Personal estimates of the probability of uncertain events are called __________; mathematically determined statements about the likelihood of events with known frequencies are called __________.
A) mutual outcomes…..joint outcomes
B) conditional outcomes…..joint outcomes
C) subjective probabilities…..objective probabilities
D) objective probabilities…..subjective probabilities
E) None of the above

Question

Quizplus · Accepted Answer

Personal estimates of the probability of uncertain events are referred to as subjective probabilities because they are based on personal judgment or opinion rather than on precise measurement or calculation. Mathematically determined statements about the likelihood of events with known frequencies are called objective probabilities, as they are based on factual data and statistical analysis.

Personal Estimates of the Probability of Uncertain Events Are Called