 
B)  0.15 
C)  0.20 
D)  0.35

Question 2

How many ways can a committee of four students be selected from a 15-member club?

Accepted Answer

A)  15!/44! 
B)  15!/(11! ×4!) 
C)  15 ×14 ×13 
D)  B and C 
A)  15!/44! 
B)  15!/(11! ×4!) 
C)  15 ×14 ×13 
D)  B and C

Question 3

A business statistics class roster includes 14 business major students and 21 students of another major.Sixteen students in this class are male.There are eight female business majors.What is the number of men in the class who are not business majors?

Accepted Answer

A)  6 
B)  8 
C)  10 
D)  11 
A)  6 
B)  8 
C)  10 
D)  11

Question 4

Mutually exclusive events may share common outcomes of a sample space.

Accepted Answer

A) True 
 B)False

Question 5

Events are collectively exhaustive if _____________.

Accepted Answer

A)  they include all events. 
B)  they are included in all events. 
C)  they contain all outcomes of an experiment. 
D)  they do not share any common outcomes of an experiment. 
A)  they include all events. 
B)  they are included in all events. 
C)  they contain all outcomes of an experiment. 
D)  they do not share any common outcomes of an experiment.

Question 6

For the sample space S = {apple pie,cherry pie,peach pie,pumpkin pie},what is the complement of A = {pumpkin pie,cherry pie}?

Accepted Answer

A)  {apple pie} 
B)  {peach pie} 
C)  {apple pie,peach pie} 
D)  {pumpkin pie,cherry pie} 
A)  {apple pie} 
B)  {peach pie} 
C)  {apple pie,peach pie} 
D)  {pumpkin pie,cherry pie}

Question 7

Bayes's theorem is used to update prior probabilities based on the arrival of new relevant information.

Accepted Answer

A) True 
 B)False

Question 8

Members of the saxophone section of a marching band are asked to attend saxophone-only practices once a week.These practices are not mandatory,but they are the only opportunity for the entire section to play together in preparation for the marching season.The section leader has noted that 70% of the section regularly attends practices.Further,given that they attend regularly,there is a 40% chance of earning an A on their performance when later graded by the band director.If they do not attend regularly,there is only a 10% chance of earning an A on their performance.What is the probability that a randomly chosen musician receives an A on their performance?

Accepted Answer

The total probabilit

Question 9

Assume the sample space S = {win,loss}.Select the choice that fulfills the requirements of the definition of probability.

Accepted Answer

A)  P({win})= 0.7,P({loss})= 0.2 
B)  P({win})= 0.7,P({loss})= 0.3 
C)  P({win})= 1.0,P({loss})= 0.1 
D)  P({win})= 0.5,P({loss})= -0.5 
A)  P({win})= 0.7,P({loss})= 0.2 
B)  P({win})= 0.7,P({loss})= 0.3 
C)  P({win})= 1.0,P({loss})= 0.1 
D)  P({win})= 0.5,P({loss})= -0.5

Question 10

Mutually exclusive events _____________.

Accepted Answer

A)  contain all possible outcomes. 
B)  may share common outcomes. 
C)  do not share common outcomes. 
D)  do not contain all possible outcomes. 
A)  contain all possible outcomes. 
B)  may share common outcomes. 
C)  do not share common outcomes. 
D)  do not contain all possible outcomes.

Question 11

The total probability rule is defined as P(A)= P(A   B)P(A     )

Accepted Answer

A) True 
 B)False

Question 12

Mark Zuckerberg,the founder of Facebook,announced that he will eat meat only from animals that he has killed himself (Vanity Fair,November 2011).Suppose 257 people were asked,"Does the idea of killing your own food appeal to you,or not?" The accompanying contingency table,cross-classified by gender,is produced from the 187 respondents.   The probability that a respondent is male and feels that the idea of killing his own food is appealing is the closest to _____.

Accepted Answer

A)  0.19. 
B)  0.38. 
C)  0.41. 
D)  0.59. 
A)  0.19. 
B)  0.38. 
C)  0.41. 
D)  0.59.

Question 13

An analyst expects that 10% of all publicly traded companies will experience a decline in earnings next year.The analyst has developed a ratio to help forecast this decline.If the company is headed for a decline,there is a 70% chance that this ratio will be negative.If the company is not headed for a decline,there is only a 20% chance that the ratio will be negative.The analyst randomly selects a company and its ratio is negative.Based on Bayes's theorem,the posterior probability that the company will experience a decline is ____.

Accepted Answer

A)  3%. 
B)  7%. 
C)  18%. 
D)  28%. 
A)  3%. 
B)  7%. 
C)  18%. 
D)  28%.

Question 14

An analyst expects that 20% of all publicly traded companies will experience a decline in earnings next year.The analyst has developed a ratio to help forecast this decline.If the company is headed for a decline,there is a 90% chance that this ratio will be negative.If the company is not headed for a decline,there is only a 10% chance that the ratio will be negative.The analyst randomly selects a company with a negative ratio.Based on Bayes's theorem,the posterior probability that the company will experience a decline is

Accepted Answer

A)  18%. 
B)  26%. 
C)  44%. 
D)  69%. 
A)  18%. 
B)  26%. 
C)  44%. 
D)  69%.

Question 15

Which of the following represents an empirical probability?

Accepted Answer

A)  The probability of tossing a head on a coin is 0.5. 
B)  The probability of rolling a 2 on a single die is one in six. 
C)  A skier believes she has a 0.10 chance of winning a gold medal. 
D)  Based on past observation,a manager believes there is a three-in-five chance of retaining an employee for at least one year. 
A)  The probability of tossing a head on a coin is 0.5. 
B)  The probability of rolling a 2 on a single die is one in six. 
C)  A skier believes she has a 0.10 chance of winning a gold medal. 
D)  Based on past observation,a manager believes there is a three-in-five chance of retaining an employee for at least one year.

Question 16

Romi,a production manager,is trying to improve the efficiency of his assembly line.He knows that the machine is set up correctly only 70% of the time.He also knows that if the machine is set up correctly,it will produce good parts 95% of the time,but if set up incorrectly,it will produce good parts only 40% of the time.Romi starts the machine and produces one part before he begins the production run.He finds the first part to be good.What is the revised probability that the machine was set up correctly?

Accepted Answer

A)  12% 
B)  33.5% 
C)  66.5% 
D)  84.7% 
A)  12% 
B)  33.5% 
C)  66.5% 
D)  84.7%

Question 17

A(n)_____ _____ of an experiment records all possible outcomes of the experiment.

Accepted Answer

The answer of A(n)_____ _____ of an experiment records all...

Question 18

Permutations are used when the order in which different objects are arranged matters.

Accepted Answer

A) True 
 B)False

Question 19

Ryan is hoping to attend graduate school next year.Two of the schools he applied to are the University of Utah and Ohio State University.The probability he gets accepted to Utah given he got accepted to Ohio State is 0.75.The probability he gets accepted to Ohio State is 0.05.The probability he gets accepted to Utah is 0.10.What is the probability he gets accepted to Ohio State given he gets accepted to Utah?

Accepted Answer

Conditional probability is the

Question 20

Subjective probability is assigned to an event by drawing on logical analysis.

Accepted Answer

A) True 
 B)False

Let P(A)= 0.4,P(B|A)= 0.5,and P(B|A^c)= 0.25.Compute P(B).

How many ways can a committee of four students be selected from a 15-member club?

A business statistics class roster includes 14 business major students and 21 students of another major.Sixteen students in this class are male.There are eight female business majors.What is the number of men in the class who are not business majors?

Mutually exclusive events may share common outcomes of a sample space.

Events are collectively exhaustive if _____________.

For the sample space S = {apple pie,cherry pie,peach pie,pumpkin pie},what is the complement of A = {pumpkin pie,cherry pie}?

Bayes's theorem is used to update prior probabilities based on the arrival of new relevant information.

Assume the sample space S = {win,loss}.Select the choice that fulfills the requirements of the definition of probability.

Mutually exclusive events _____________.

The total probability rule is defined as P(A)= P(A B)P(A )

Which of the following represents an empirical probability?

A(n)_ _ of an experiment records all possible outcomes of the experiment.

Permutations are used when the order in which different objects are arranged matters.

Subjective probability is assigned to an event by drawing on logical analysis.

Statistics and Data

Tabular and Graphical Methods

Numerical Descriptive Measures

Discrete Probability Distributions

Continuous Probability Distributions

Sampling and Sampling Distributions

Interval Estimation

Hypothesis Testing

Statistical Inference Concerning Two Populations

Statistical Inference Concerning Variance

Chi-Square Tests

Analysis of Variance

Regression Analysis

Inference With Regression Models

Regression Models for Nonlinear Relationships

Regression Models With Dummy Variables

Time Series and Forecasting

Returns, Index Numbers and Inflation

Nonparametric Tests

Filters

Exam 4: Basic Probability Concepts

Let P(A)= 0.4,P(B|A)= 0.5,and P(B|Ac)= 0.25.Compute P(B).

How many ways can a committee of four students be selected from a 15-member club?

A business statistics class roster includes 14 business major students and 21 students of another major.Sixteen students in this class are male.There are eight female business majors.What is the number of men in the class who are not business majors?

Mutually exclusive events may share common outcomes of a sample space.

Events are collectively exhaustive if _____________.

For the sample space S = {apple pie,cherry pie,peach pie,pumpkin pie},what is the complement of A = {pumpkin pie,cherry pie}?

Bayes's theorem is used to update prior probabilities based on the arrival of new relevant information.

Assume the sample space S = {win,loss}.Select the choice that fulfills the requirements of the definition of probability.

Mutually exclusive events _____________.

The total probability rule is defined as P(A)= P(A B)P(A )

Which of the following represents an empirical probability?

A(n)_____ _____ of an experiment records all possible outcomes of the experiment.

Permutations are used when the order in which different objects are arranged matters.

Subjective probability is assigned to an event by drawing on logical analysis.

Statistics and Data

Tabular and Graphical Methods

Numerical Descriptive Measures

Discrete Probability Distributions

Continuous Probability Distributions

Sampling and Sampling Distributions

Interval Estimation

Hypothesis Testing

Statistical Inference Concerning Two Populations

Statistical Inference Concerning Variance

Chi-Square Tests

Analysis of Variance

Regression Analysis

Inference With Regression Models

Regression Models for Nonlinear Relationships

Regression Models With Dummy Variables

Time Series and Forecasting

Returns, Index Numbers and Inflation

Nonparametric Tests

Filters

Let P(A)= 0.4,P(B|A)= 0.5,and P(B|A^c)= 0.25.Compute P(B).

A(n)_ _ of an experiment records all possible outcomes of the experiment.