Question
In the World Banks World Development Indicators there is a population of 214 countries. These countries can be broken down into income categories (from lowest
In the World Banks World Development Indicators there is a population of 214 countries. These countries can be broken down into income categories (from lowest income to highest income):
Income Category | Count |
|
|
Low Income (LIC) | 34 |
Lower Middle Income (LMC) | 50 |
Upper Middle Income (UMC) | 55 |
High Income (HIC) | 75 |
Total | 214 |
Assume that the World Bank wants to take a simple random sample, n = 10, of these countries for a poll on how satisfied countries are, overall, with the Banks work. Note that this sample will be without replacement, i.e. once a country is chosen, it is removed. For probabilities in this question, please show the math (fractions) you are using to solve the final probability. Please report your final answer for probabilities using three decimal places. PLEASE SHOW YOUR WORK.
a) What is the probability that a specific country will be included in the sample? (Hint: it may be easier to find this value by using the rule of complements.)
b) What is the probability that no HIC country will be included in the sample? What is the probability that at least one HIC will be included in the sample? (Note that these two outcomes are complements: none and at least one.)
c) What is the probability that no LIC countries will be included in the sample? What is the probability that at least one LIC will be included in the sample?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started