TRUE/FALSE
_____ 1. The relative frequency approach to probability uses long term frequencies, often based on past data.
_____ 2. Predicting the outcome of a football game is using the subjective approach to probability.
_____ 3. You think you have a 90% chance of passing your next advanced financial accounting exam. This is an example of subjective approach to probability.
_____ 4. P(A) + P(B) = 1 for any events A and B that are mutually exclusive.
_____ 5. The collection of all the possible outcomes of a random experiment is called a sample space.
_____ 6. The time required to drive from New York to New Mexico is a discrete random variable.
_____ 7. A random variable is a function or rule that assigns a number to each outcome of an experiment.
_____ 8. The number of home insurance policy holders is an example of a discrete random variable
_____ 9. The mean of a discrete probability distribution for X is the sum of all possible values of X, divided by the number of possible values of X.
_____ 10. The length of time for which an apartment in a large complex remains vacant is a discrete random variable.
_____ 11. Since there is an infinite number of values a continuous random variable can assume, the probability of each individual value is virtually 0.
_____ 12. A continuous probability distribution represents a random variable having an infinite number of outcomes which may assume any number of values within an interval.
_____ 13. Continuous probability distributions describe probabilities associated with random variables that are able to assume any finite number of values along an interval.
_____ 14. A continuous random variable X has a uniform distribution between 10 and 20 (inclusive), then the probability that X falls between 12 and 15 is 0.30.
_____ 15. A continuous random variable is one that can assume an uncountable number of values.
_____ 16. The Central Limit Theorem permits us to draw conclusions about a population based on a sample alone,…