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Statistics for Business and Economics Study Set 2
Exam 4: Introduction to Probability
Path 4
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Question 101
Short Answer
A machine is used in a production process. From past data, it is known that 97% of the time the machine is set up correctly. Furthermore, it is known that if the machine is set up correctly, it produces 95% acceptable (non-defective) items. However, when it is set up incorrectly, it produces only 40% acceptable items. a.An item from the production line is selected. What is the probability that the selected item is non-defective? b.Given that the selected item is non-defective, what is the probability that the machine is set up correctly?
Question 102
Short Answer
A company plans to interview 10 recent graduates for possible employment. The company has three positions open. How many groups of three can the company select?
Question 103
Multiple Choice
Assuming that each of the 52 cards in an ordinary deck has a probability of 1/52 of being drawn, what is the probability of drawing a black ace?
Question 104
Multiple Choice
The multiplication law is potentially helpful when we are interested in computing the probability of
Question 105
Multiple Choice
Two events, A and B, are mutually exclusive and each have a nonzero probability. If event A is known to occur, the probability of the occurrence of event B is
Question 106
Short Answer
Records of a company show that 15% of the employees have only a high school diploma; 75% have bachelor degrees; and 10% have graduate degrees. Of those with only a high school diploma, 12% hold management positions; whereas, of those having bachelor degrees, 58% hold management positions. Finally, 82% of the employees who have graduate degrees hold management positions. a.What percentage of employees holds management positions? b.Given that a person holds a management position, what is the probability that she/he has a graduate degree?
Question 107
Multiple Choice
A graphical device used for enumerating sample points in a multiple-step experiment is a
Question 108
Short Answer
A committee of 4 is to be selected from a group of 12 people. How many possible committees can be selected?
Question 109
Multiple Choice
The symbol
∪
\cup
∪
shows the
Question 110
Multiple Choice
A method of assigning probabilities which assumes that the experimental outcomes are equally likely is referred to as the
Question 111
Multiple Choice
If A and B are independent events with P(A) = 0.35 and P(B) = 0.20, then, P(A
∪
\cup
∪
B) =
Question 112
Short Answer
From a group of seven finalists to a contest, three individuals are to be selected for the first and second and third places. Determine the number of possible selections.
Question 113
Multiple Choice
If A and B are independent events with P(A) = 0.4 and P(B) = 0.6, then P(A
∩
\cap
∩
B) =
Question 114
Multiple Choice
The intersection of two mutually exclusive events
Question 115
Essay
Assume you have applied for two jobs A and B. The probability that you get an offer for job A is 0.23. The probability of being offered job B is 0.19. The probability of getting at least one of the jobs is 0.38. a.What is the probability that you will be offered both jobs? b.Are events A and B mutually exclusive? Why or why not? Explain.
Question 116
Multiple Choice
An experiment consists of three steps. There are four possible results on the first step, three possible results on the second step, and two possible results on the third step. The total number of experimental outcomes is