STATISTICS FOR BUSINESS AND
ECONOMICS ACTUAL TEST BANK TESTED
QUESTIONS WITH VERIFIED SOLUTIONS
●● sample points
Answer: the most basic outcomes of an experiment
●● Sample Space
Answer: The set of all possible outcomes.
●● two-way table
Answer: a statistical table that shows the observed number or frequency
for two variables, the rows indicating one category and the columns
indicating the other category. (responses are classified according to two
variables)
●● Event
Answer: A subset of the sample space.
●● Simple Event
Answer: Events which consist of only one outcome.
,●● Compound Event
Answer: Events which consist of multiple outcomes.
P = E₁ ∪ E₂ ∪ E₃ ...
●● Discrete Sample Space
Answer: A sample space which is either finite, or countably infinite.
- The relative probability of an event must be > 0
- Sum of the probability of all events = 1
●● A ∪ B
Answer: The set of outcomes in the event A, or B, or both.
P(A ∪ B) = P(A) + P(B) - P(A ∩ B)
●● A ∩ B
Answer: The set of outcomes in the event A and B.
P(A ∩ B) = P(A|B)P(B)
●● A^c
Answer: The set of outcomes that are not in A (A's complement).
P(A^c) = 1 - P(A)
●● ∅
,Answer: The empty event (an event that cannot happen).
P(∅) = 0
●● Mutually Exclusive
Answer: Two events that can't happen at the same time.
A∩B=∅
P(A ∪ B ∪ C) = P(A) + P(B) + P(C)
●● P(S) - Probability of the Sample Space
Answer: P(S) = 1
●● If A ⊂ B...
Answer: P(B \ A) = P(B) - P(A)
P(A) ≤ P(B)
●● P(A) - Probability of an Event A
Answer: P(A) = P(A₁) + P(A₂) + P(A₃)..., where A₋n is an elementary
subset of the event A.
In an equi-probably sample space, P(A) = |A| / |S|.
●● |A|
Answer: The number of outcomes in an event A.
, ●● List the Sample Space Method
Answer: Find the probability of an event by listing the sample space,
then dividing the number of elements in the event by the total number of
elements in the samples space.
●● Basic Principle of Counting
Answer: If operation 1 can be done in m ways, and operation 2 can be
done in n ways, then the combined operation can be done in m * n ways.
●● Permutations
Answer: The number of ordered arrangements of n distinct objects,
taken r at a time.
nPr = n! / (n - r)!
●● Combinations Rules
Answer: A sample of r unordered elements is to be drawn from a set of n
elements, the number of different samples possible is denoted by:
nCr or (n/r)= n! / r!(n - r)! ! is factorial symbol
●● Partitioning Objects into Distinct Groups (where each group is of a
given size)
Answer: To partition n objects into k distinct groups, with each group
containing n₋i objects:
ECONOMICS ACTUAL TEST BANK TESTED
QUESTIONS WITH VERIFIED SOLUTIONS
●● sample points
Answer: the most basic outcomes of an experiment
●● Sample Space
Answer: The set of all possible outcomes.
●● two-way table
Answer: a statistical table that shows the observed number or frequency
for two variables, the rows indicating one category and the columns
indicating the other category. (responses are classified according to two
variables)
●● Event
Answer: A subset of the sample space.
●● Simple Event
Answer: Events which consist of only one outcome.
,●● Compound Event
Answer: Events which consist of multiple outcomes.
P = E₁ ∪ E₂ ∪ E₃ ...
●● Discrete Sample Space
Answer: A sample space which is either finite, or countably infinite.
- The relative probability of an event must be > 0
- Sum of the probability of all events = 1
●● A ∪ B
Answer: The set of outcomes in the event A, or B, or both.
P(A ∪ B) = P(A) + P(B) - P(A ∩ B)
●● A ∩ B
Answer: The set of outcomes in the event A and B.
P(A ∩ B) = P(A|B)P(B)
●● A^c
Answer: The set of outcomes that are not in A (A's complement).
P(A^c) = 1 - P(A)
●● ∅
,Answer: The empty event (an event that cannot happen).
P(∅) = 0
●● Mutually Exclusive
Answer: Two events that can't happen at the same time.
A∩B=∅
P(A ∪ B ∪ C) = P(A) + P(B) + P(C)
●● P(S) - Probability of the Sample Space
Answer: P(S) = 1
●● If A ⊂ B...
Answer: P(B \ A) = P(B) - P(A)
P(A) ≤ P(B)
●● P(A) - Probability of an Event A
Answer: P(A) = P(A₁) + P(A₂) + P(A₃)..., where A₋n is an elementary
subset of the event A.
In an equi-probably sample space, P(A) = |A| / |S|.
●● |A|
Answer: The number of outcomes in an event A.
, ●● List the Sample Space Method
Answer: Find the probability of an event by listing the sample space,
then dividing the number of elements in the event by the total number of
elements in the samples space.
●● Basic Principle of Counting
Answer: If operation 1 can be done in m ways, and operation 2 can be
done in n ways, then the combined operation can be done in m * n ways.
●● Permutations
Answer: The number of ordered arrangements of n distinct objects,
taken r at a time.
nPr = n! / (n - r)!
●● Combinations Rules
Answer: A sample of r unordered elements is to be drawn from a set of n
elements, the number of different samples possible is denoted by:
nCr or (n/r)= n! / r!(n - r)! ! is factorial symbol
●● Partitioning Objects into Distinct Groups (where each group is of a
given size)
Answer: To partition n objects into k distinct groups, with each group
containing n₋i objects:
