Table of contents

1. Introduction to Statistics53m
2. Describing Data with Tables and Graphs2h 1m
3. Describing Data Numerically1h 48m
4. Probability2h 26m
5. Binomial Distribution & Discrete Random Variables2h 55m
6. Normal Distribution & Continuous Random Variables1h 48m
7. Sampling Distributions & Confidence Intervals: Mean2h 8m
8. Sampling Distributions & Confidence Intervals: Proportion1h 20m
- Sampling Distribution of Sample Proportion
  35m
- Confidence Intervals for Population Proportion
  45m
9. Hypothesis Testing for One Sample2h 23m
10. Hypothesis Testing for Two Samples3h 25m
11. Correlation1h 6m
12. Regression1h 4m
13. Chi-Square Tests & Goodness of Fit1h 30m
14. ANOVA1h 4m

4. Probability

Basic Concepts of Probability

Statistics for Business

4. Probability

Basic Concepts of Probability

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Multiple Choice

Which of the following is a basic property of probability?

The sum of probabilities of all possible outcomes can exceed 1.

The probability of any event is always between 0 and 1, inclusive.

The probability of any event can be negative.

The probability of an impossible event is always 1.

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Verified step by step guidance

Step 1: Understand the concept of probability. Probability is a measure of the likelihood of an event occurring, and it is always expressed as a value between 0 and 1, inclusive. This means that probabilities cannot be negative or exceed 1.

Step 2: Review the basic properties of probability. These include: (a) The probability of any event is always between 0 and 1, inclusive. (b) The probability of an impossible event is 0. (c) The probability of a certain event is 1. (d) The sum of probabilities of all possible outcomes in a sample space is 1.

Step 3: Evaluate the given options based on the properties of probability. For example, the statement 'The sum of probabilities of all possible outcomes can exceed 1' contradicts the property that the sum of probabilities in a sample space is always 1.

Step 4: Analyze the statement 'The probability of any event is always between 0 and 1, inclusive.' This aligns with the fundamental property of probability and is correct.

Step 5: Confirm that the other options, such as 'The probability of any event can be negative' and 'The probability of an impossible event is always 1,' are incorrect because they violate the basic principles of probability.