Which One of the Following Statements Is Not Correct When

question 61

Multiple Choice

Which one of the following statements is not correct when making decisions?

• A) The sum of the state of nature probabilities must be 1.
• B) Every probability must be greater than or equal to 0.
• C) All probabilities are assumed to be equal.
• D) Probabilities are used to compute expected values.
• E) Perfect information assumes that the state of nature that will actually occur is known.

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Definitions:

Tort Liability

Legal responsibility arising from a civil wrong not based on a contractual obligation, leading to compensation for damages or injuries.

Assignment

is the transfer of rights, property, or obligations from one party to another under a contract.

Transfers

The act of moving or passing assets, property, titles, or rights from one person to another.

Remaining Rights

Remaining rights refer to those rights retained by a party after some rights have been waived or transferred to another party.