A Dice Game Involves Rolling Three Dice and Betting on One

question 22

Multiple Choice

A dice game involves rolling three dice and betting on one of the six numbers that are on the dice. The game costs $7 to play, and you win if the number you bet appears on any of the dice. The distribution for the outcomes of the game (including the profit) is shown below: $\begin{array}{ccc}\hline \text { Number of dice with your number } & \text { Profit } & \text { Probability } \\\hline 0 & -\$ 7 & 125 / 216 \\1 & \$ 7 & 75 / 216 \\2 & \$ 9 & 15 / 216 \\3 & \$ 21 & 1 / 216 \\\hline\end{array}$
Find your expected profit from playing this game.

• A) \(- \$ 0.92\)
• B) \(\$ 3.90\)
• C) \(\$ 7.18\)
• D) \(\$ 0.50\)

Identify and understand ethical guidelines suggested by the American Psychological Association for conducting research with both human participants and animals.

Comprehend the historical development of psychology, including the contributions of key figures like Wilhelm Wundt and Sigmund Freud.

Understand the scientific method's role in psychology, including the importance of empirical evidence, replication, and critical thinking.

Recognize the importance of ethics in psychological research, including informed consent, the right to withdraw, debriefing, and the justification of deception.

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Definitions:

Gross Income

The total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau.

Disposable Income

The amount of money that households have available for spending and saving after income taxes have been accounted for.

Inflationary Economy

An inflationary economy is characterized by a sustained increase in the general price level of goods and services, leading to a decrease in the purchasing power of money.

Consumer Incomes

The total amount of money earned by consumers, influencing their spending power and purchasing behavior.