Final answer:
The statement is true, as probability is indeed a measure of the chance of an event occurring that ranges from 0 (impossible event) to 1 (certain event).
Step-by-step explanation:
The statement 'probability deals with chance or random events that ranges from 0 - 1' is true. Probability is a mathematical measure of the likelihood of an event occurring and it ranges from 0 to 1, where 0 indicates that an event is impossible to occur, and 1 indicates certainty that the event will occur. For example, in the toss of a fair coin, the theoretical probability of landing on heads or tails is equal, which is 0.5 or 50% for each side, assuming the coin is unbiased and there is an equal chance for both outcomes. This is reflective of the key concept that if two outcomes or events are equally likely, then they have equal probability. In statistical terms, we use probability to predict outcomes in a variety of contexts, from games of chance to medical predictions and financial forecasts.