Graduate Management Admission Test (GMAT) Practice Test

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In probability theory, what indicates the likelihood of different outcomes when drawing samples?

The frequency of occurrence
The total number of choices available
The number of successful outcomes over total outcomes
The classification of the samples

The correct answer is: The number of successful outcomes over total outcomes

The likelihood of different outcomes when drawing samples is measured by the number of successful outcomes over the total number of possible outcomes. This is known as probability and is fundamentally calculated as the ratio of the number of times an event occurs (successful outcomes) to the total number of trials or possible outcomes. In the context of probability, understanding this ratio is crucial as it allows for the quantification of how likely an event is to occur compared to all possible events. For example, if you are drawing a card from a standard deck, the probability of drawing an Ace is determined by the number of Aces (which is 4) divided by the total number of cards (which is 52). This ratio provides a clear numerical representation of an event's likelihood, making it an essential concept in probability theory. The other options do not encapsulate the concept of probability as effectively. The frequency of occurrence describes how many times an event happens but does not relate it to the total number of outcomes. The total number of choices available provides context but does not define likelihood. The classification of samples is relevant in statistical analysis but does not directly address the calculation of probabilities. Therefore, the focus on successful outcomes over total outcomes captures the essence of determining probability accurately.