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TB Chapter 06 web - CHAPTER 6 PROBABILITY SECTIONS 1...

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CHAPTER 6 PROBABILITY SECTIONS 1 MULTIPLE CHOICE QUESTIONS In the following multiple-choice questions, please circle the correct answer. 1. An approach of assigning probabilities which assumes that all outcomes of the experiment are equally likely is referred to as the: a. subjective approach b. objective approach c. classical approach d. relative frequency approach ANSWER: c 4. The collection of all possible outcomes of an experiment is called: 5. Which of the following is not an approach to assigning probabilities? 6. A sample space of an experiment consists of the following outcomes: 1, 2, 3, 4, and 5. Which of the following is a simple event? 137
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138 Chapter Six 7. Which of the following is a requirement of the probabilities assigned to outcome i O ? a. ( 29 0 i P O for each i b. ( 29 1 i P O for each i c. ( 29 0 1 i P O for each i d. ( 29 1for each i i P O = ANSWER: c 10. If two events are collectively exhaustive, what is the probability that one or the other occurs? 12. If two events are mutually exclusive, what is the probability that one or the other occurs? 17. If two equally likely events A and B are mutually exclusive and collectively exhaustive, what is the probability that event A occurs? 19. If two equally likely events A and B are collectively exhaustive, the probability that event A occurs is a. 0.00 b. 0.50 c. 1.00 d. Cannot be determined from the information given. ANSWER: d
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Probability 139 TRUE / FALSE QUESTIONS 24. The relative frequency approach to probability depends on the law of large numbers. ANSWER: T 25. The annual estimate of the number of deaths of infants is an example of the classical approach to probability. ANSWER: F 27. You think you have a 90% chance of passing your next advanced financial accounting exam. This is an example of subjective approach to probability. ANSWER: T 28. Probability refers to a number between 0 and 1 (inclusive), which expresses the chance that an event will occur. ANSWER: T 30. According to an old song lyric, "love and marriage go together like a horse and carriage." Let love be event A and marriage be event B . Events A and B are mutually exclusive. ANSWER: F 31. When it is not reasonable to use the classical approach to assigning probabilities to the outcomes of an experiment, and there is no history of the outcomes, we have no alternative but to employ the subjective approach to probability.
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