The states of nature are defined so that they are ___________. ...

[Lobcity]

The states of nature are defined so that they are ___________. This means that at least one state of nature must occur at a given time for a chance event.
 a. collectively exhaustive
  b. mutually exclusive
  c. certain events
  d. optimistic outcomes

Question 2

No more than one state of nature can occur at a given time for a chance event. This indicates that the states of nature are defined such that they are
 a. collectively exhaustive.
  b. mutually exclusive.
  c. independent outcomes.
  d. conservative events.

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Answer to Question 1

a
RATIONALE: The states of nature are defined so that they are mutually exclusive (no more than one can occur) and collectively exhaustive (at least one must occur).

Answer to Question 2

b
RATIONALE: The states of nature are defined so that they are mutually exclusive (no more than one can occur).

[Lobcity]

YES! Correct, THANKS for helping me on my review

[ecabral0]

Excellent