Expected Value Represents

question 46

Multiple Choice

Expected value represents

• A) the actual payment one expects to receive.
• B) the average of all payments one would receive if one undertook the risky event many times.
• C) the payment one receives if he or she makes the correct decision.
• D) the payment that is most likely to occur.

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Definitions:

Illicit Profits

Gains derived unlawfully from criminal activities or unethical business practices.

Prison Officers

Corrections personnel responsible for the supervision, safety, and security of prisoners in a prison, jail, or similar form of detention facility.

Misuse of Authority

The inappropriate or unethical exercise of power by someone in a position of authority.

Accepting Gratuities

The act of receiving free gifts or services, often in a professional context, which might lead to questions of ethics or conflicts of interest.