Step 1 :The sample space is the set of all possible outcomes. In this case, it's all the numbers that the ball can fall into, which are 00, 0, 1, 2, ..., 48. So, the sample space is \(\boxed{\{00,0,1,2, \ldots, 48\}}\).
Step 2 :The probability that the ball falls into the slot marked 7 is given as 0.02. This means that if the game is played many times, we expect the ball to fall into the slot marked 7 about 2% of the time. To interpret this probability, we can multiply the probability by the number of times the game is played. For example, if the game is played 1000 times, we expect the ball to fall into the slot marked 7 about \(0.02 * 1000 = 20\) times. So, if the wheel is spun 1000 times, it is expected that about \(\boxed{20}\) of those times result in the ball landing in slot 7.