Question 1

Assume that A and B are independent events with P(A)= 0.30 and P(B)= 0.50.The probability that both events will occur simultaneously is 0.80.

Accepted Answer

A) True 
 B)False

Question 2

Condo Sales and Interest Rates
The probability that condo sales will increase in the next 6 months is estimated to be 0.30.The probability that the interest rates on condo loans will go up in the same period is estimated to be 0.75.The probability that condo sales or interest rates will go up during the next 6 months is estimated to be 0.90.
-Prior probabilities can be calculated using the multiplication rule for mutually exclusive events.

Accepted Answer

A) True 
 B)False

Question 3

If the two events are mutually exclusive and collectively exhaustive,what is the probability that one or the other occurs?

Accepted Answer

A)  0.00 
B)  0.50 
C)  1.00 
D)  Cannot be determined from the information given. 
A)  0.00 
B)  0.50 
C)  1.00 
D)  Cannot be determined from the information given.

Question 4

The outcomes of a sample space must be ____________________,which means that no two outcomes can occur at the same time.

Accepted Answer

The answer of The outcomes of a sample space must...

Question 5

Equity Loan Rates
A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records.
 $$\begin{array} { | l | c c c c c | } 
\hline \text { Interest Rate } & 0.0 \% & 6.5 \% & 7.0 \% & 7.5 \% & > 7.5 \% \
\hline \text { Probability } & 0.20 & 0.23 & 0.25 & 0.28 & .04 \
\hline
\end{array}$$
-Two events A and B are said to be independent if P(A|B)= P(B).

Accepted Answer

A) True 
 B)False

Question 6

Events A and B are either independent or mutually exclusive.

Accepted Answer

A) True 
 B)False

Question 7

If A and B are two independent events with P(A)= 0.9 and P(B|A)= 0.5,then P(A and B)= 0.45.

Accepted Answer

A) True 
 B)False

Question 8

If either event A or event B must occur,they are called mutually exclusive.

Accepted Answer

A) True 
 B)False

Question 9

Condo Sales and Interest Rates
The probability that condo sales will increase in the next 6 months is estimated to be 0.30.The probability that the interest rates on condo loans will go up in the same period is estimated to be 0.75.The probability that condo sales or interest rates will go up during the next 6 months is estimated to be 0.90.
-Although there is a formula defining Bayes' law,you can also use a probability tree to conduct calculations.

Accepted Answer

A) True 
 B)False

Question 10

Bayes' Law involves three different types of probabilities: 1)____________________ probabilities;2)likelihood probabilities;and 3)posterior probabilities.

Accepted Answer

The answer of Bayes' Law involves three different types of...

Question 11

Which of the following is equivalent to P(A|B)?

Accepted Answer

A)  P(A and 
B)  
B)  P(B|
A)  
C)  P(
A) /P(
B)  
D)  None of these choices. 
A)  P(A and 
B)  
B)  P(B|
A)  
C)  P(
A) /P(
B)  
D)  None of these choices.

Question 12

Hobby Shop Sales
Sales records of a hobby shop showed the following number of radio controlled trucks sold weekly for each of the last 50 weeks.
 $$\begin{array} { | c | c | } 
\hline \text { Number of Trucks Sald } & \text { Number af Weeks } \
\hline 0 & 20 \
1 & 15 \
2 & 10 \
3 & 4 \
4 & 1 \
\hline
\end{array}$$
-{Hobby Shop Sales Narrative} What is the probability of selling at least two trucks in any given week?

Accepted Answer

The answer of Hobby Shop Sales
Sales records of a hobby...

Question 13

If event A and event B cannot occur at the same time,then A and B are said to be

Accepted Answer

A)  mutually exclusive 
B)  independent 
C)  collectively exhaustive 
D)  None of these choices. 
A)  mutually exclusive 
B)  independent 
C)  collectively exhaustive 
D)  None of these choices.

Question 14

If P(A and B)= 1,then A and B must be mutually exclusive.

Accepted Answer

A) True 
 B)False

Question 15

{Marital Status Narrative} Find the probability that the customer selected is female or divorced.

Accepted Answer

The answer of {Marital Status Narrative} Find the probability that...

Question 16

Messenger Service
Three messenger services deliver to a small town in Oregon.Service A has 60% of all the scheduled deliveries,service B has 30%,and service C has the remaining 10%.Their on-time rates are 80%,60%,and 40% respectively.Define event O as a service delivers a package on time.
-{Messenger Service Narrative} Calculate P(B and O).

Accepted Answer

P(B and O)

Question 17

If P(A)= 0.84,P(B)= 0.76,and P(A or B)= 0.90,then P(A and B)is:

Accepted Answer

A)  0.06 
B)  0.14 
C)  0.70 
D)  0.83 
A)  0.06 
B)  0.14 
C)  0.70 
D)  0.83

Question 18

Condo Sales and Interest Rates
The probability that condo sales will increase in the next 6 months is estimated to be 0.30.The probability that the interest rates on condo loans will go up in the same period is estimated to be 0.75.The probability that condo sales or interest rates will go up during the next 6 months is estimated to be 0.90.
-We can use the joint and marginal probabilities to compute conditional probabilities,for which a formula is available.

Accepted Answer

A) True 
 B)False

Question 19

Equity Loan Rates
A survey of banks estimated the following probabilities for the interest rate being charged on a equity loan based on a 30-year loan,based on past records.
 $$\begin{array} { | l | c c c c c | } 
\hline \text { Interest Rate } & 0.0 \% & 6.5 \% & 7.0 \% & 7.5 \% & > 7.5 \% \
\hline \text { Probability } & 0.20 & 0.23 & 0.25 & 0.28 & .04 \
\hline
\end{array}$$
-If A and B are independent events with P(A)= 0.35 and P(B)= 0.55,then P(A|B)is 0.35/0.55 = .64.

Accepted Answer

A) True 
 B)False

Question 20

Condo Sales and Interest Rates
The probability that condo sales will increase in the next 6 months is estimated to be 0.30.The probability that the interest rates on condo loans will go up in the same period is estimated to be 0.75.The probability that condo sales or interest rates will go up during the next 6 months is estimated to be 0.90.
-In applying Bayes' Law,as the prior probabilities increase,the posterior probabilities decrease.

Accepted Answer

A) True 
 B)False

Assume that A and B are independent events with P(A)= 0.30 and P(B)= 0.50.The probability that both events will occur simultaneously is 0.80.

If the two events are mutually exclusive and collectively exhaustive,what is the probability that one or the other occurs?

The outcomes of a sample space must be ____________________,which means that no two outcomes can occur at the same time.

Events A and B are either independent or mutually exclusive.

If A and B are two independent events with P(A)= 0.9 and P(B|A)= 0.5,then P(A and B)= 0.45.

If either event A or event B must occur,they are called mutually exclusive.

Bayes' Law involves three different types of probabilities: 1)____________________ probabilities;2)likelihood probabilities;and 3)posterior probabilities.

Which of the following is equivalent to P(A|B)?

If event A and event B cannot occur at the same time,then A and B are said to be

If P(A and B)= 1,then A and B must be mutually exclusive.

{Marital Status Narrative} Find the probability that the customer selected is female or divorced.

If P(A)= 0.84,P(B)= 0.76,and P(A or B)= 0.90,then P(A and B)is:

What Is Statistics

Graphical Descriptive Techniques I

Graphical Descriptive Techniques II

A: Numerical Descriptive Techniques

B: Numerical Descriptive Techniques

C: Numerical Descriptive Techniques

Data Collection and Sampling

A: Random Variables and Discrete Probability Distributions

B: Random Variables and Discrete Probability Distributions

Continuous Probability Distributions

Sampling Distributions

Introduction to Estimation

Introduction to Hypothesis Testing

Inference About a Population

Inference About Comparing Two Populations

Analysis of Variance

Chi-Squared Tests

A: Simple Linear Regression and Correlation

B: Simple Linear Regression and Correlation

Multiple Regression

Model Building

Nonparametric Statistics

Time-Series Analysis and Forecasting

Statistical Process Control

Decision Analysis

Conclusion

Filters

Exam 6: Probability

Assume that A and B are independent events with P(A)= 0.30 and P(B)= 0.50.The probability that both events will occur simultaneously is 0.80.

If the two events are mutually exclusive and collectively exhaustive,what is the probability that one or the other occurs?

The outcomes of a sample space must be ____________________,which means that no two outcomes can occur at the same time.

Events A and B are either independent or mutually exclusive.

If A and B are two independent events with P(A)= 0.9 and P(B|A)= 0.5,then P(A and B)= 0.45.

If either event A or event B must occur,they are called mutually exclusive.

Bayes' Law involves three different types of probabilities: 1)____________________ probabilities;2)likelihood probabilities;and 3)posterior probabilities.

Which of the following is equivalent to P(A|B)?

If event A and event B cannot occur at the same time,then A and B are said to be

If P(A and B)= 1,then A and B must be mutually exclusive.

{Marital Status Narrative} Find the probability that the customer selected is female or divorced.

If P(A)= 0.84,P(B)= 0.76,and P(A or B)= 0.90,then P(A and B)is:

What Is Statistics

Graphical Descriptive Techniques I

Graphical Descriptive Techniques II

A: Numerical Descriptive Techniques

B: Numerical Descriptive Techniques

C: Numerical Descriptive Techniques

Data Collection and Sampling

A: Random Variables and Discrete Probability Distributions

B: Random Variables and Discrete Probability Distributions

Continuous Probability Distributions

Sampling Distributions

Introduction to Estimation

Introduction to Hypothesis Testing

Inference About a Population

Inference About Comparing Two Populations

Analysis of Variance

Chi-Squared Tests

A: Simple Linear Regression and Correlation

B: Simple Linear Regression and Correlation

Multiple Regression

Model Building

Nonparametric Statistics

Time-Series Analysis and Forecasting

Statistical Process Control

Decision Analysis

Conclusion

Filters