Recent Question

The size of a sample can be selected by first determining the desired standard error True or false: 1. The Central Limit Theorem (CLT) says that as long as the sample size is reasonably large, there is about a 95% chance that the magnitude of the sampling error for the mean will be no more than two standard errors. 2. The size of a sample can be selected by first determining the desired standard error and then using the formul ...

Other / Other 16 Apr 2016

Find the mean and standard deviation of the sampling distribution NARRBEGIN: SA_112_116 Suppose that the average weekly earnings for employees in general automotive repair shops is $450, and that the standard deviation for the weekly earnings for such employees is $50. A sample of 100 such employees is selected at random. NARREND 1. (A) Find the mean and standard deviation of the sampling distribution of the average weekly earnings in ...

Other / Other 16 Apr 2016

Auditors of Old Kent Bank are interested in comparing the reported value NARRBEGIN: SA_81_82 A battery manufacturer wants to estimate the average number of defective (or dead) batteries contained in a box shipped by the company. Production personnel at this company have recorded the number of defective batteries found in each of the 2000 boxes shipped in the past week. NARREND 1. (A) What sample size would be required for the productio ...

Other / Other 16 Apr 2016

A list of all members of the population from which we can choose a sample TRUE OR FALSE : 1. Simple random samples are typically used in real applications. 2. A simple random sample is one where each member of the population has a known chance (this may differ from one member to another) or probability of being chosen. 3. A list of all members of the population from which we can choose a sample is called a frame, and ...

Other / Other 16 Apr 2016

An editor of a local newspaper is concerned with the number of errors NARRBEGIN: SA_92_93 An editor of a local newspaper is concerned with the number of errors that are found in the daily paper. In order to understand the extent of this problem, the editor would like to estimate the average number of errors in the daily paper. The frame in this case is the number of errors found in the daily paper for the past six months (180 issues). N ...

Other / Other 16 Apr 2016

Which of the following bonds would have the largest percentage increase 1. You are considering two bonds. Bond A has a 9% annual coupon while Bond B has a 6% annual coupon. Both bonds have a 7% yield to maturity, and the YTM is expected to remain constant. Which of the following statements is CORRECT? a. The price of Bond B will decrease over time, but the price of Bond A will increase over time. b. The prices of both bonds will rema ...

Other / Other 16 Apr 2016

The standard error of an estimate is the standard deviation TRUE OR FALSE: 1. An unbiased estimate is a point estimate such that the mean of its sampling distribution is equal to the true value of the population parameter being estimated. 2. A probability sample is a sample in which the sampling units are chosen from the population by means of a random mechanism such as a random number table. 3. The standard error of ...

Other / Other 16 Apr 2016

The two basic sources for error when using random sampling 1. Non-truthful response is a particular problem when: a. sensitive questions are asked. c. interviewers are not trained. b. surveys are anonymous. d. the sample is from an unusual population. 2. Measurement error occurs when: a. a portion of the sample does not respond to the survey b. the sample responses are not clear c. the responses to question do not reflect what ...

Other / Other 16 Apr 2016

The approximate standard error of the sample mean is calculated 1. Which of the following statements are correct? a. An interval estimate describes a range of values that is likely not to include the actual population parameter b. An interval estimate is an estimate of the range for a sample statistic. c. An interval estimate is an estimate of the range of possible values for a population parameter. d. None of these options ...

Other / Other 16 Apr 2016

Systematic sampling is generally similar to simple random sampling True or false: 1. Systematic sampling is generally similar to simple random sampling in its statistical properties. 2. The randomized response technique is a way of getting at sensitive information to avoid estimation errors due to nontruthful responses. 3. Voluntary response bias occurs when the responses to questions do not reflect what the investigat ...

Other / Other 16 Apr 2016