Exam 1

1. Metainformation

   Tag	Value
   file	Probability_uva-expected-value-1134-en_uva-expected-value-1134-en
   name	uva-expected-value-1134-en
   section	Probability/Elementary Probability/Random variables/Expected value
   type	schoice
   solution	FALSE, TRUE, FALSE, FALSE
   Type	Conceptual
   Language	English
   Level	Statistical Literacy
   IRT-Difficulty	0.483
   p-value	0.9061

   Question

   The probability of winning €2 in a gambling game is 0.3 and the probability of losing €1 is 0.7. What is the expected amount a player will win or lose per gamble if he plays the gambling game for an extended period of time?

   
   
   1. FALSE:
      • € 0.70 (loss)
   2. TRUE:
      • € 0.10 (loss)
   3. FALSE: € 0.30 (profit)
   4. FALSE: € 0.70 (profit)
   
   
   1. • €0.70 (loss): Incorrect
   2. • € 0.10 (loss): Correct
   3. € 0.30 (profit): Incorrect
   4. € 0.70 (profit): Incorrect