________ is a representation of reality or a real-life situation

1. A(n) ________ is a representation of reality or a real-life situation. (Points : 2) 

objective

model

analysis

algorithm

 

 

Question 2. 2. The degree of flatness or peakedness of a population is measured by the ________. (Points : 2) 

coefficient of kurtosis

coefficient of skewness

coefficient of variation

coefficient of deviation

 

 

Question 3. 3. Salary would be an example of ________ data. (Points : 2) 

nominal

ordinal

interval

ratio

 

Question 4. 4. Outcomes such as communication effectiveness, environmental and regulatory compliance, and organizational citizenship would be considered ________ outcomes. (Points : 2) 

customer-focused

workforce-focused

financial and market

leadership and governance

 

 

Question 5. 5. Which of the following is true of outliers in a data set? (Points : 2) 

All outliers should be eliminated in order to portray accurate information.

Outliers that are within 1 standard deviation of the mean must be eliminated.

The mean and range are sensitive to outliers in the data.

Outliers do not make any difference in the results obtained from statistical analyses.

 

Question 6. 6. Which of the following coefficients of skewness values has the lowest degree of skewness? (Points : 2) 

1

1.1

0.5

0.05

 

Question 7. 7. Which of the following functions is used to find the smallest value in a range of cells using Microsoft Excel? (Points : 2) 

MAX(range)

MIN(range)

SUM(range)

AVERAGE(range)

 

Question 8. 8. The midrange for a data set containing all the values between 50 and 67 is ________. (Points : 2) 

67

58.5

50

-17

 

 

Question 9. 9. Data for a particular subdivision near downtown Houston indicate that the average price per square foot for a home is $100 with a standard deviation of $5 (normally distributed). What is the probability that the average price per square foot for a home is less than $85? (Points : 2) 

0.001

0.999

0.618

0.382

 

Question 10. 10. If P(A) = 0.3, P(B) = 0.2, P(Aand B) = 0.0 , what can be said about events A and B? (Points : 2) 

They are independent.

They are mutually exclusive.

They are posterior probabilities.

None of the above

 

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, 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 neither accounting nor statistics? (Points : 2) 

0.45

0.50

0.55

0.05

 

Question 12. 12. 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) 

0.0301

0.0582

0.9730

1.0000

 

Question 13. 13. A ________ is a numerical statement about the likelihood that an event will occur. (Points : 2) 

mutually exclusive construct

collectively exhaustive construct

variance

probability

 

Question 14. 14. A company’s Board of Trustees had 18 members. Three members serve as the Board’s Executive Committee of Chair, Vice-Chair, and Secretary. Each member of the Board of Trustees is equally likely to serve any of the positions on the Executive Committee. How many ways can the three positions be filled? (Points : 2) 

54

540

2,816

4,896

 

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) 

0.20

0.25

0.30

0.50

 

Question 16. 16. The time required to complete a project is normally distributed with a mean of 80 weeks and a standard deviation of 10 weeks. The construction company must pay a penalty if the project is not finished by the due date in the contract. If a construction company bidding on this contract wishes to be 90 % sure of finishing by the due date, what due date (project week #) should be negotiated? (Points : 2) 

81.28

92.8

81.82

.81954

 

Question 17. 17. 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. Using the Microsoft Excel function NORM.DIST, find the probability that the next person who comes in to sell used equipment will be paid between $20 and $40. (Points : 2) 

66.87%

71.42%

33.13%

28.58%

 

Question 18. 18. The finite population correction factor (FPC) is found by ________. (Points : 2) 

 

Question 19. 19. A point estimate ________. (Points : 2) 

has a known measurement error

can be found by dividing the population parameter by the sample size

accurately estimates the population parameter

is a sample-based estimate of a population parameter

 

Question 20. 20. In designing a sampling plan, the population frame is ________. (Points : 2) 

the objectives of the sampling activity

the target population

the list from which the sample is selected

the sampling procedures

 

Question 21. 21. If the difference between the means of paired samples is found to be zero, this would mean that ________. (Points : 2) 

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

 

Question 22. 22. 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. Using the Microsoft Excel function NORM.DIST, find the probability that the next person who comes in to sell used equipment will be paid less than $20. (Points : 2) 

2.28%

69.15%

100.00%

97.73%

 

Question 23. 23. An estimator is said to be unbiased if ________. (Points : 2) 

its expected value equals the population parameter

it is greater than one

it is estimated from a relatively small sample

it is equal to or lesser than zero

 

Question 24. 24. Cluster sampling ________. (Points : 2) 

is used with populations that are naturally divided into subsets

requires difficult sorting of the population data into specific samples

consists of a census of selected population subgroups

ensures each individual item has an equal chance of selection

 

Question 25. 25. The probability of making a Type I error is generally denoted by ________. (Points : 2) 

a

ß

?

µ

 

Question 26. 26. 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.

 

36.73

35.50

25.92

38.36

41.65

25.50

18.78

19.78

33.14

22.22

20.85

26.23

22.13

32.33

28.46

34.15

34.72

24.21

24.20

28.95

21.84

19.74

20.75

 

Which of the following is the critical value using a level of significance of 0.05? (Points : 2) 

1.717

-1.717

1.7139

-2.0739

 

Question 27. 27. In general, whenever p-value is less than a, ________. (Points : 2) 

we reject the null hypothesis

we choose a different level of significance

we fail to reject the null hypothesis

the hypothesis test is inconclusive

 

Question 28. 28. Hypothesis testing is a technique that allows you to draw statistically valid conclusions about ________. (Points : 2) 

random errors

sample statistics

population parameters

individuals

 

Question 29. 29. An online retailer wanted to see if purchasing patterns were different between male consumers and female consumers. Males were found to have spent a mean of $85 per month on online purchases, whereas females were found to have spent a mean of $78 per month. An independent samples t-test was conducted to assess the observed difference between the two groups of consumers. A two-tailed test was applied. The value of the t-Test Statistic for the observed differences was -4.7, where the p-value is less than 0.0002. What conclusion can be made about the observed difference? (Points : 2) 

There is a statistically significant difference between the two groups of consumers.

There is statistically no significant difference between the two groups of consumers.

The independent samples t-test is not the appropriate hypothesis-testing procedure.

There is not sufficient information to conclude.

 

Question 30. 30. Increasing the sample size is one way to ________. (Points : 2) 

reduce ß

reduce the power of the test

increase the standard error of the mean

determine the exact ß value

 

Question 31. 31. Two-tailed tests ________. (Points : 2) 

have only lower critical values

have only upper critical values

have both upper and lower critical values

do not have any critical values

 

Question 32. 32. A Type I error occurs when ________. (Points : 2) 

the null hypothesis is actually false, but the hypothesis test incorrectly fails to reject it

the null hypothesis is actually true, and the hypothesis test correctly fails to reject it

the null hypothesis is actually false, and the hypothesis test correctly reaches this conclusion

the null hypothesis is actually true, but the hypothesis test incorrectly rejects it

 

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

 

Question 34. 34. In the construction of decision trees, which of the following shapes represents a decision node? (Points : 2) 

square

circle

diamond

triangle

 

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

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

 

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

 

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

 

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

 

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?

Response

Daily

235

Weekly

278

Monthly

292

Few times a year

136

Do not track

 59

 

(Points : 2) 

0.235

0.278

0.513

0.722

 

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

 

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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