Name a situation in real life that you could use expected value on.
carnival games
sports
placing bets
all of the above
3. Multiple Choice
30 seconds
1 pt
Is your expected value always going to be what happens in real life?
yes
no
4. Multiple Choice
30 seconds
1 pt
What do you need to determine before you can calculate expected value?
number of people playing
probability of winning
name of game
names of people playing
5. Multiple Choice
30 seconds
1 pt
Once you have probability, what else do you need to know to calculate expected value?
cost of prize
type of prize
6. Multiple Choice
30 seconds
1 pt
If the expected value is negative, are you expected to win?
yes
no
7. Multiple Choice
30 seconds
1 pt
If the expected value is positive, are you expected to win?
yes
no
8. Multiple Choice
3 minutes
1 pt
Suppose you pay $1.00 to roll a fair die with the understanding you will get $3.00 back rolling a 4 or a 2, and nothing otherwise. What is the expected amount you win?
$0.00
-$1.00
$1.00
$3.00
9. Multiple Choice
3 minutes
1 pt
You pick a card from a deck. If you get a face card, you win $5. If you get an ace, you win $30 plus an extra $60 for the ace of hearts. For any other card you win nothing. Find the expected value you will win.
$5.00
$3.85
$4.04
$4.62
10. Multiple Choice
30 seconds
1 pt
7. A Stats test has 5 multiple choice questions with four choices with one correct answer each. If we just randomly guess on each of the 5 questions, what is the probability that you get exactly 2 questions correct?
0.6250
0.25
0.0625
0.2636
11. Multiple Choice
3 minutes
1 pt
Seventeen people have been exposed to a particular disease. Each one independently has a 40% chance of contracting the disease. A hospital has the capacity to handle 10 cases of the disease. What is the probability that the hospital's capacity will be exceeded?