An economist says that the probability is .47 that a randomly selected adult is in favor of keeping the Social Security system as it is, .32 that this adult is in favor of totally abolishing the Social Security system, and .21 that this adult does not have any opinion or is in favor of other options. Were these probabilities obtained using the classical approach, relative frequency approach, or the subjective probability approach ? Explain your answer.
Accepted Solution
A:
Answer:Relative frequecy approachStep-by-step explanation:The classical approach is when all events have the same probability, for example, a coin landing head or tails.The relative frequency is when it is calculated after some data has been formed after a sample. This is what happened here. The economist surveyed some people, and formed these probabilities.The subjective probability approach contains no data, just opinion from the past, or past experiences, for example