Question 1. A histogram with only one peak ________.
does not have a mode valueis unimodal
is bimodal
has a high degree of kurtosis
Question 2. Which of the following can be used to represent dispersion in a data set?
proportion rangemode
median
Question 3. Outcomes such as customer satisfaction and dissatisfaction, complaints and complaint resolution, and customer perceived value would be considered ________ outcomes.
customer-focused
workforce-focused
product and process
leadership and governance
Question 4. Any metric involving time, volume, weight, or dollars would be classified as a(n) ________ metric.
discrete
ordinal
continuous
binomial
Question 5. Zip code would be an example of ________ data.
ordinal
interval
nominal
ratio
Question 6. A metric that is derived from counting something is called a(n) ________ metric.
continuous
nominal
discrete
ordinal
Question 7. The midrange for a data set containing all the values between 50 and 67 is ________.
67
58.5
50
-17
Question 8. An example of ratio data would be ________.
classifying students by college majors
rating a book as poor, good, or very good
organizing material costs by cost per unit
classifying stores by sales in dollars
Question 9. 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?
0.152
0.0548
0.848
0.903
Question 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?
0.000
0.198
0.200
0.900
Question 11. A conditional probability P(B|A) is equal to its marginal probability P(B) if
it is a joint probability.
statistical dependence exists.
statistical independence exists.
the events are mutually exclusive.
Question 12. Suppose that, historically, April has experienced rain and a temperature between 35 and 50 degrees on 20 days. 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. If the temperature is between 35 and 50 degrees on that day, what will be the probability that the players will get wet?
0.333
0.667
0.800
1.000
Question 13. 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 greater than $110?
0
0.023
0.841
0.977
Question 14. The equation P(A|B) = P(AB)/P(B) is
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 15. 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?
0.50
0.20
0.80
1.00
Question 16. If two events are mutually exclusive, then
their probabilities can be added.
the joint probability is equal to 0.
if one occurs, the other cannot occur.
All of the above
Question 17. Which of the following is a subjective sampling method?
cluster sampling
judgment sampling
systematic sampling
stratified sampling
Question 18. The margin of error used in a confidence interval is found by ________.
multiplying the standard error by zα/2
multiplying the population standard deviation and the sample size
dividing the population standard deviation by the sample size
multiplying the level of confidence and the standard error
Question 19. The standard error of the mean is ________.
the variance of the sampling distribution of the mean
the standard deviation of the sampling distribution of the mean
the range of the sampling distribution of the mean
the mean of the sampling distribution of the standard deviations
Question 20. Given that a sample of size 12 was taken from a finite population of 60 with a population standard deviation of 1.8, what would be the margin of error at a 95% level of confidence?
±1.018
±0.9186
±12.22
±0.4452
Question 23. Find the standard error of the mean when the population standard deviation is 2.4 and a sample of size 36 is taken.
4.03
0.6
14.4
0.4
Question 25. 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 correct conclusion?
The null hypothesis that the average profit per customer exceeds $25 cannot be rejected.
The null hypothesis that the average profit per customer does not exceed $25 is rejected.
The null hypothesis that the average profit per customer does not exceed $25 cannot be rejected.
The null hypothesis that the average profit per customer exceeds $25 is rejected.
Question 27. The probability of making a Type I error is generally denoted by ________.
a
ß
?
µ
Question 28. A helpful analogy of hypothesis testing might be the concept of ________.
the U.S. legal system-innocent until proven guilty
better safe than sorry.
the theory of relativity
the central limit theorem
Question 29. The null hypothesis ________.
describes an existing theory or belief that is accepted as correct in the presence of contradictory data
describes an existing theory or belief that is accepted as correct in the absence of contradictory data
is based on new information provided by sample data
is based on new information provided by population data
Question 30. In most practical applications, the population standard deviation will not be known but it is estimated from the ________.
population
sample
test statistic
t-distribution
Question 31. A Type I error occurs when ________.
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 32. Two-tailed tests ________.
have only lower critical values
have only upper critical values
have both upper and lower critical values
do not have any critical values
Question 33. In the construction of decision trees, which of the following shapes represents a state of nature node?
square
circle
diamond
triangle
Question 34. In the construction of decision trees, which of the following shapes represents a decision node?
square
circle
diamond
triangle
Question 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?
0.250
0.260
0.455
0.840
Question 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?
0.064
0.083
0.264
0.736
Question 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?
0.85
0.15
0.20
0.411
Question 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?
6
260
6,760
676,000
Question 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
|
Question 40. In hypothesis testing, the null and the alternative hypotheses are ________.
not mutually exclusive
mutually exclusive
always false
always true
Question 41. If we fail to reject the null hypothesis, ________.
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. The probability of a Type I error can be specified by the investigator. The probability of a Type II error is ________.
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. 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?
simple random sampling
systematic sampling
continuous sampling
subjective sampling
Question 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?
simple random sampling
continuous sampling
subjective sampling
stratified sampling
Question 45. All of the following are true about the sampling distribution of the mean except ________.
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. Find the standard error of the mean when the population standard deviation is 4.1 and a sample of size 30 is taken.
7.32
0.08
1.34
0.75
Question 47. Expected monetary value (EMV) is
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. Which of the following is true about the expected value of perfect information?
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. The expected value of sample information (EVSI) can be used to
establish a maximum amount to spend on additional information.
calculate conditional probabilities.
establish risk avoidance.
provide points on a utility curve.
Question 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?
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