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Question
1.1.Any metric involving time, volume, weight, or dollars
would be classified as a(n) ________ metric. (Points : 2)
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discrete
ordinal
continuous
binomial
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Question
2.2.The ________ is the observation that occurs the most
frequently in the data set. (Points : 2)
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arithmetic
mean
median
mode
midrange
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Question
3.3.The standard deviation for a sample is denoted as
________. (Points : 2)
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μ
Ω
s
σ
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Question
4.4.The ________ is the average of the largest and smallest
values in the data set. (Points : 2)
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arithmetic
mean
median
mode
midrange
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Question
5.5.The ________ is the sum of all observations divided by the
number of observations. (Points : 2)
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arithmetic
mean
median
mode
midrange
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Question
6.6.The population variance is denoted as ________. (Points
: 2)
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s2
v2
σ2
α2
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Question
7.7.Outcomes such as absenteeism, turnover, safety, training
effectiveness, and leadership development would be considered ________
outcomes. (Points : 2)
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customer-focused
workforce-focused
financial and market
leadership and governance
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Question
8.8.All of the following are examples of measures of
dispersion except
________. (Points : 2)
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range
variance
standard deviation
mode
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Question
9.9.Which of the following characteristics is true for a
normal probability distribution? (Points : 2)
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The
area under the curve is 1.
It is symmetrical.
The midpoint is also the mean.
All of the above are true.
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Question
10.10.Colonel Motors (an automobile company) has prepared a
marketing campaign for its best-selling car. The focus of the
campaign is quality, and it is claimed that 97 % of the purchasers of
this car have no complaints in the first year. You and your sister
Kim have each purchased one of these cars. What is the probability that
exactly one of you has a complaint about the car in the first year if the
advertising claim is true? (Points : 2)
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0.0301
0.0582
0.9730
1.0000
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Question
11.11.At a university with 1,000 business majors, there are
200 business students enrolled in an introductory statistics
course. Of these 200 students, 50 are also enrolled in an
introductory accounting course. There are an additional 250
business students enrolled in accounting but not enrolled in
statistics. If a business student is selected at random, what is
the probability that the student is either enrolled in accounting or
statistics, but not both? (Points : 2)
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0.45
0.50
0.40
0.05
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Question
12.12.A production process is known to produce a particular
item in such a way that 5 % of these are defective. If two items are
randomly selected as they come off the production line, what is the
probability that the second item will be defective? (Points : 2)
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0.05
0.005
0.18
0.20
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Question
13.13.A consulting firm has received 2 Super Bowl playoff
tickets from one of its clients. To be fair, the firm is randomly
selecting two different employee names to “win” the tickets. There
are 6 secretaries, 5 consultants, and 4 partners in the firm. Which of
the following statements is true? (Points : 2)
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The
probability of a partner winning on the second draw given that a partner
won on the first draw is 3/14.
The probability of a secretary
winning on the second draw given that a secretary won on the first draw is
2/15.
The probability of a consultant
winning on the second draw given that a consultant won on the first draw is
5/14.
The probability of a partner
winning on the second draw given that a secretary won on the first draw is
8/30.
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Question
14.14.Which of the following is not true
about continuous random variables? (Points : 2)
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They
have an infinite set of values.
The area under each of the curves
represents probabilities.
The entire area under each of the
curves equals 1.
They can only be integer values.
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Question
15.15.At a university with 1,000 business majors, there are
200 business students enrolled in an introductory statistics
course. Of these 200 students, 50 are also enrolled in an
introductory accounting course. There are an additional 250
business students enrolled in accounting but not enrolled in
statistics. If a business student is selected at random, what is
the probability that the student is enrolled in accounting? (Points : 2)
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0.20
0.25
0.30
0.50
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Question
16.16.The number of cell phone minutes used by high school
seniors follows a normal distribution with a mean of 500 and a standard
deviation of 50. What is the probability that a student uses more
than 580 minutes? (Points : 2)
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0.152
0.0548
0.848
0.903
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Question
17.17.Given that a sample of size 12 and population standard
deviation of 1.8, what would be the margin of error at a 95% level of
confidence? (Points : 2)
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±1.018
±0.9186
±12.22
±0.4452
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Question
18.18.Stratified random sampling ________. (Points : 2)
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eliminates
homogeneous sampling error
is used with populations that are
naturally divided into subsets
has the drawback of introducing
sampling bias
allocates sampling error
disproportionately
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Question
19.19.Regarding the standard error of the mean, ________.
(Points : 2)
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as
the sample size increases, the standard error increases
as the sample size decreases, the
standard error decreases
as the sample size increases, the
standard error decreases
it is defined as one-half of the
population standard deviation
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Question
20.20.If the difference between the means of paired samples
is found to be zero, this would mean that ________. (Points : 2)
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the
means need to be adjusted with the population correction factor
the margin of error is high
there is no bias involved in the
sample
the confidence interval needs to
be changed
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Question
21.21.Find the standard error of the mean when the
population standard deviation is 14.1 and a sample of size 33 is taken.
(Points : 2)
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8.79
0.43
2.34
2.45
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Question
22.22.A point estimate is used ________. (Points : 2)
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because
it’s easier to use all the values in the data set than a single value
to estimate the value of a
population estimate
when the population parameter is
known
only when the population
proportion is not known
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Question
23.23.Peak Previously Played Picks buys and sells used
sports equipment. For the past year, the mean purchase of used sports
equipment was $36 with a standard deviation of $8. Find the probability
that the mean purchase from a sample of 16 customers will be less than
$20. Use the Microsoft Excel function NORM.DIST. (Points : 2)
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0.00%
100.0%
2.28%
69.13%
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Question
24.24.Which of the following is a subjective sampling
method? (Points : 2)
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cluster
sampling
judgment sampling
systematic sampling
stratified sampling
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Question
25.25.The power of the test depends on ________. (Points :
2)
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the
true value of the population mean
the level of confidence used
the sample size
all of the above
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Question
26.26.The confidence coefficient is ________. (Points : 2)
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the
probability of correctly failing to reject the null hypothesis
the probability of making a Type
II error
the probability of making a Type
I error
the probability of correctly
rejecting the null hypothesis
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Question 27.27.Use
the below information to answer the following five questions.
A company wishes to test whether the proportion of female managers is the
same as the proportion of male managers. The following table provides
data for a sample of employees.
|
|
Females
|
Males
|
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Number of managers
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18
|
23
|
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Sample size
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45
|
75
|
Compute the 99% confidence interval estimate of the difference between
the two proportions. [Hint: Use PHStat] (Points : 2)
|
(0.139,
-0.326)
(0.084, -0.270)
(-0.084, 0.270)
(-0.139, 0.326)
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Question 28.28.Use
the below information to answer the following five questions.
A company wishes to test whether the proportion of female managers is the
same as the proportion of male managers. The following table provides
data for a sample of employees.
|
|
Females
|
Males
|
|
Number of managers
|
18
|
23
|
|
Sample size
|
45
|
75
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Identify the p-value. (Points : 2)
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0.1483
0.2966
0.8517
0.7034
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Question
29.29.Hypothesis testing is a technique that allows you to
draw statistically valid conclusions about ________. (Points : 2)
|
random
errors
sample statistics
population parameters
individuals
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Question
30.30.
Use
the information below to answer the question.
The following table provides data on a sample of customers who visited a
local restaurant. The restaurant owner believes that the average profit
per customer exceeds $25.
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36.73
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35.50
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|
25.92
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38.36
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|
41.65
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25.50
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|
18.78
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19.78
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|
33.14
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22.22
|
|
20.85
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26.23
|
|
22.13
|
32.33
|
|
28.46
|
34.15
|
|
34.72
|
24.21
|
|
24.20
|
28.95
|
|
21.84
|
19.74
|
|
20.75
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|
Which of the following is the test statistic? (Points : 2)
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1.717
-1.867
1.867
-1.826
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Question
31.31.In most practical applications, the population
standard deviation will not be known but it is estimated from the
________. (Points : 2)
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population
sample
test statistic
t-distribution
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|
Question
32.32.ANOVA allows us to compare the ________ of several
different groups. (Points : 2)
|
variances
means
distributions
proportions
|
|
Question
33.33.In the construction of decision trees, which of the
following shapes represents a state of nature node? (Points : 2)
|
square
circle
diamond
triangle
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|
Question
34.34.In the construction of decision trees, which of the
following shapes represents a decision node? (Points : 2)
|
square
circle
diamond
triangle
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Question 35.35.A
market research study is being conducted to determine if a product
modification will be well received by the public. A total of 1,000
consumers are questioned regarding this product.
The table below provides information regarding this sample.
|
|
Positive
Reaction
|
Neutral
Reaction
|
Negative
Reaction
|
|
Male
|
240
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60
|
100
|
|
Female
|
260
|
220
|
120
|
What is the probability that a randomly selected person would be a female
who had a positive reaction? (Points : 2)
|
0.250
0.260
0.455
0.840
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|
Question
36.36.The probability that a typical tomato seed will
germinate is 60%. A seed company has developed a hybrid tomato that they
claim has an 85% probability of germination. If a gardener plants the new
hybrid tomato in batches of 12, what is the probability that 10 or more
seeds will germinate in a batch? (Points : 2)
|
0.064
0.083
0.264
0.736
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Question
37.37.Historical data indicates that only 20% of cable
customers are willing to switch companies. If a binomial process is
assumed, then in a sample of 20 cable customers, what is the probability
that no more than 3 customers would be willing to switch their cable?
(Points : 2)
|
0.85
0.15
0.20
0.411
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Question
38.38.Lock combinations are made using 3 digits followed by
2 letters. How many different lock combinations can be made if repetition
of digits is allowed? (Points : 2)
|
6
260
6,760
676,000
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Question 39.39.In
2012 the stock market took some big swings up and down. One thousand
investors were asked how often they tracked their investments. The table
below shows their responses. What is the probability that an investor
tracks the portfolio weekly?
|
How often tracked?
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Response
|
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Daily
|
235
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Weekly
|
278
|
|
Monthly
|
292
|
|
Few times a year
|
136
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Do not track
|
59
|
(Points :
2)
|
0.235
0.278
0.513
0.722
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Question
40.40.In hypothesis testing, the null and the alternative
hypotheses are ________. (Points : 2)
|
not
mutually exclusive
mutually exclusive
always false
always true
|
|
Question
41.41.If we fail to reject the null hypothesis, ________.
(Points : 2)
|
we
have found evidence to support the alternative hypothesis
the null hypothesis is proved to
be true
we have only failed to find
evidence to support the alternative hypothesis
the hypothesis test is
inconclusive
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|
Question
42.42.The probability of a Type I error can be specified by
the investigator. The probability of a Type II error is ________. (Points
: 2)
|
one
minus the probability of Type I error
the result of the hypothesis test
itself
also specified by the
investigator
not specified by the investigator
but computed using the power of the test
|
|
Question
43.43.A major consumer products company wants to measure the
type and quantity of laundry detergent used by consumers. After choosing
a suburban street at random, employees go door-to-door to every fifth
house to ask for permission to view their laundry detergent supply. What
sampling method is being used for this sampling plan? (Points : 2)
|
simple
random sampling
systematic sampling
continuous sampling
subjective sampling
|
|
Question
44.44.A major consumer products company wants to measure the
quality of the packaging of their products on the store shelves. Five
large cities are chosen in different parts of the country. What sampling
method is being used for this sampling plan? (Points : 2)
|
simple
random sampling
continuous sampling
subjective sampling
stratified sampling
|
|
Question
45.45.All of the following are true about the sampling
distribution of the mean except ________. (Points : 2)
|
the
population standard deviation can be determined when a large sample size is
used
the standard deviation of this
distribution is called the standard error of the mean
when larger sample sizes are used
for this distribution, the sampling error is less
this distribution approaches the
normal distribution if the sample size is large enough
|
|
Question
46.46.Find the standard error of the mean when the
population standard deviation is 4.1 and a sample of size 30 is taken.
(Points : 2)
|
7.32
0.08
1.34
0.75
|
|
Question
47.47.Expected monetary value (EMV) is (Points : 2)
|
the
average or expected monetary outcome of a decision if it can be repeated a
large number of times.
the average or expected value of
the decision, if you know what would happen ahead of time.
the average or expected value of
information if it were completely accurate.
the amount you would lose by not
picking the best alternative.
|
|
Question
48.48.Which of the following is true about the expected
value of perfect information? (Points : 2)
|
It
is the amount you would pay for any sample study.
It is calculated as EMV minus
EOL.
It is calculated as expected value
with perfect information minus maximum EMV.
It is the amount charged for
marketing research.
|
|
Question
49.49.The expected value of sample information (EVSI) can be
used to (Points : 2)
|
establish
a maximum amount to spend on additional information.
calculate conditional
probabilities.
establish risk avoidance.
provide points on a utility
curve.
|
|
Question
50.50.When conducting a test of hypothesis, if we elect to
use alpha (a) of .05 and the results of our analysis indicate that the
null hypothesis should be rejected, which of the following is true?
(Points : 2)
|
the
p-value is greater than .05
the p-value is less than .05
the p-value is greater than +1.96
the p-value is less than -1.96
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