Provide an Appropriate Response

question 94

Multiple Choice

Provide an appropriate response.
-Classify the statement as an example of classical probability, empirical probability, or subjective probability. The probability that interest rates will rise during the summer is 0.05.

• A)subjective probability
• B)classical probability
• C)empirical probability

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Definitions:

Contingency Table

A table used in statistics to display the frequency distribution of variables, helping in analyzing the relationship between different categorical variables.

Frequency of Occurrence

The rate at which a particular event or outcome happens within a specific interval of time or within a given data set.

Chi-square Test for Independence

A statistical method employed to assess if a significant relationship exists between two variables of categorical type.

Degrees of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution, typically defined as the sample size minus the number of parameters estimated.