Uppose that your friend Art Vandelay offers you the following bet: He will spin a top which has 4 possible outcomes (white, black, red, yellow). Each outcome occurs with the same probability of 25%, in other words this is a "fair top." If the top ends up on black, he will pay you $100. If the top ends up on white he will pay you $40. If the top ends up on yellow he will pay you $20. And if the top ends up on red you have to pay him $100. NOTE: The Expected Value of this bet is EV = (100*.25) + (40*.25) + (20*.25) - (100*.25). Do you take the bet? Yes
No

On a certain portion of an experiment, a statistical test result yielded a p-value of 0.21. what can you conclude? 2(0.21) = 0.42 < 0.5; the test is not statistically significant. if the null hypothesis is true, one could expect to get a test statistic at least as extreme as that observed 21% of the time, so the test is not statistically significant. 0.21 > 0.05; the test is statistically significant. if the null hypothesis is true, one could expect to get a test statistic at least as extreme as that observed 79% of the time, so the test is not statistically significant. p = 1 - 0.21 = 0.79 > 0.05; the test is statistically significant.