MM/305 MM305 MM 305 Unit 5 Mid-Term

MM/305 MM305 MM 305 Unit 5 Mid-Term

MM 305 Unit 5 Mid-Term
Question 1.1. The range of the middle 50% of the data is called the ________. (Points : 2)
midrange
interquartile range
variance
mode

Question 2.2. Which of the following terms is interchangeable with quantitative analysis? (Points : 2)
management science
economics
financial analysis
statistics

Question 3.3. ________ is the quartile representing the 75th percentile. (Points : 2)
Q1
Q2
Q3
Q4

Question 4.4. If all the students at Kaplan University are the population, then students in this class that work full time would be an example of ________. (Points : 2)
a point estimate
a process
a sample
ratio data

Question 5.5. An observation that is radically different from the rest is called ________. (Points : 2)
the median
the mean
an outlier
the mode

Question 6.6. Which of the following is true of ordinal data? (Points : 2)
Ordinal data have no fixed units of measurement.
Ordinal data can be interpreted in the form of ratios.
Ordinal data allows meaningful comparison of ranges, averages, and other statistics.
Ordinal data is the strongest form of measurement.

Question 7.7. Outliers defined as being more than 3*IQR away from Q1 and Q3 are considered ________. (Points : 2)
mild
extreme
weak
irrelevant

Question 8.8. A distribution that is relatively flat with a wide degree of dispersion has a coefficient of kurtosis that is ________. (Points : 2)
more than 3
less than 3
less than 6
more than 6

Question 9.9. Suppose that we determine the probability of a warm winter based on the number of warm winters experienced over the past 10 years. In this case, we have used ________. (Points : 2)
relative frequency
the classical method
the logical method
subjective probability

Question 10.10. Suppose that 10 golfers enter a tournament and that their respective skill levels are approximately the same. Six of the entrants are female and two of those are older than 40 years old. Three of the men are older than 40 years old. What is the probability that the winner will be a female who is older than 40 years old? (Points : 2)
0.000
0.198
0.200
0.900

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 enrolled in both statistics and accounting? (Points : 2)
0.05
0.06
0.20
0.25

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 both are defective (assuming that they are independent)? (Points : 2)
0.0100
0.1000
0.2000
0.0025

Question 13.13. The time required to travel downtown at 10 a.m. on Monday morning is known to be normally distributed with a mean of 40 minutes and a standard deviation of 5 minutes. What is the probability that it will take less than 40 minutes? (Points : 2)
0.50
0.20
0.80
1.00

Question 14.14. Suppose that when the temperature is between 35 and 50 degrees, it has historically rained 40% of the time. Also, historically, the month of April has had a temperature between 35 and 50 degrees on 25 days. You have scheduled a golf tournament for April 12. What is the probability that players will experience rain and a temperature between 35 and 50 degrees? (Points : 2)
0.333
0.400
0.833
1.000

Question 15.15. If two events are mutually exclusive, then (Points : 2)
their probabilities can be added.
the joint probability is equal to 0.
if one occurs, the other cannot occur.
All of the above

Question 16.16. The equation P(A|B) = P(AB)/P(B) is (Points : 2)
the marginal probability.
the formula for a conditional probability.
the formula for a joint probability.
only relevant when events A and B are collectively exhaustive.

Question 17.17. 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 18.18. Stratified random sampling ________. (Points : 2)
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

Question 19.19. In simple random sampling ________. (Points : 2)
every subset has an equal chance of being selected
sampling is taken from the most easily available segments of the population
every nth item is selected from the population
weights are assigned to each value based on the probability that it will be included in the sample
.

Question 20.20. All of the following are reasons why random sampling is important for statistical applications except ________. (Points : 2)
the outcomes are more readily understood and therefore really usable
solving using mathematics alone may be very difficult if not impossible
the outcome variables are complicated functions of several input random variables
sampling experiments can be used to better understand important statistics theories

Question 21.21. The central limit theorem states that no matter what the underlying population, the distribution of the sample means is ________. (Points : 2)
approximately normally distributed
broadly symmetrical
bimodal
unpredictable

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. Find the confidence interval for a population mean of 615 acres at a 90% level of confidence with a sample size of 52 and standard deviation of 27 acres. (Points : 2)
189 to 1190 acres
608.84 to 621.16 acres
452 to 4252 acres
172 to 2008 acres

Question 24.24. The tÃ¢â‚¬Âdistribution converges to the standard normal distribution ________. (Points : 2)
as the number of degrees of freedom increases
as the sample mean increases
as the population size increases
as the variance falls

Question 25.25. The hypothesized sampling distribution of the test statistic is divided into ________ parts. (Points : 2)
four
two
six
three

Question 26.26. When conducting two-sample tests for means with independent samples, ________. (Points : 2)
it is always assumed that the population variances are equal
the test for equality of variances is conducted, and if the variances are not equal the t-test in Excel should not be used
the test for equality of variances is conducted to determine if the variances are equal and thereby choose the appropriate t-test in Excel
it is always assumed that the population variances are unequal

Question 27.27. The probability of making a Type I error is generally denoted by ________. (Points : 2)
ÃŽÂ±

ÃƒÅ¸
?
Ã‚Âµ

Question 28.28. In most practical applications, the population standard deviation will not be known but it is estimated from the ________. (Points : 2)
population
sample
test statistic
t-distribution

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. 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

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)

Question 31.31. Increasing the sample size is one way to ________. (Points : 2)
reduce ÃƒÅ¸
reduce the power of the test
increase the standard error of the mean
determine the exact ÃƒÅ¸ value

Question 32.32. The power of the test represents the ________. (Points : 2)
probability of correctly failing to reject the null hypothesis when it is indeed true
probability of incorrectly rejecting the null hypothesis when it is actually true
probability of incorrectly failing to reject the null hypothesis when it is actually false
probability of correctly rejecting the null hypothesis when it is indeed false

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

Answered

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05 Sep 2016

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