You draw colored balls out of a bag. You draw a red ball 30 of the time and a blue ball 70 of the time. For each draw, the blue outcome and the red outcome are
A) mutually exclusive.
B) exhaustive.
C) Both A and B.
D) None of the above.
Question 2
Your friend Dimitre tells you that he thinks that his favorite basketball team has a 70 chance of winning the next game. This is an example of a(n)
A) objective probability.
B) subjective probability.
C) risk-averse statement.
D) Friedman-Savage preference.
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