A multiple-choice question has five choices. If you get the question right, you gain one point, and
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A multiple-choice question has five choices.
If you get the question right, you gain one point, and if you get it wrong, you lose 1∕4 point. Assume you have no idea what the right answer is, so you pick one of the choices at random.
a. What is the expected value of the number of points you get?
b. If you don’t answer a question, you get 0 points. The test makers advise you not to answer a question if you have no idea which answer is correct. Do you think this is good advice? Explain.
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