Economic and Business Statistics |LATEST 2025|QUESTIONS WITH CORRECT ANSWERS|A+
GUARANTEED
a sample point -CORRECT ANSWER-Each individual outcome of an experiment is called
The collection of all possible sample points in an experiment is -CORRECT ANSWER-the
sample space
A graphical method of representing the sample points of an experiment is -CORRECT
ANSWER-a tree diagram
An experiment consists of selecting a student body president and vice president. All
undergraduate students (freshmen through seniors) are eligible for these offices. How many
sample points (possible outcomes as to the classifications) exist? -CORRECT ANSWER-16
Any process that generates well-defined outcomes is -CORRECT ANSWER-an experiment
The sample space refers to -CORRECT ANSWER-the set of all possible experimental
outcomes
In statistical experiments, each time the experiment is repeated -CORRECT ANSWER-a
different outcome may occur
When the assumption of equally likely outcomes is used to assign probability values, the
method used to assign probabilities is referred to as the -CORRECT ANSWER-classical
method
,The counting rule that is used for counting the number of experimental outcomes when n
objects are selected from a set of N objects where order of selection is not important is
called -CORRECT ANSWER-Combination
The counting rule that is used for counting the number of experimental outcomes when n
objects are selected from a set of N objects where order of selection is important is called -
CORRECT ANSWER-Permutation
From a group of six people, two individuals are to be selected at random. How many
possible selections are possible? -CORRECT ANSWER-15
When the results of experimentation or historical data are used to assign probability values,
the method used to assign probabilities is referred to as the -CORRECT ANSWER-relative
frequency method
A method of assigning probabilities based upon judgment is referred to as the -CORRECT
ANSWER-subjective method
A sample point refers to the -CORRECT ANSWER-individual outcome of an experiment
A graphical device used for enumerating sample points in a multiple-step experiment is a -
CORRECT ANSWER-None of these alternatives is correct.
The intersection of two mutually exclusive events -CORRECT ANSWER-must always be equal
to 0
Two events are mutually exclusive -CORRECT ANSWER-if they have no sample points in
common
The range of probability is -CORRECT ANSWER-zero to one
, Which of the following statements is always true? -CORRECT ANSWER-P(A) = 1 - P(Ac)
Events that have no sample points in common are -CORRECT ANSWER-mutually exclusive
events
Initial estimates of the probabilities of events are known as -CORRECT ANSWER-prior
probabilities
Two events with nonzero probabilities -CORRECT ANSWER-can not be both mutually
exclusive and independent
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 -CORRECT ANSWER-zero
The addition law is potentially helpful when we are interested in computing the probability
of -CORRECT ANSWER-the union of two events
The sum of the probabilities of two complementary events is -CORRECT ANSWER-1.0
Events A and B are mutually exclusive if their joint probability is -CORRECT ANSWER-0
The set of all possible outcomes of an experiment is -CORRECT ANSWER-the sample space
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? -CORRECT ANSWER-2/52
If a dime is tossed four times and comes up tails all four times, the probability of heads on
the fifth trial is -CORRECT ANSWER-1/2
GUARANTEED
a sample point -CORRECT ANSWER-Each individual outcome of an experiment is called
The collection of all possible sample points in an experiment is -CORRECT ANSWER-the
sample space
A graphical method of representing the sample points of an experiment is -CORRECT
ANSWER-a tree diagram
An experiment consists of selecting a student body president and vice president. All
undergraduate students (freshmen through seniors) are eligible for these offices. How many
sample points (possible outcomes as to the classifications) exist? -CORRECT ANSWER-16
Any process that generates well-defined outcomes is -CORRECT ANSWER-an experiment
The sample space refers to -CORRECT ANSWER-the set of all possible experimental
outcomes
In statistical experiments, each time the experiment is repeated -CORRECT ANSWER-a
different outcome may occur
When the assumption of equally likely outcomes is used to assign probability values, the
method used to assign probabilities is referred to as the -CORRECT ANSWER-classical
method
,The counting rule that is used for counting the number of experimental outcomes when n
objects are selected from a set of N objects where order of selection is not important is
called -CORRECT ANSWER-Combination
The counting rule that is used for counting the number of experimental outcomes when n
objects are selected from a set of N objects where order of selection is important is called -
CORRECT ANSWER-Permutation
From a group of six people, two individuals are to be selected at random. How many
possible selections are possible? -CORRECT ANSWER-15
When the results of experimentation or historical data are used to assign probability values,
the method used to assign probabilities is referred to as the -CORRECT ANSWER-relative
frequency method
A method of assigning probabilities based upon judgment is referred to as the -CORRECT
ANSWER-subjective method
A sample point refers to the -CORRECT ANSWER-individual outcome of an experiment
A graphical device used for enumerating sample points in a multiple-step experiment is a -
CORRECT ANSWER-None of these alternatives is correct.
The intersection of two mutually exclusive events -CORRECT ANSWER-must always be equal
to 0
Two events are mutually exclusive -CORRECT ANSWER-if they have no sample points in
common
The range of probability is -CORRECT ANSWER-zero to one
, Which of the following statements is always true? -CORRECT ANSWER-P(A) = 1 - P(Ac)
Events that have no sample points in common are -CORRECT ANSWER-mutually exclusive
events
Initial estimates of the probabilities of events are known as -CORRECT ANSWER-prior
probabilities
Two events with nonzero probabilities -CORRECT ANSWER-can not be both mutually
exclusive and independent
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 -CORRECT ANSWER-zero
The addition law is potentially helpful when we are interested in computing the probability
of -CORRECT ANSWER-the union of two events
The sum of the probabilities of two complementary events is -CORRECT ANSWER-1.0
Events A and B are mutually exclusive if their joint probability is -CORRECT ANSWER-0
The set of all possible outcomes of an experiment is -CORRECT ANSWER-the sample space
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? -CORRECT ANSWER-2/52
If a dime is tossed four times and comes up tails all four times, the probability of heads on
the fifth trial is -CORRECT ANSWER-1/2
