Question 1

Prior probability of an event is the probability of the event before any information affecting it is given.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

Business decisions and policies are often based on true sets of probabilities.

Accepted Answer

A) True 
 B)False

Question 4

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A survey of recent e-commerce start-up firms was undertaken at an industry convention.Representatives of the firm were asked for the geographic location of the firm as well as the firm's outlook for growth in the coming year.The results are provided below.  
-What is the probability that one of these start-up firms was from the Northeast?

Accepted Answer

A) 0.04 
B) 0.12 
C) 0.49 
D) 0.33 
A) 0.04 
B) 0.12 
C) 0.49 
D) 0.33

Question 5

If a plane has just left 40 minutes late,what is the probability that it was airline C?

Accepted Answer

P(C | @#IMG-DLM& )= P(C ∩ @#IMG-DLM& )/

Question 6

Initial estimates of the probabilities of events are known as:

Accepted Answer

A) joint probabilities. 
B) posterior probabilities. 
C) prior probabilities. 
D) conditional probabilities. 
A) joint probabilities. 
B) posterior probabilities. 
C) prior probabilities. 
D) conditional probabilities.

Question 7

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The probability that interest rates on housing loans will go up in the next 6 months is estimated to be 0.20.The probability that house sales will decrease is estimated to be 0.6.The probability that interest rates will go up and house sales will decrease is estimated to be 0.15.
-The probability of not an increase in interest rates and not a decrease in house sales is:

Accepted Answer

A) 0.50 
B) 0.35 
C) 0.20 
D) 0.05 
A) 0.50 
B) 0.35 
C) 0.20 
D) 0.05

Question 8

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Suppose you roll a pair of dice.Let A be the event that you observe an even number.Let B be the event that you observe a number greater than seven.
-What is the union of events A and B?

Accepted Answer

A) [8,9,10,11,12] 
B) [8,10,12] 
C) [2,4,6,8,9,10,11,12] 
D) [2,3,4,5,6,7,8,9,10,11,12] 
A) [8,9,10,11,12] 
B) [8,10,12] 
C) [2,4,6,8,9,10,11,12] 
D) [2,3,4,5,6,7,8,9,10,11,12]

Question 9

Which of the following is true?

Accepted Answer

A)    
B)    
C)    
D)  Events A and B are statistically independent. 
A)    
B)    
C)    
D)  Events A and B are statistically independent.

Question 10

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A recent marketing survey related consumers' awareness of a new marketing campaign with their rating of the product.Consumers rated their awareness as low,medium,or high,and rated the product as poor,fair,or good.The results are presented below.  
-What is the probability that a consumer who had high awareness of the ad campaign ranked the product as good?

Accepted Answer

A) 0.675 
B) 0.385 
C) 0.775 
D) 0.325 
A) 0.675 
B) 0.385 
C) 0.775 
D) 0.325

Question 11

Two events A and B are said to be mutually exclusive if:

Accepted Answer

A)    
B)    
C)    
D)    
A)    
B)    
C)    
D)

Question 12

The proportion of times that an event will occur,assuming that all outcomes in a sample space are equally likely to occur,is called:

Accepted Answer

A) objective probability. 
B) classical probability. 
C) relative frequency probability. 
D) subjective probability. 
A) objective probability. 
B) classical probability. 
C) relative frequency probability. 
D) subjective probability.

Question 13

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
In a recent survey about US policy in Iraq,62 % of the respondents said that they support US policy in Iraq.Females comprised 53% of the sample,and of the females,46% supported US policy in Iraq.A person is selected at random.
-What is the probability that the person we select is male and does not support US policy in Iraq?

Accepted Answer

Event S: Supports US policy in

Question 14

Which of the following best describes the proportion of times that an event will occur,assuming that all outcomes in a sample space are equally likely to occur?

Accepted Answer

A) classical probability 
B) relative frequency probability 
C) subjective probability 
D) joint probability 
A) classical probability 
B) relative frequency probability 
C) subjective probability 
D) joint probability

Question 15

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A recent marketing survey related consumers' awareness of a new marketing campaign with their rating of the product.Consumers rated their awareness as low,medium,or high,and rated the product as poor,fair,or good.The results are presented below.  
-What is the probability that a consumer had low awareness?

Accepted Answer

A) 0.10 
B) 0.14 
C) 0.23 
D) 0.07 
A) 0.10 
B) 0.14 
C) 0.23 
D) 0.07

Question 16

There are four copy machines in the library.It is estimated that the probability that a particular copy machine is out of order is 0.3.Assuming that the machines work independently of each other what is the probability that at least one machine is out of order the next time you go to the library?

Accepted Answer

A = None of the machines is ou

Question 17

Suppose A and B are two events where P(A)= 0.4,P(B)= 0.3,and P(A ∩A)= 0.5B)= 0.2.Then,P(B |

Accepted Answer

A) True 
 B)False

Question 18

Which of the following statements is always true for any two events A and B defined on a sample space S?

Accepted Answer

A) The complement of event A is event B. 
B) The intersection of A and B is the set of all basic outcomes in either A or B. 
C) If events A and B are mutually exclusive,then A ∩ B = S. 
D) If events A and B are collectively exhaustive,then A ∩ B = S. 
A) The complement of event A is event B. 
B) The intersection of A and B is the set of all basic outcomes in either A or B. 
C) If events A and B are mutually exclusive,then A ∩ B = S. 
D) If events A and B are collectively exhaustive,then A ∩ B = S.

Question 19

Information on joint probabilities and marginal probabilities can be obtained from tree diagrams.

Accepted Answer

A) True 
 B)False

Question 20

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
In a recent survey about US policy in Iraq,62 % of the respondents said that they support US policy in Iraq.Females comprised 53% of the sample,and of the females,46% supported US policy in Iraq.A person is selected at random.
-What is the probability that the person we select is male and does support US policy in Iraq?

Accepted Answer

Event S: Supports US policy in

Prior probability of an event is the probability of the event before any information affecting it is given.

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

Business decisions and policies are often based on true sets of probabilities.

If a plane has just left 40 minutes late,what is the probability that it was airline C?

Initial estimates of the probabilities of events are known as:

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Suppose you roll a pair of dice.Let A be the event that you observe an even number.Let B be the event that you observe a number greater than seven. -What is the union of events A and B?

Which of the following is true?

Two events A and B are said to be mutually exclusive if:

The proportion of times that an event will occur,assuming that all outcomes in a sample space are equally likely to occur,is called:

Which of the following best describes the proportion of times that an event will occur,assuming that all outcomes in a sample space are equally likely to occur?

There are four copy machines in the library.It is estimated that the probability that a particular copy machine is out of order is 0.3.Assuming that the machines work independently of each other what is the probability that at least one machine is out of order the next time you go to the library?

Suppose A and B are two events where P(A)= 0.4,P(B)= 0.3,and P(A ∩A)= 0.5B)= 0.2.Then,P(B |

Which of the following statements is always true for any two events A and B defined on a sample space S?

Information on joint probabilities and marginal probabilities can be obtained from tree diagrams.

Describing Data: Graphical

Describing Data: Numerical

Discrete Random Variables and Probability Distributions

Continuous Random Variables and Probability Distributions

Sampling and Sampling Distributions

Estimation: Single Population

Estimation: Additional Topics

Hypothesis Testing: Single Population

Hypothesis Testing: Additional Topics

Simple Regression

Multiple Regression

Additional Topics in Regression Analysis

Analysis of Categorical Data

Analysis of Variance

Time-Series Analysis and Forecasting

Additional Topics in Sampling

Filters

Exam 3: Probability

Prior probability of an event is the probability of the event before any information affecting it is given.

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

Business decisions and policies are often based on true sets of probabilities.

If a plane has just left 40 minutes late,what is the probability that it was airline C?

Initial estimates of the probabilities of events are known as:

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Suppose you roll a pair of dice.Let A be the event that you observe an even number.Let B be the event that you observe a number greater than seven. -What is the union of events A and B?

Which of the following is true?

Two events A and B are said to be mutually exclusive if:

The proportion of times that an event will occur,assuming that all outcomes in a sample space are equally likely to occur,is called:

Which of the following best describes the proportion of times that an event will occur,assuming that all outcomes in a sample space are equally likely to occur?

There are four copy machines in the library.It is estimated that the probability that a particular copy machine is out of order is 0.3.Assuming that the machines work independently of each other what is the probability that at least one machine is out of order the next time you go to the library?

Suppose A and B are two events where P(A)= 0.4,P(B)= 0.3,and P(A ∩A)= 0.5B)= 0.2.Then,P(B |

Which of the following statements is always true for any two events A and B defined on a sample space S?

Information on joint probabilities and marginal probabilities can be obtained from tree diagrams.

Describing Data: Graphical

Describing Data: Numerical

Discrete Random Variables and Probability Distributions

Continuous Random Variables and Probability Distributions

Sampling and Sampling Distributions

Estimation: Single Population

Estimation: Additional Topics

Hypothesis Testing: Single Population

Hypothesis Testing: Additional Topics

Simple Regression

Multiple Regression

Additional Topics in Regression Analysis

Analysis of Categorical Data

Analysis of Variance

Time-Series Analysis and Forecasting

Additional Topics in Sampling

Filters