eco 45 3 – Flashcards

The collection of all possible sample points in an experiment is a. the sample space b. a sample point c. an experiment d. the population

From a group of six people, two individuals are to be selected at random. How many possible selections are possible? a. 12 b. 36 c. 15 d. 8

When the assumption of equally likely outcomes is used to assign probability values, the method used to assign probabilities is referred to as the a. relative frequency method b. subjective method c. probability method d. classical method

Two events are mutually exclusive a. if their intersection is 1 b. if they have no sample points in common c. if their intersection is 0.5 d. None of these alternatives is correct.

Which of the following statements is always true? a. -1 P(Ei) 1 b. P(A) = 1 - P(Ac) c. P(A) + P(B) = 1 d. P 1

Initial estimates of the probabilities of events are known as a. sets b. posterior probabilities c. conditional probabilities d. prior probabilities

Events A and B are mutually exclusive if their joint probability is a. larger than 1 b. less than zero c. zero d. infinity

If P(A) = 0.4, P(B | A) = 0.35, P(A B) = 0.69, then P(B) = a. 0.14 b. 0.43 c. 0.75 d. 0.59

Each customer entering a department store will either buy or not buy some merchandise. An experiment consists of following 3 customers and determining whether or not they purchase any merchandise. The number of sample points in this experiment is a. 2 b. 4 c. 6 d. 8

Events A and B are mutually exclusive. Which of the following statements is also true? a. A and B are also independent. b. P(A U B) = P(A)P(B) c. P(A U B) = P(A) + P(B) d. P(A n B) = P(A) + P(B)

If P(A) = 0.62, P(B) = 0.47, and P(A B) = 0.88, then P(A B) = a. 0.2914 b. 1.9700 c. 0.6700 d. 0.2100

If A and B are independent events with P(A) = 0.4 and P(B) = 0.25, then P(A B) = a. 0.65 b. 0.55 c. 0.10 d. 0.75