(I If There Is Absolutely No Chance a Person Will

question 64

Multiple Choice

(i. If there is absolutely no chance a person will purchase a new car this year, the probability
Assigned to this event is zero.
(ii. If the set of events are collectively exhaustive and mutually exclusive, the sum of the probabilities
Equals 0.
(iii) Suppose four heads did appear face up on the toss of a coin four times. The probability that a
Head will appear face up in the next toss of the coin is 1/2 or 0.5.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) is a correct statement but not (ii) or (iii).
• C) (i) and, (iii) are correct statements but not (ii).
• D) (ii) and, (iii) are correct statements but not (i).
• E) (i), (ii) and (iii) are all false statements.

---

Definitions:

Wage Rate

The amount of money paid to an employee by an employer in exchange for work performed, typically expressed per hour, day, or piece produced.

Labor Income

Earnings obtained from work or employment, including wages, salaries, and benefits.

Lump Sum Payment

A single payment made at a particular time, especially one that completes a total amount owed.

Leisure

Time spent away from work and essential daily tasks, utilized for relaxation, recreation, or personal interest activities.