Ohio Assessments for Educators (OAE) Mathematics Practice Exam

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Which term best describes the chances of event A occurring compared to it not occurring?

Probability
Odds in favor
Expected value
Sample space

The correct answer is: Odds in favor

The term that most accurately describes the chances of event A occurring compared to it not occurring is "odds in favor." This concept specifically quantifies the likelihood of an event occurring in relation to the likelihood of it not occurring. When we talk about odds, we are often expressing a ratio. For example, if the odds in favor of event A are 3 to 1, this means that there are three favorable outcomes for every one unfavorable outcome. This ratio provides a clear understanding of how much more likely the event is to happen versus not happening. The concept of odds differs from probability, which typically expresses the likelihood of an event in terms of a fraction or percentage of possible outcomes, focusing solely on the event's occurrence rather than directly comparing it with non-occurrence. Expected value refers to the average outcome of an event based on its probability and associated payoffs, not just the simple comparison of occurrences. Sample space denotes all possible outcomes of an experiment, without comparing specific events or their probabilities. Thus, "odds in favor" is the most fitting term when discussing the chances of event A happening compared to it not happening.