Aa EXERCISES 1. Some people are in favor of reducing federal taxes to increase consumer spending and others are against it. Two persons are selected and their opinions are recorded. Assuming no one is undecided, list the possible outcomes. 2. A quality control inspector selects a part to be tested. The part is then declared acceptable, repairable, or scrapped. Then another part is tested. List the possible outcomes of this experiment regarding two parts. 3. FILE A survey of 34 students at the Wall College of Business showed the following majors: Accounting 10 Finance 5 Economics 3 Management 6 Marketing 10 From the 34 students, suppose you randomly select a student. a. What is the probability he or she is a management major? b. Which concept of probability did you use to make this estimate? 4. A large company must hire a new president. The Board of Directors prepares a list of five candidates, all of whom are equally qualified. Two of these candidates are members of a minority group. To avoid bias in the selection of the candidate, the company decides to select the president by lottery. a. What is the probability one of the minority candidates is hired? b. Which concept of probability did you use to make this estimate