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Which statement is one of the three axioms on which probability is founded?
AThe probability of the sample space equals one
BThe probability of any event equals one half
CThe probability of an event equals its odds
DThe probability of two events always adds up
Answer & Solution
Correct answer: A. The probability of the sample space equals one
1. The first axiom fixes every probability between zero and one inclusive.
2. The second says that for mutually exclusive events the probability of the union is the sum of the two probabilities.
3. The third says the probability of the whole sample space is one, since some outcome must occur.
4. Probabilities of two events only add when the events are mutually exclusive, so that is not a general axiom.
_Source: OpenStax Introductory Business Statistics (CC BY 4.0), Ch 3 "Probability Topics", section 3.5 Venn Diagrams_
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