Q: Which formula represents the relative frequency approach to probability?

$$P(A) = \dfrac{\text{number of times A occurred}}{\text{number of times the procedure was repeated}}$$

Q: Which of the following is the correct formula for the payoff odds against event A?

$$\text{payoff odds against event A} = \dfrac{\text{net profit}}{\text{amount bet}}$$

Question 1

Which of the following best describes a 'simple event' in probability theory?

Accepted Answer

An outcome that cannot be broken down into simpler components.

Question 2

Given three births, what is the sample space for the gender of the babies?

Accepted Answer

$$\{ggg, ggb, gbg, bgg, bbg, bgb, gbb, bbb\}$$

Question 3

Which formula represents the relative frequency approach to probability?

Accepted Answer

$$P(A) = \dfrac{	ext{number of times A occurred}}{	ext{number of times the procedure was repeated}}$$

Question 4

A casino roulette wheel has 38 slots. What are the actual odds against the ball landing on slot 13?

Accepted Answer

$$37:1$$

Question 5

If the probability of an event A is $$0.183$$, what is the probability of its complement?

Accepted Answer

$$0.817$$

Question 6

Which of the following is NOT a common approach to finding the probability of an event?

Accepted Answer

Experimental approach

Question 7

In a survey, 362 out of 2003 adults said they have seen a ghost. What is the probability that a randomly selected adult from this survey has seen a ghost?

Accepted Answer

$$0.183$$

Question 8

Which statement best describes the Law of Large Numbers?

Accepted Answer

As the number of trials increases, the relative frequency probability of an event approaches the actual probability.

Question 9

If the probability of a commercial airline crash on any given flight is $$1.6 	imes 10$$^{-7}$$, what is the probability that a randomly selected flight will NOT crash?

Accepted Answer

$$0.99999984$$

Question 10

Which of the following best describes a subjective probability?

Accepted Answer

A probability based on personal judgment or experience rather than precise calculation.

Question 11

If the actual odds against an event A are $$a:b$$, what are the actual odds in favor of event A?

Accepted Answer

$$b:a$$

Question 12

A survey found that 1782 out of 2002 adults use the Internet. What is the probability that a randomly selected adult does NOT use the Internet?

Accepted Answer

$$0.110$$

Question 13

Which of the following is a correct interpretation of the probability value $$P(A) = 0.05$$?

Accepted Answer

Event A is unlikely to occur.

Question 14

Which of the following is true about the classical approach to probability?

Accepted Answer

It requires that all outcomes are equally likely.

Question 15

If the probability of event A is $$0.7$$, what are the actual odds against event A?

Accepted Answer

$$3:7$$

Question 16

Which of the following is the correct formula for the payoff odds against event A?

Accepted Answer

$$	ext{payoff odds against event A} = \dfrac{	ext{net profit}}{	ext{amount bet}}$$

Question 17

Which of the following is a valid probability value?

Accepted Answer

$$0.75$$

Question 18

A rare event rule for inferential statistics states that if the probability of a particular observed event is very small, what can we conclude?

Accepted Answer

The assumption is probably not correct.

Question 19

Which of the following is NOT a property of probability?

Accepted Answer

The probability of an event can be greater than 1.

Question 20

If you bet $$5 on a roulette outcome with actual odds against of 37$$:1$$ and the payoff odds are 35$$:1$, what is your net profit if you win?

Accepted Answer

$$175$$

Probability: Fundamental Concepts and Approaches in Statistics

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