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1: What is another term for a simple probability?A. Bayes’ theorem B. Conditional probability C. Marginal probability D. Joint probability2) The probability that house sales will increase in the next 6 months is estimated to be 0.25. The probability that the interest rates on housing loans will go up in the same period is estimated to be 0.74. The probability that house sales or interest rates will go up during the next 6 months is estimated to be 0.89. Find the probability that house sales will increase but interest rates will not during the next 6 months.A.0.51B.0.89C.0.065D.3)An alcohol awareness task force at a large university sampled 200 students after the midterm to ask them whether they went bar hopping the weekend before the midterm or spent the weekendstudying, and whether they did well or poorly on the midterm. The following result was obtained.Did Well on MidtermDid Poorly on MidtermStudying for Exam8020Went Bar Hopping3070What is the probability that a randomly selected student did well on the midterm or went bar hopping the weekend before themidterm?A.30/200 or15%B.(80plus+30plus+70)/200or (110plus+100minus?30)/200or90%C.(30plus+70)/200or (70plus+30)/200or50%D.(80plus+30)/200or (30plus+80)/200or55%0.154)if two events are collectively exhaustive, what is the probability they both occur at the same time?A.0.50B.0C.1.00D.Cannot be determined from the information giveIf two events are mutually exclusive, what is the probability they both occur at the same time?A. 1.00 B. 0 C. Cannot be determined from the information given D. 0.50If event A and event B cannot occur at the same time, then events A and B are considered to be which of the following?A. Collectively exhaustive B. Independent C. Mutually exclusive D. None of the aboveDetermine whether the statement is true or false. If either event A or event B must occur they are called mutually exclusive events.True FalseDetermine whether the statement is true or false. If P(A or B)equals=1.0, then event A and event B must be mutually exclusive.TrueFalseAccording to a survey of households in a particular country, the probability that the residents own 2 cars if their annual household income is over $50,000 is 80%. Of the households surveyed, 60% had incomes over $50,000 and 70% had 2 cars. Find the probability that the residents of a household own 2 cars and have an income over $50,000 a year.A. 0.12 B. 0.18 C. 0.22 D. 0.48If two events are independent, what is the probability that they both occur?A. 0 B. 0.50 C. Cannot be determined from the information given D. 1.00Suppose that patrons of a restaurant were asked whether they preferred water or whether they preferred soda. The results determined that 70% said that they preferred water, 60% of the patrons were male, and 80% of the males preferred water. Determine whether the statement is true or false. The two events “preferring water” and “preferring soda” are independent.TrueFalseDetermine whether the statement is true or false. To ethically advertise a school lottery scheme to try to raise money for the athletic department, the organizer of the lottery does not need to explicitly specify the probability of each of the prize in the lottery.TrueFalseA lab orders 100 rats a week for each of the 52 weeks in the year for experiments that the lab conducts. Suppose the mean cost of rats used in lab experiments turned out to be $13.00 per week. Interpret this value.A. The rat cost that occurs more often than any other is $13.00. B. The expected or average cost for all weekly rat purchases is $13.00. C. Most of the weeks resulted in rat costs of $13.00. D. The median cost for the distribution of rat costs is $13.00.Determine whether the statement is true or false. The covariance between two investments is equal to the sum of the variances of the investments.TrueFalseDetermine whether the statement is true or false.The variance of the sum of two investments will be equal to the sum of the variances of the two investments when the covariance between the investments is zero.TrueFalseWhenever pi?equals=0.1 and n is small, the binomial distribution will be which of the following?A.left-skewedB.symmetricC.right-skewedD.What type of probability distribution will the consulting firm most likely employ to analyze the insurance claims in the following problem?An insurance company has called a consulting firm to determine if the company has an unusually high number of false insurance claims. It is known that the industry proportion for false claims is 3%. The consulting firm has decided to randomly and independently sample 100 of the company’s insurance claims. They believe the number of these 100 that are false will yield the information the company desires.A.Poisson distributionB.binomial distributionC.hypergeometric distributionD.none of the above.None of the aboveDetermine whether the statement is true or false. If ? remains constant in a binomial distribution, an increase in n will not change the mean.TrueFalseThirty-six of the staff of 80 teachers at a local intermediate school are certified in Cardio-Pulmonary Resuscitation (CPR). In 180 days of school, about how many days can we expect that the teacher on bus duty will likely be certified in CPR?A. 45 days B. 5 days C. 65 days D. 81 daysDetermine whether the statement is true or false. The number of customers arriving at a department store in a 5-minute period has a Poisson distribution.TrueFalseDetermine whether the statement is true or false.When you use the Poisson distribution to approximate the binomialdistribution, the number of events of interest can be larger than the sample size.TrueFalse