Which of the Following Best Explains the Idea of the Expected

question 36

Multiple Choice

Which of the following best explains the idea of the expected value of the consequences of a risky action?

• A) The unweighted average of the value of each possible outcome, counting each outcome as equally likely.
• B) The weighted average of the value of each possible outcome, where each value is weighted by the probability of the outcome occurring.
• C) The value of the outcome that is most likely to occur, based on objective probabilities.
• D) The average of the value of the outcome that you expect to occur.

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Definitions:

Ethical Guidelines

A set of recommended practices and principles designed to guide behavior and decision-making in a moral and responsible manner.

Manipulating Controls

Adjusting variables in an experiment in order to test hypotheses and observe the effects.

Self-Reports

Information provided by individuals about themselves, often used in psychological research.

Questionnaires

A research instrument consisting of a series of questions for the purpose of gathering information from respondents.