ECON 2040 EXAM 2
You have to master the contents on the following chapters to do well in this examination:
• Introduction to
... [Show More] Probabilities
• Discrete Probability Distributions
You should also be thoroughly conversant with the introduction to business statistics.
1) ________ probability is used when we know the number of possible outcomes of the event of interest and the total number of possible outcomes in the sample space.
A) Empirical
B) Simple
C) Subjective
D) Classical
2) ________ probability represents the likelihood of a single event occurring by itself. A) Classical
B) Simple
C) Empirical
D) Subjective
3) Calculating the probability of drawing three aces with a random sample of five cards from a standard 52-card deck is using ________ probability.
A) classical
B) simple
C) empirical
D) subjective
4) Two six-sided die are rolled. Calculating the probability of the sum of the two die being a 10 is an example of using ________ probability.
A) subjective
B) empirical
C) classical D) simple
5) Two six-sided die are rolled. The probability of the sum of the two die being a 10 is ________. A) 0.056
B) 0.083
C) 0.111
D) 0.139
6) ________ probability requires that you count the frequency that an event occurs through an experiment and calculate the probability from the experiment's relative frequency distribution.
A) Classical
B) Simple
C) EmpiricalD) Subjective
7) A survey of adults who typically work full-time from home recorded their current education levels. The results are shown in the table below.
Education Level Frequency
Bachelor's degree or higher 37
Some college 13
High school diploma only 7
Less than high school diploma 3
Calculating the probability that a randomly selected adult who works from home and has a bachelor's degree or higher is using ________ probability.
A) empirical
B) simple
C) subjectiveD) classical
8) A survey of adults who typically work full-time from home recorded their current education levels. The results are shown in the table below.
Education Level Frequency
Bachelor's degree or higher 37
Some college 13
High school diploma only 7
Less than high school diploma 3
The probability that a randomly selected adult who works from home has less than a high school diploma is ________.
A) 0.02
B) 0.05
C) 0.17
D) 0.20
9) A survey asked randomly selected adults 18-29 years old to indicate their working status. The results are shown in the following table.
Working Status Frequency
Working full-time 103
Working part-time 60
Student, not working 31
Unemployed 56
Calculating the probability that a randomly selected adult 18-29 years old is unemployed is using ________ probability.
A) subjective
B) empirical
C) simple
D) classical
10) A survey asked randomly selected adults 18-29 years old to indicate their working status. The results are shown in the following table.
Working Status Frequency
Working full-time 103
Working part-time 60
Student, not working 31
Unemployed 56
The probability that a randomly selected adult 18-29 years old is working part-time is ________. A) 0.09
B) 0.24
C) 0.30
D) 0.60
11) The following table shows the frequency distribution of the credit scores for a random sample of homeowners who recently refinanced their mortgage at Delaware Bank.
Credit Score Frequency
700 to under 720 7
720 to under 740 14
740 to under 760 25
760 to under 780 16
780 to under 800 8
Calculating the probability that a randomly homeowner has a credit score of 760 to under 780 is using ________ probability.
A) classical
B) simple
C) empirical
D) subjective
12) The following table shows the frequency distribution of the credit scores for a random sample of homeowners who recently refinanced their mortgage at Delaware Bank.
Credit Score Frequency
700 to under 720 7
720 to under 740 14
740 to under 760 25
760 to under 780 16
780 to under 800 8
The probability that a randomly homeowner has a credit score of 720 to under 740 is ________. A) 0.114 B) 0.200
C) 0.520
D) 0.566
13) The law of large numbers states that when an experiment is conducted a large number of times, the ________ probabilities of the process will converge to the ________ probabilities.
A) empirical, classical
B) classical, subjective C) subjective, classical
D) empirical, subjective
14) ________ probability is used when we rely on experience and intuition to estimate the likelihood of an event.
A) Classical
B) Simple [Show Less]