Compute the Mean and Standard Deviation of a Binomial Random

question 145

Multiple Choice

Compute the Mean and Standard Deviation of a Binomial Random Variable
-A psychic network received telephone calls last year from over 1.5 million people. A recent article attempts to shed some light onto the credibility of the psychic network. One of the psychic network s psychics agreed to take part in the following experiment. Five different cards are shuffled, and one is chosen at random. The psychic will then try to identify which card was drawn without seeing it. Assume that the experiment was repeated 40 times and that the results of any two experiments are independent of one another. If we assume that the psychic is a fake (i.e., they are merely guessing at the cards and have no psychic powers) , how many of the 40 cards do we expect the psychic to guess correctly

• A) 8
• B) 7
• C) 0
• D) 5

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Definitions:

Balance Of Trade Deficits

Occurs when a country's imports exceed its exports over a certain period, leading to a net outflow of domestic currency to foreign markets.

Current Account Surpluses

Happens when the overall exports, encompassing goods, services, and transfers, of a country surpass its total imports.

Capital And Financial Account Deficits

A situation where a country's capital outflows exceed its capital inflows, resulting in a net outflow of domestic currency to foreign markets.

Balance Of Payments Surpluses

A situation where the total of a country's international transactions results in net earnings, with more credits from exports and capital income than debits for imports and overseas investments.