A Person Is Trying to Decide If He or She

question 54

Multiple Choice

A person is trying to decide if he or she should buy a lottery ticket. The ticket costs $2.00. If the ticket is a winner,the prize would be $1,000. Knowing that winning $1,000 is not a certain outcome (state of nature) ,the person finds that the probability of winning is 0.001. Based on this information,the following payoff table can be constructed: What is the probability of losing $2.00?

• A)0.001
• B)0.999
• C)1.00
• D)Cannot be computed

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Definitions:

Held in Hands

Items or objects that are meant to be carried or used with the hands, often denoting their portability or functionality in human activities.

Viewing Method

A technique or approach to observing or examining visual art or objects.

Victoria Terminus

A historic railway station in Mumbai, India, known for its Victorian Gothic architecture.

British Governor

A representative of the British crown appointed to govern a British colony, protectorate, or other territory.