Question 1

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 2

Business Majors
Suppose 30% of business majors major in accounting.You take a random sample of 3 business majors.
-{Business Majors Narrative} What is the chance that none of them major in accounting?

Accepted Answer

The answer of Business Majors
Suppose 30% of business majors major...

Question 3

Cysts
After researching cysts of a particular type, a doctor learns that out of 10,000 such cysts examined, 1,500 are malignant and 8,500 are benign.A diagnostic test is available which is accurate 80% of the time (whether the cyst is malignant or not).The doctor has discovered the same type of cyst in a patient.
-{Cysts Narrative} What is the probability that the patient will test positive?

Accepted Answer

The answer of Cysts
After researching cysts of a particular type,...

Question 4

Which of the following statements is correct if the events A and B have nonzero probabilities?

Accepted Answer

A)  A and B cannot be both independent and disjoint 
B)  A and B can be both independent and disjoint 
C)  A and B are always independent 
D)  A and B are always disjoint 
A)  A and B cannot be both independent and disjoint 
B)  A and B can be both independent and disjoint 
C)  A and B are always independent 
D)  A and B are always disjoint

Question 5

If A and B are mutually exclusive events with P(A) = 0.30 and P(B) = 0.40, then P(A or B) is:

Accepted Answer

A)  0.10 
B)  0.12 
C)  0.70 
D)  None of these choices 
A)  0.10 
B)  0.12 
C)  0.70 
D)  None of these choices

Question 6

Suppose P(A) = 0.50, P(B) = 0.40, and P(B|A) = 0.30.
a.
Find P(A and B).
b.
Find P(A or B).
c.
Find P(A|B).

Accepted Answer

a.
0.15
b.

Question 7

If P(A|B) = P(A) then events A and B are ____________________.

Accepted Answer

The answer of If P(A|B) = P(A) then events A...

Question 8

Financial Consultants
A Financial Consultant has classified his clients according to their gender and the composition of their investment portfolio (primarily bonds, primarily stocks, or a balanced mix of bonds and stocks).The proportions of clients falling into the various categories are shown in the following table:
   One client is selected at random, and two events A and B are defined as follows:
A: The client selected is male.
B: The client selected has a balanced portfolio.
-{Financial Consultants Narrative} Find the following probabilities:
a.
P(A|B)
b.
P(B|A)

Accepted Answer

The answer of Financial Consultants
A Financial Consultant has classified his...

Question 9

Bayes' Law is a formula for revising an initial subjective (prior) probability value on the basis of new results, thus obtaining a new (posterior) probability value.

Accepted Answer

A) True 
 B)False

Question 10

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.
  
-{Hobby Shop Sales Narrative} What approach would you use in determining the probabilities for next week's sales? Assign probabilities to the outcomes.

Accepted Answer

The relati

Question 11

If A and B are mutually exclusive, their joint probability is ____________________.

Accepted Answer

The answer of If A and B are mutually exclusive,...

Question 12

Bayes' Law allows us to compute conditional probabilities from other forms of probability.

Accepted Answer

A) True 
 B)False

Question 13

A pharmaceutical firm has discovered a new diagnostic test for a certain disease that has infected 1% of the population.The firm has announced that 95% of those infected will show a positive test result, while 98% of those not infected will show a negative test result.
a.
What proportion of people don't have the disease?
b.
What proportion who have the disease test negative?
c.
What proportion of those who don't have the disease test positive?
d.
What proportion of test results are incorrect?
e.
What proportion of test results are correct?

Accepted Answer

a.
0.99
b.

Question 14

If A and B are independent, then P(A|B) = ____________________.

Accepted Answer

The answer of If A and B are independent, then...

Question 15

If P(A) = 0.25 and P(B) = 0.65, then P(A and B) is:

Accepted Answer

A)  0.25 
B)  0.40 
C)  0.90 
D)  cannot be determined from the information given 
A)  0.25 
B)  0.40 
C)  0.90 
D)  cannot be determined from the information given

Question 16

A and B are disjoint events, with P(A) = 0.20 and P(B) = 0.30.Then P(A and B) is:

Accepted Answer

A)  0.50 
B)  0.10 
C)  0.00 
D)  0.06 
A)  0.50 
B)  0.10 
C)  0.00 
D)  0.06

Question 17

If P(A) = 0.4 and P(B) = 0.6, then A and B must be mutually exclusive.

Accepted Answer

A) True 
 B)False

Question 18

If joint, marginal, and conditional probabilities are available, only joint probabilities can be used to determine whether two events are dependent or independent.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following statements is false regarding a scenario using Bayes' Law?

Accepted Answer

A)  Prior probabilities are called likelihood probabilities. 
B)  Conditional probabilities are called posterior probabilities. 
C)  Posterior probabilities are calculated by using prior probabilities that have been modified based on new information. 
D)  None of these choices. 
A)  Prior probabilities are called likelihood probabilities. 
B)  Conditional probabilities are called posterior probabilities. 
C)  Posterior probabilities are calculated by using prior probabilities that have been modified based on new information. 
D)  None of these choices.

Question 20

When you multiply a first level branch with a second level branch on a probability tree you get a(n) ____________________ probability.

Accepted Answer

The answer of When you multiply a first level branch...

Although there is a formula defining Bayes' law, you can also use a probability tree to conduct calculations.

Business Majors Suppose 30% of business majors major in accounting.You take a random sample of 3 business majors. -{Business Majors Narrative} What is the chance that none of them major in accounting?

Which of the following statements is correct if the events A and B have nonzero probabilities?

If A and B are mutually exclusive events with P(A) = 0.30 and P(B) = 0.40, then P(A or B) is:

Suppose P(A) = 0.50, P(B) = 0.40, and P(B|A) = 0.30. a. Find P(A and B). b. Find P(A or B). c. Find P(A|B).

If P(A|B) = P(A) then events A and B are ____________________.

Bayes' Law is a formula for revising an initial subjective (prior) probability value on the basis of new results, thus obtaining a new (posterior) probability value.

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. -{Hobby Shop Sales Narrative} What approach would you use in determining the probabilities for next week's sales? Assign probabilities to the outcomes.

If A and B are mutually exclusive, their joint probability is ____________________.

Bayes' Law allows us to compute conditional probabilities from other forms of probability.

If A and B are independent, then P(A|B) = ____________________.

If P(A) = 0.25 and P(B) = 0.65, then P(A and B) is:

A and B are disjoint events, with P(A) = 0.20 and P(B) = 0.30.Then P(A and B) is:

If P(A) = 0.4 and P(B) = 0.6, then A and B must be mutually exclusive.

If joint, marginal, and conditional probabilities are available, only joint probabilities can be used to determine whether two events are dependent or independent.

Which of the following statements is false regarding a scenario using Bayes' Law?

When you multiply a first level branch with a second level branch on a probability tree you get a(n) ____________________ probability.

What Is Statistics

Graphical Descriptive Techniques I

Graphical Descriptive Techniques II

Numerical Descriptive Techniques

Data Collection and Sampling

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

Simple Linear Regression and Correlation

Multiple Regression

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Exam 6: Probability

Although there is a formula defining Bayes' law, you can also use a probability tree to conduct calculations.

Business Majors Suppose 30% of business majors major in accounting.You take a random sample of 3 business majors. -{Business Majors Narrative} What is the chance that none of them major in accounting?

Which of the following statements is correct if the events A and B have nonzero probabilities?

If A and B are mutually exclusive events with P(A) = 0.30 and P(B) = 0.40, then P(A or B) is:

Suppose P(A) = 0.50, P(B) = 0.40, and P(B|A) = 0.30. a. Find P(A and B). b. Find P(A or B). c. Find P(A|B).

If P(A|B) = P(A) then events A and B are ____________________.

Bayes' Law is a formula for revising an initial subjective (prior) probability value on the basis of new results, thus obtaining a new (posterior) probability value.

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. -{Hobby Shop Sales Narrative} What approach would you use in determining the probabilities for next week's sales? Assign probabilities to the outcomes.

If A and B are mutually exclusive, their joint probability is ____________________.

Bayes' Law allows us to compute conditional probabilities from other forms of probability.

If A and B are independent, then P(A|B) = ____________________.

If P(A) = 0.25 and P(B) = 0.65, then P(A and B) is:

A and B are disjoint events, with P(A) = 0.20 and P(B) = 0.30.Then P(A and B) is:

If P(A) = 0.4 and P(B) = 0.6, then A and B must be mutually exclusive.

If joint, marginal, and conditional probabilities are available, only joint probabilities can be used to determine whether two events are dependent or independent.

Which of the following statements is false regarding a scenario using Bayes' Law?

When you multiply a first level branch with a second level branch on a probability tree you get a(n) ____________________ probability.

What Is Statistics

Graphical Descriptive Techniques I

Graphical Descriptive Techniques II

Numerical Descriptive Techniques

Data Collection and Sampling

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

Simple Linear Regression and Correlation

Multiple Regression

Filters