Question 1 of 20 5.0 Points

A collection of possible outcomes is know as a(n):
A. experiment.

B. probability.

C. event.

D. observation
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Question 2 of 20 5.0 Points

__________ requires the evaluation of available opinions and other information to produce estimates.
A. An experiment

B. An observation

C. Classical probability

D. Subjective probability
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Question 3 of 20 5.0 Points

The probability of selecting a red card from a fair deck of cards is:
A. a collectively exhaustive experiment.

B. an example of a mutually exclusive event.

C. an example of classical probability.

D. All of the above
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Question 4 of 20 5.0 Points

Events A and B are mutually exclusive. The probability of event A occurring is 0.15; the probability of event B occurring is 0.45. What is the probability that A or B will occur?
A. 0.30

B. 0.60

C. 1

D. 0.40
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Question 5 of 20 5.0 Points

Of 680 college students surveyed, 540 reported that they held a part-time job. What is the probability of selecting a student with a part-time job from this group?
A. 0.206

B. 0.485

C. 0.50

D. 0.794
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Question 6 of 20 5.0 Points

Please answer questions 6-8 based on the following information.

A student survey revealed the following data concerning employment status:

Class Level/Job status None Part-time Full-time
Freshman 16 52 12
Sophomore 4 26 20
Junior 8 18 34
Senoir 0 22 18

If one student is selected at random, what is the probability that the selected person is currently unemployed?


A. 0.122

B. 0.138

C. 0.348

D. 0.878
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Question 7 of 20 5.0 Points

Based on the information in the chart in #6 (above), if one student is selected at random, what is the probability that the selected person is a senior working full-time?
A. 0.078

B. 0.082

C. 0.214

D. 0.461
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Question 8 of 20 5.0 Points

Based on the information in the chart in #6 (above), if one student is selected at random, what is the probability that the selected person is a freshman employed on a part-time basis?
A. 0.104

B. 0.226

C. 0.356

D. 0.441
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Question 9 of 20 5.0 Points

P(A) = 0.40; P(B) = 0.25; the probability of both events occurring is 0.15. What is the probability of either event occurring?
A. 0.15

B. 0.50

C. 0.65

D. 0.80
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Question 10 of 20 5.0 Points

What is the probability of obtaining a "1" or a "2" on a single throw of a fair die?
A. 0.028

B. 0.167

C. 0.333

D. 0.50
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Question 11 of 20 5.0 Points

Events A and B are independent if:
A. event A occurs, therefore event B cannot occur.

B. event B can occur only if event A occurs.

C. the probability of event A is equal to the conditional probability of event A given B.

D. the probability of event A is less than the conditional probability of event A given B.
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Question 12 of 20 5.0 Points

For two independent events, if P(A)=3/8, and P(B)=8/9, what is P(A and B)?
A. 27/56

B. 1.317

C. 1/3

D. 46/100
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Question 13 of 20 5.0 Points

When two or more events can occur concurrently, it is known as:
A. independent probability.

B. conditional probability.

C. joint probability.

D. the special rule of addition.
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Question 14 of 20 5.0 Points

If P(A and B)=0.24 and P(A)=0.48, what is P(B|A)?
A. 0.1152

B. 0.5

C. 2.00

D. Not calculable without additional data.
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Question 15 of 20 5.0 Points

A prior probability is assigned to an event:
A. to determine joint probability.

B. to determine subjective probability.

C. for conditional probability problems.

D. when using Bayes' theorem.
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Question 16 of 20 5.0 Points

A mortgage company has found that 2% of its mortgage holders default on their mortgage. Furthermore, 90% of those who default are late on at least two monthly payments over the life of their mortgage as compared to 45% of those who do not default. What is the probability that a mortgagee with two or more late monthly payments will default (using Bayes the