1) Subjective probability implies that we can measure the relative frequency of the values of the random variable.
Answer: FALSE
Diff: 2
Topic: FUNDAMENTAL CONCEPTS
2) The use of "expert opinion" is one way to ap
...
1) Subjective probability implies that we can measure the relative frequency of the values of the random variable.
Answer: FALSE
Diff: 2
Topic: FUNDAMENTAL CONCEPTS
2) The use of "expert opinion" is one way to approximate subjective probability values.
Answer: TRUE
Diff: 1
Topic: FUNDAMENTAL CONCEPTS
3) Mutually exclusive events exist if only one of the events can occur on any one trial.
Answer: TRUE
Diff: 2
Topic: MUTUALLY EXCLUSIVE AND COLLECTIVELY EXHAUSTIVE EVENTS
4) Stating that two events are statistically independent means that the probability of one event occurring is independent of the probability of the other event having occurred.
Answer: TRUE
Diff: 2
Topic: STATISTICALLY INDEPENDENT EVENTS
5) Saying that a set of events is collectively exhaustive implies that one of the events must occur.
Answer: TRUE
Diff: 2
Topic: MUTUALLY EXCLUSIVE AND COLLECTIVELY EXHAUSTIVE EVENTS
6) Saying that a set of events is mutually exclusive and collectively exhaustive implies that one and only one of the events can occur on any trial.
Answer: TRUE
Diff: 2
Topic: MUTUALLY EXCLUSIVE AND COLLECTIVELY EXHAUSTIVE EVENTS
7) A posterior probability is a revised probability.
Answer: TRUE
Diff: 2
Topic: REVISING PROBABILITIES WITH BAYES' THEOREM
8) Bayes' theorem enables us to calculate the probability that one event takes place knowing that a second event has or has not taken place.
Answer: TRUE
Diff: 2
Topic: REVISING PROBABILITIES WITH BAYES' THEOREM
9) A probability density function is a mathematical way of describing Bayes' theorem.
Answer: FALSE
Diff: 2
Topic: PROBABILITY DISTRIBUTIONS
10) The probability, P, of any event or state of nature occurring is greater than or equal to 0 and less than or equal to 1.
Answer: TRUE
Diff: 1
Topic: FUNDAMENTAL CONCEPTS
11) A probability is a numerical statement about the chance that an event will occur.
Answer: TRUE
Diff: 1
Topic: INTRODUCTION
12) If two events are mutually exclusive, the probability of both events occurring is simply the sum of the individual probabilities.
Answer: TRUE
Diff: 2
Topic: MUTUALLY EXCLUSIVE AND COLLECTIVELY EXHAUSTIVE EVENTS
13) Given two statistically dependent events (A,B), the conditional probability of P(A|B) = P(B)/P(AB).
Answer: FALSE
Diff: 2
Topic: STATISTICALLY DEPENDENT EVENTS
14) Given two statistically independent events (A,B), the joint probability of P(AB) = P(A) + P(B).
Answer: FALSE
Diff: 2
Topic: STATISTICALLY INDEPENDENT EVENTS
15) Given three statistically independent events (A,B,C), the joint probability of P(ABC) = P(A) × P(B) × P(C).
Answer: TRUE
Diff: 2
Topic: STATISTICALLY INDEPENDENT EVENTS
16) Given two statistically independent events (A,B), the conditional probability P(A|B) = P(A).
Answer: TRUE
Diff: 2
Topic: STATISTICALLY INDEPENDENT EVENTS
17) Suppose that you enter a drawing by obtaining one of 20 tickets that have been distributed. By using the classical method, you can determine that the probability of your winning the drawing is 0.05.
Answer: TRUE
Diff: 2
Topic: FUNDAMENTAL CONCEPTS
18) Assume that you have a box containing five balls: two red and three white. You draw a ball two times, each time replacing the ball just drawn before drawing the next. The probability of drawing only one white ball is 0.20.
Answer: FALSE
Diff: 2
Topic: STATISTICALLY INDEPENDENT EVENTS
AACSB: Analytic Skills
19) If we roll a single die twice, the probability that the sum of the dots showing on the two rolls equals four (4), is 1/6.
Answer: FALSE
Diff: 3
Topic: STATISTICALLY INDEPENDENT EVENTS
AACSB: Analytic Skills
20) For two events A and B that are not mutually exclusive, the probability that either A or B will occur is P(A) × P(B) - P(A and B).
Answer: FALSE
Diff: 2
Topic: MUTUALLY EXCLUSIVE AND COLLECTIVELY EXHAUSTIVE EVENTS
21) If we flip a coin three times, the probability of getting three heads is 0.125.
Answer: TRUE
Diff: 2
Topic: STATISTICALLY INDEPENDENT EVENTS
AACSB: Analytic Skills
22) Consider a standard 52-card deck of cards. The probability of drawing either a seven or a black card is 7/13.
Answer: TRUE
Diff: 2
Topic: MUTUALLY EXCLUSIVE AND COLLECTIVELY EXHAUSTIVE EVENTS
AACSB: Analytic Skills
23) If a bucket has three black balls and seven green balls, and we draw balls without replacement, the probability of drawing a green ball is independent of the number of balls previously drawn.
Answer: FALSE
Diff: 2
Topic: STATISTICALLY DEPENDENT EVENTS
24) Assume that you have an urn containing 10 balls of the following description:
4 are white (W) and lettered (L)
2 are white (W) and numbered (N)
3 are yellow (Y) and lettered (L)
1 is yellow (Y) and numbered (N)
If you draw a numbered ball (N), the probability that this ball is white (W) is 0.667.
Answer: TRUE
Diff: 2
Topic: STATISTICALLY DEPENDENT EVENTS
AACSB: Analytic Skills
25) Assume that you have an urn containing 10 balls of the following description:
4 are white (W) and lettered (L)
2 are white (W) and numbered (N)
3 are yellow (Y) and lettered (L)
1 is yellow (Y) and numbered (N)
If you draw a numbered ball (N), the probability that this ball is white (W) is 0.60.
Answer: FALSE
Diff: 2
Topic: STATISTICALLY DEPENDENT EVENTS
AACSB: Analytic Skills
26) Assume that you have an urn containing 10 balls of the following description:
4 are white (W) and lettered (L)
2 are white (W) and numbered (N)
3 are yellow (Y) and lettered (L)
1 is yellow (Y) and numbered (N)
If you draw a lettered ball (L), the probability that this ball is white (W) is 0.571.
Answer: TRUE
Diff: 2
Topic: STATISTICALLY DEPENDENT EVENTS
AACSB: Analytic Skills
27) The joint probability of two or more independent events occurring is the sum of their marginal or simple probabilities.
Answer: FALSE
Diff: 2
Topic: STATISTICALLY INDEPENDENT EVENTS
28) The number of bad checks written at a local store is an example of a discrete random variable.
Answer: TRUE
Diff: 2
Topic: RANDOM VARIABLES
AACSB: Reflective Thinking
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