1) A car salesman has noted that the probability that the dealership sells a car on a Saturday morning is .30. Then the probability of the dealership not
... [Show More] selling a car on Saturday morning is .70. Answer: TRUE Diff: 1 Keywords: probability, dependent, mutually exclusive Section: 4-1 The Basics of Probability Outcome: 1 2) A car salesman states that the probability that the dealership sells a car on a Saturday morning is .30. The method of probability assessment that he has used is most likely classical assessment. Answer: FALSE Diff: 1 Keywords: probability, assessment, relative frequency of occurrence Section: 4-1 The Basics of Probability Outcome: 1 3) If the probability of one event occurring is .40 and the probability of a second event occurring is 0.60, then the probability that both events will occur must be 1.0 since that is the maximum value a probability can be. Answer: FALSE Diff: 1 Keywords: probability, event Section: 4-1 The Basics of Probability Outcome: 1 4) If a company has the opportunity to bid on three contracts, A, B, and C, then the number of these contracts that are awarded to the company would be considered an elementary event. Answer: TRUE Diff: 2 Keywords: probability, elementary event Section: 4-1 The Basics of Probability Outcome: 1 5) If two events are mutually exclusive, it is possible for them to also be independent of each other. Answer: FALSE Diff: 2 Keywords: experiment, outcome, probability Section: 4-1 The Basics of Probability Outcome: 1 4-1 Copyright © 2023 Pearson Education, Inc.
6) Suppose a single die (a 6-sided cube with sides numbered 1 through 6) is rolled once. The event of interest is defined as rolling an even number. This can be said to be an elementary event. Answer: FALSE Diff: 1 Keywords: sample space, elementary event Section: 4-1 The Basics of Probability Outcome: 1 7) In most situations, there is no difference between the events and the elementary events. Answer: FALSE Diff: 1 Keywords: event, elementary event, experiment Section: 4-1 The Basics of Probability Outcome: 1 8) A manufacturing company makes three types of products. Each time it makes a product, the item can be either good or defective and it can be either customized or standard. The events consisting of customized and defective would be considered mutually exclusive since they apply to different attributes of the product. Answer: FALSE Diff: 2 Keywords: event, mutually exclusive Section: 4-1 The Basics of Probability Outcome: 1 9) Two football teams play in the Super Bowl. The event of team A winning and the event of team B winning can be said to be mutually exclusive. Answer: TRUE Diff: 1 Keywords: event, mutually exclusive Section: 4-1 The Basics of Probability Outcome: 1 10) A product that is produced at Ramsey Manufacturing goes through three steps to be built. At step one, the components are assembled by technicians. At step two, the product is sanded, and at step three the product is painted. The product can become defective if any of these three steps is performed incorrectly. The three steps are done by different people in different locations. We let D1 = defect introduced at step 1, D2 = defect introduced at step 2, and D3 = defect introduced at step three. Based on this situation these three events would be considered to be mutually exclusive. Answer: FALSE Diff: 2 Keywords: mutually exclusive, independent event Section: 4-1 The Basics of Probability Outcome: 1 4-2 Copyright © 2023 Pearson Education, Inc.
11) Suppose a player is dealt 2 cards from a standard deck of 52 playing cards. To determine the probability of having a blackjack would involve classical probability. Answer: TRUE Diff: 2 Keywords: classical probability Section: 4-1 The Basics of Probability Outcome: 1 12) In playing the game Monopoly, the probability of a player landing on Park Place would be assessed using classical probability assessment. Answer: TRUE Diff: 2 Keywords: classical, probability, assessment Section: 4-1 The Basics of Probability Outcome: 1 13) If a manager were interested in assessing the probability that a new product will be successful in a New Jersey market area, she would most likely use relative frequency of occurrence as the method for assessing the probability. Answer: FALSE Diff: 2 Keywords: probability, subjective Section: 4-1 The Basics of Probability Outcome: 1 14) Classical probability assessment is likely to be the most common method of probability assessment used in business decision making. Answer: FALSE Diff: 1 Keywords: subjective, probability, assessment Section: 4-1 The Basics of Probability Outcome: 1 [Show Less]