Statistical Techniques in Business and Economics 16th Edition

ISBN 13
978-0078020520
ISBN 10
0078020522
Authors
Douglas Lind, Samuel Wathen, William Marchal
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135 documents found.
353272
Exam Prep
BUS 102 Midterm 2
The Poisson distribution or, the law of improbable events, is _______________ skewed. Answer: positivelyThe Poisson distribution is positively skewed; it moves toward a symmetric distribution as the mean increases. Answer: positivelyThe Poisson distribution is positively skewed; it moves toward a symmetric distribution as the mean increases. Answer: positively The Poisson distribution is positively
Statistical Techniques in Business and Economics 16th Edition
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BUS 133 Test
Two movie reviewers gave their ratings (0 to 4 stars) to ten movies released this past month as follows: The rank order correlation is to be used. What is the value of the sum of the differences? Answer: 0Feedback: As shown in the following table, the value of the sum of the
Statistical Techniques in Business and Economics 16th Edition
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BUS 185 Test 2
When observing a checkout line at a food store, the average number of people served is 30 per hour. Using the Poisson distribution, what is the probability that no (zero) people check out in any given hour? Answer: 0.00Feedback: Using the Poisson probability formula, P(x = 0) = (300)e-30/0! = 0.0. Answer:
Statistical Techniques in Business and Economics 16th Edition
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BUS 211
The first three class marks for a frequency distribution of "weights of college men" recorded to the nearest pound are 105, 115, and 125. What is the upper limit for the third class? Answer: 130Feedback: The class interval is 10. The class marks are the same as the class midpoints. Therefore,
Statistical Techniques in Business and Economics 16th Edition
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BUS 225
High school students were interested in a teacher's claim that the longer the length of time (hours) that a student studies for a test, the higher the test score. The students collected the data and the teacher did the regression analysis with the following results. To test the null hypothesis that
Statistical Techniques in Business and Economics 16th Edition
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BUS 237 Quiz 2
The mean annual incomes of certified welders are normally distributed with the mean of $50,000 and a standard deviation of $2,000. The ship building association wishes to find out whether their welders earn more or less than $50,000 annually. The alternate hypothesis is that the mean is not $50,000. If
Statistical Techniques in Business and Economics 16th Edition
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BUS 240 Test The Manager Of Pauls
The manager of Paul's fruit and vegetable store is considering the purchase of a new seedless watermelon from a wholesale distributor. Since this seedless watermelon costs $4, will sell for $7, and is highly perishable, he only expects to sell between six and nine of them. What is the opportunity
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Bus 343 A Study Of 200 Computer
A study of 200 computer service firms revealed these incomes after taxes: What is the probability that a particular firm selected has $1 million or more in income after taxes? A. 0.00 B. 0.25 C. 0.49 D. 0.51 Answer: C.A couple of approaches can be used to answer the question. Using the complement rule, the
Statistical Techniques in Business and Economics 16th Edition
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BUS 357 Quiz 3
The hypothesis to test the slope of a regression equation is H0: = 0. Answer: FALSEThe hypothesis to test the slope of a regression equation is H0: = 0.[/cpmembership] Answer: FALSEThe hypothesis to test the slope of a regression equation is H0: = 0.[/cpmembership] Answer: FALSE The hypothesis to test the slope of
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BUS 381
A total of _______ different samples of size 3 can be collected from a population of 10 items. Answer: 120We use the combination formula: . Answer: 120We use the combination formula: . Answer: 120 We use the combination formula: . The Nile Superstore is conducting a survey of consumer preferences for a new wireless
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BUS 435 Midterm 1
An airline is investigating the causes of lost bags. The following table of data was collected over the last six months. What is the reason with the highest percentage of bags is lost, and what is the percentage? Answer: Loaded on the wrong plane; 75%Feedback: [(7925)/(7925 + 845 + 211 +
Statistical Techniques in Business and Economics 16th Edition
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BUS 442 Quiz 1
A manufacturer claims that less than 1% of all its products do not meet the minimum government standards. A survey of 500 products revealed that 10 did not meet the standard. If the computed z-statistic is -1.960 and the level of significance is 0.01, your decision would be _______________. Answer:
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BUS 468 Test You Have A Decision To
You have a decision to invest $10,000 in any of four different companies. You estimate the probabilities that the economy will be favorable or unfavorable, and you estimate the percent returns over the next year. What is the maximax choice? Answer: Company 1 Answer: Company 1 Answer: Company 1 A survey of 16 executives
Statistical Techniques in Business and Economics 16th Edition
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BUS 479 Midterm
The coefficient of skewness is the standard deviation divided by the mean. Answer: FALSEThe coefficient of skewness is computed using the standard deviation in the denominator. Answer: FALSEThe coefficient of skewness is computed using the standard deviation in the denominator. Answer: FALSE The coefficient of skewness is computed using the standard deviation in
Statistical Techniques in Business and Economics 16th Edition
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BUS 489 A Random Sample Of 40
A random sample of 40 companies with assets over $10 million was surveyed and asked to indicate their industry and annual computer technology expense. The ANOVA comparing the average computer technology expense among three industries rejected the null hypothesis. The mean square error (MSE) was 195. The following table summarized
Statistical Techniques in Business and Economics 16th Edition
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BUS 494 Quiz 1
A researcher is studying the relationship between 10 different variables and a critical measure of business performance. What method can be used to select the best set of variables to predict performance? A. Stepwise regression B. ANOVA C. Simple linear regression D. Residual analysis Answer: A.Stepwise regression is a structured technique to select the
Statistical Techniques in Business and Economics 16th Edition
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BUS 512
What can we conclude if the global test of regression rejects the null hypothesis? A. Strong correlations exist among the variables. B. No relationship exists between the dependent variable and any of the independent variables. C. At least one of the net regression coefficients is not equal to zero. D. Good predictions are not
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BUS 583
Assuming that the larger of two variances is in the numerator of an F-statistic, the rejection region to test a null hypothesis is in the _________ tail of the F distribution. Answer: upperBy putting the larger sample variance in the numerator of the F-statistic, it will always be greater than
Statistical Techniques in Business and Economics 16th Edition
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BUS 595 Midterm 2
A manufacturer of golf club shafts inspects 50 shafts every day. Over the last ten days, the number of defective shafts has been reported to be the following. What is the mean proportion of defective shafts? Answer: 0.04Feedback: Using formula 19-6, the mean proportion defective is: (4 + 2 + 1
Statistical Techniques in Business and Economics 16th Edition
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BUS 614 Quiz 2
Equipment failure would be an example of ____________ variation. A. chance B. external C. assignable D. standard Answer: C. Answer: C. Answer: C. The result of a particular experiment is called a(n) ___________. A. Observation B. Conditional probability C. Event D. Outcome Answer: D.By definition, experiments result in a set of observable outcomes. Answer: D.By definition, experiments result in
Statistical Techniques in Business and Economics 16th Edition
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BUS 638 Midterm 1
Two movie reviewers gave their ratings (0 to 4 stars) to seven movies released this past month as follows: The Wilcoxon signed-rank test of difference is to be used. What is your decision at the 5% level of significance? Answer: Do not reject H0. Feedback: As shown in the following table, the
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BUS 657 Final
A data set consists of 40 observations. For a quantitative variable, how many classes would you recommend for the frequency distribution? Answer: Six classesFeedback: 26 = 64, since 40 is less than 64, the rule says that we should use 6 classes. Answer: Six classesFeedback: 26 = 64, since 40 is
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BUS 843 Records On A Fleet Of Trucks
Records on a fleet of trucks reveal that the average life of a set of spark plugs is normally distributed with a mean of 22,100 miles. The fleet owner purchased 18 sets and found that the sample average life was 23,400 miles; the sample standard deviation was 1,412 miles. What
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BUS 873 Final
If a trend equation is = 15 + 75t, the periodic increase in the forecast is _____. Answer: 75 Answer: 75 Answer: 75 As the sample size (n) increases, the spread or dispersion of the distribution of the sample means __________. Answer: decreasesThe dispersion of the distribution of sample means
Statistical Techniques in Business and Economics 16th Edition
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Business 167 Test
A _____ chart is useful for displaying a frequency distribution for a nominal variable. Answer: barFor a frequency distribution, frequencies or counts are clearly illustrated with a bar chart. Answer: barFor a frequency distribution, frequencies or counts are clearly illustrated with a bar chart. Answer: bar For a frequency distribution, frequencies or counts
Statistical Techniques in Business and Economics 16th Edition
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Business 172
The "in control" region of a control chart is called the ____________________. Answer: acceptance region Answer: acceptance region Answer: acceptance region A person is trying to decide if they should buy a lottery ticket. The ticket costs $1.00. If the ticket is a winner, the prize would be $10,000. Knowing
Statistical Techniques in Business and Economics 16th Edition
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Business 179
In a survey of employee satisfaction, the following table summarizes the results in terms of employee satisfaction and gender. What is the probability that an employee is female and dissatisfied? Answer: 0.22Feedback: The joint probability: P(Female and Dissatisfied) = P(Female) P(Dissatisfied) = (22/100) = 0.22. Answer: 0.22Feedback: The joint probability: P(Female and
Statistical Techniques in Business and Economics 16th Edition
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Business 215
High school students were interested in a teacher's claim that the longer the length of time (hours) that a student studies for a test, the higher the test score. The students collected the data and the teacher did the regression analysis with the following results. Write the regression equation in terms
Statistical Techniques in Business and Economics 16th Edition
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Business 263 Midterm
The minimum and maximum of values of an F statistic are _______ and ______. Answer: zero; positive infinityThe F statistic can assume any value between 0 and . A variance cannot be negative; hence the F statistic cannot be less than zero. Answer: zero; positive infinityThe F statistic can assume any
Statistical Techniques in Business and Economics 16th Edition
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Business 292 Midterm
Which of the following is NOT one of the six steps in the hypothesis testing procedure? A. Formulate a decision rule B. State the null and alternate hypotheses C. Select a level for D. Identify the test statistic Answer: C.The steps to conduct a test of hypothesis are: (1) State the null and
Statistical Techniques in Business and Economics 16th Edition
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Business 308
For a population that is not normally distributed, the distribution of the sample means will ________. A. Be negatively skewed B. Approach a normal distribution C. Be positively skewed D. Take the same shape as the population Answer: B.As we increase the size of the samples, the distribution of sample means will move toward
Statistical Techniques in Business and Economics 16th Edition
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Business 323 Midterm 1
Some normal probability distributions are positively skewed. Answer: FALSEAll normal distributions are symmetric and centered on the distribution's mean, median, and mode. Answer: FALSEAll normal distributions are symmetric and centered on the distribution's mean, median, and mode. Answer: FALSE All normal distributions are symmetric and centered on the distribution's mean, median, and mode. When
Statistical Techniques in Business and Economics 16th Edition
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Business 323 Test
The interquartile range is the distance between ___________. Answer: the first and third quartilesThe interquartile range is the distance between the first and third quartiles. Answer: the first and third quartilesThe interquartile range is the distance between the first and third quartiles. Answer: the first and third quartiles The interquartile range is the
Statistical Techniques in Business and Economics 16th Edition
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Business 394 Midterm 2
Bayes' theorem is used to calculate a subjective probability. Answer: FALSE Answer: FALSE Answer: FALSE A population is a collection of all individuals, objects, or measurements of interest. Answer: TRUE Answer: TRUE Answer: TRUE The alternate hypothesis states that the correlation between two populations is greater than zero. The test of significance is one-tailed. Answer: TRUE Answer:
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Business 434
A resort hotel performed a quarterly time series analysis for demands over the last five years (periods 1 through 20). The analysis resulted in the following trend equation and seasonal indexes: = 1000 + 150t Based on the seasonal indexes, which quarter is expected to have 15% more demand than predicted
Statistical Techniques in Business and Economics 16th Edition
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Business 453
The trend forecast equation is = 120 + 100t. The next forecast is for period 11. The typical seasonal index for period 11 is 0.82. What are the forecast sales for period 11? A. 1,100 B. 1,220 C. 1,000 D. 640 Answer: C.With t = 11 in the linear trend equation, the estimated value
Statistical Techniques in Business and Economics 16th Edition
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Business 455
The American Auto Association reports that the mean price per gallon of regular gasoline is $3.10, with a population standard deviation of $0.20. Assume a random sample of 16 gasoline stations is selected and their mean cost for regular gasoline is computed. What is the likelihood the sample mean is
Statistical Techniques in Business and Economics 16th Edition
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Business 495 Test 1
The annual dividend rates for a random sample of 16 companies in three different industries, utilities, banking, and insurance were recorded. The ANOVA comparing the mean annual dividend rate among three industries rejected the null hypothesis that the dividend rates were equal. The mean square error (MSE) was 3.36. The
Statistical Techniques in Business and Economics 16th Edition
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Business 496 Final
The ___________ sampling method is best to use if the population can be divided into two or more homogeneous subgroups. Answer: stratified randomStratified sampling is useful when the population can be divided into logical subgroups. Answer: stratified randomStratified sampling is useful when the population can be divided into logical subgroups. Answer: stratified
Statistical Techniques in Business and Economics 16th Edition
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Business 518 Final
In a finance class, the final grade is based on three tests. Historically, the instructor tells the class that the joint probability of scoring "A"'s on the first two tests is 0.5. A student assigns a probability of 0.9 that she will get an "A" on the first test. What
Statistical Techniques in Business and Economics 16th Edition
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Business 533 Quiz 2
A study by a bank compared the average savings of customers who were depositors for three years or less with those who had been depositors for more than three years. The results of a sample are: To test that the two groups of customers have equal savings rates, what is the
Statistical Techniques in Business and Economics 16th Edition
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Business 555
In a multiple regression equation with three independent variables, X1, X2, and X3, the interaction term is expressed as (Y)(X1). Answer: FALSE Answer: FALSE Answer: FALSE The TRUE sampling error is usually not known because ________. A. is unknown B. is a random variable C. 2 is unknown D. the sample mean cannot be computed Answer: ASampling
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Business 559 Midterm 1
Another name for the p-bar chart is the ______________. Answer: percent defective chart Answer: percent defective chart Answer: percent defective chart A _________ chart portrays the number of defects per unit of production. Answer: c-bar Answer: c-bar Answer: c-bar The population correlation coefficient is represented by ____. Answer: Feedback: The
Statistical Techniques in Business and Economics 16th Edition
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Business 593 Test 2
Over the last six months, the following numbers of absences have been reported: 6, 0, 10, 14, 8, and 0. What is the median number of monthly absences? A. 6 B. 7 C. 8 D. 3 Answer: B.Order the six observations from smallest to largest. The median value is half the distance between 6
Statistical Techniques in Business and Economics 16th Edition
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Business 607
A sample of 25 is selected from a known population of 100 elements. What is the finite population correction factor? A. 8.66 B. 75 C. 0.87 D. Cannot be determined Answer: C. Answer: C. Answer: C. Data for selected fruits purchased at wholesale prices for 2005 and 2009 are shown next. What is the interpretation
Statistical Techniques in Business and Economics 16th Edition
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Business 612
The mean of a binomial distribution is the product of n and . Answer: TRUE Answer: TRUE Answer: TRUE The variance of a binomial distribution is found by n(1 - ). Answer: TRUE Answer: TRUE Answer: TRUE The "box" in a box plot shows the interquartile range. Answer: TRUE Answer: TRUE Answer: TRUE If the time series trend is
Statistical Techniques in Business and Economics 16th Edition
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Business 723 Midterm
Data show that the weight of an offensive linesman may be any weight between 200 and 350 pounds. The distribution of weight is based on a ______________. A. continuous random variable B. discrete random variable C. qualitative variable D. All apply. Answer: A.The random variable, weight, can be measured to an infinite degree of
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Business 834
A new extended-life light bulb has an average life of 750 hours, with a standard deviation of 50 hours. If the life of these light bulbs approximates a normal distribution, about what percent of the distribution will be between 600 hours and 900 hours? A. 95% B. 68% C. 34% D. 99.47% Answer: D.Begin by
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Business 882 Quiz 1
A company's human resources department was interested in the average number of years that a person works before retiring. The sample of size 11 follows: Based on the values of the arithmetic mean, median, and mode, what is the most likely shape of the distribution? Answer: SymmetricFeedback: The distribution is nearly
Statistical Techniques in Business and Economics 16th Edition
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GP 108
A manufacturer claims that less than 1% of all its products do not meet the minimum government standards. A survey of 500 products revealed that 10 did not meet the standard. If the level of significance is 2%, the critical value is _____. Answer: -2.06We use a z-statistic when testing
Statistical Techniques in Business and Economics 16th Edition
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GP 139
Two movie reviewers gave their ratings (0 to 4 stars) to seven movies released this past month as follows: The Wilcoxon signed-rank test of difference is to be used. What is the larger sum of the ranks? Answer: 23Feedback: As shown in the following table, the larger sum of the ranks is
Statistical Techniques in Business and Economics 16th Edition
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GP 166 Quiz 2
A survey item asked students to indicate their class in college: freshman, sophomore, junior, or senior. Which measure(s) of central location would be appropriate for the data generated by that questionnaire item? A. Mean and median B. Mean and mode C. Mode and median D. Mode only Answer: C.Class rank is ordinal scale, so the
Statistical Techniques in Business and Economics 16th Edition
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GP 403 Quiz 3
Describe the normal distribution. Answer: It is bell-shaped with a single peak at the center of the distribution; its shape is symmetric about the mean; it is asymptotic, meaning the curve never touches the x-axis; it is defined by the mean and standard deviation. Answer: It is bell-shaped with a single
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GP 426 Quiz 1
One card will be randomly selected from a standard 52-card deck. The probability that it will be the jack of hearts is ____. Answer: 1/52 or 0.0192Applying the empirical approach to probability, there is one jack of hearts in a deck of 52 cards. 1/52 = 0.0192. Answer: 1/52 or 0.0192Applying
Statistical Techniques in Business and Economics 16th Edition
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GP 448
You have four different strategic business plans you can select to implement against your competitors. You estimate that the probability that the competitors are aware of your strategies is 0.3, and 0.7 that they are unaware. The payoffs estimated for each scenario are shown next. What is the minimax choice? Answer:
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GP 454
When H0: is rejected in ANOVA, we compute ____________ to identify pairs of means that differ. Answer: confidence intervalsWhen we reject H0 in the ANOVA test, we conclude that at least one pair of means differ. We develop confidence intervals to identify which pair or pairs of means differ. Answer: confidence intervalsWhen
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GP 456
The college of business was interested in comparing the interaction of academic status and class time on class attendance. Three different classes were sampled for each cell in the table. The means for each cell follow. What are the error degrees of freedom? A. 44 B. 14 C. 30 D. 2 Answer: C. Answer: C. Answer:
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GP 500
A p-value is a probability. Answer: TRUE Answer: TRUE Answer: TRUE If the computed value of F is 0.99 and the F critical value is 89, we would not reject the null hypothesis. Answer: TRUE Answer: TRUE Answer: TRUE In testing the difference between two population proportions, we pool the two sample proportions to estimate the population
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GP 511 Midterm 1
If the alternate hypothesis states that 4,000, where is the rejection region for the hypothesis test? A. In both tails B. In the lower or left tail C. In the upper or right tail D. In the center Answer: A.If the alternate hypothesis is an inequality, we use a two-tailed test. The rejection region
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GP 576 Final
In decision making, if there are one or more unknown factors, then the decision is made under conditions of uncertainty. Answer: TRUE Answer: TRUE Answer: TRUE When estimating the specific seasonals for a monthly time series, the sum of the 12 modified means should theoretically be equal to 1,200 because the average of the
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GP 589
Approximately 25% of tourists going to Atlantic City to gamble spend more than $500. The Atlantic City Chamber of Commerce wants to update this percentage. For the new study, the estimate should be within 1% of the population proportion, with a 90% confidence level. What is the necessary sample size?
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GP 614 Quiz
If a data set of 10 observations is used in a multiple regression analysis with 10 independent variables, then ____________. A. R2 will be equal to 1.0 B. The multiple standard error of the estimate will be 1.0 C. The independent variables will be correlated D. The regression coefficients will all equal 1.0 Answer:
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GP 668 Final
Product sales since 2001 are: The least squares trend equation is given as: = 100 + 28t, where t is set equal to 1 for 2001. What were the predicted sales in 2006? Answer: 268Feedback: With t = 6 (code year for 2006) in the linear trend equation, the predicted sales
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GP 709 Test 1
A study conducted by a local tennis center revealed that 25 percent of its new members have novice level tennis skills. A membership drive in a metropolitan area resulted in 500 new members. What is the probability that 110 or less of the new members are novice tennis players? Answer:
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GP 826 Quiz 1
The least squares technique minimizes the sum of the squares of the vertical distances between the actual Y values and the predicted values of Y. Answer: TRUE Answer: TRUE Answer: TRUE If 95% and 98% confidence intervals were developed to estimate the Answer: TRUE cost of an MP3 player with a known population
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GP 893 Homework
For a normal distribution, what is the likelihood (expressed as a percentage) that a random variable is within plus and minus two standard deviations of the mean? A. 68.26% B. 99.74% C. 34.13% D. 95.44% Answer: D.Using the "areas under the normal curve" table, the area under the normal curve between 0 and 2.0
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GSM 121 Quiz
A population consists of all the weights of all defensive tackles on a university's football team. They are Johnson, 204 pounds; Patrick, 215 pounds; Junior, 207 pounds; Kendron, 212 pounds; Nicko, 214 pounds; and Cochran, 208 pounds. What is the population standard deviation (in pounds)? A. About 4 B. About 16 C. About
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GSM 128 Quiz 2
A Pareto chart is designed to show the ____________ in which different types of defects occur in a process. Answer: frequency Answer: frequency Answer: frequency A multiple regression analysis showed the following results of the individual independent variables. X4 is a qualitative variable. If X4 is equal to one, what is
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GSM 255
To verify that an observed frequency distribution is normally distributed, a ________ statistic is used to test the hypothesis that the sample data is normally distributed. Answer: chi-squareWe can use the chi-square distribution to test the hypothesis that an observed frequency distribution follows the normal distribution. Answer: chi-squareWe can use the
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GSM 269 Test 2
We are interested in knowing if the following frequency distribution is normally distributed. The population mean and standard deviation of the data are 600 and 160, respectively. If the distribution was normally distributed, what is the probability that an observation would be a member of the "400 up to 600" class?
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GSM 289 Midterm
A manufacturer of automobile transmissions uses three different processes. Management ordered a study of the production costs to see if there is a difference among the three processes. A summary of the findings is shown next. In an ANOVA table, what are the total degrees of freedom? A. 27 B. 28 C. 29 D. 30
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GSM 300 Test 2
The binomial probability distribution is always negatively skewed. Answer: FALSEThe shape of the binomial distribution can be positively skewed, negatively skewed, or symmetric. The shape varies based on the probability of success and the number of trials. Answer: FALSEThe shape of the binomial distribution can be positively skewed, negatively skewed, or
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GSM 337 Test 1
A useful method for eliminating fluctuations in a time series is computing a ______. Answer: moving average Answer: moving average Answer: moving average From past history, the scores on a statistics test are normally distributed with a mean score of 70 and a standard deviation of 5. To earn a
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GSM 440 Quiz 2
The F distribution is a ______________ distribution. Answer: continuousThe F distribution can assume any value between 0 and . It is therefore a continuous distribution. Answer: continuousThe F distribution can assume any value between 0 and . It is therefore a continuous distribution. Answer: continuous The F distribution can assume any value between
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GSM 496 Final
One function of the CPI is to allow consumers to determine the degree to which their purchasing power is being eroded by price increases. Answer: TRUE Answer: TRUE Answer: TRUE A student scored in the 85th percentile on a standardized test. This means that the student scored lower than 85% of all students
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GSM 522 Quiz
When doing research, knowing the population mean and other population parameters is essential. Answer: FALSEOften, the population mean and other population parameters are not known or available. So sample information that represents the population is used in research projects. Answer: FALSEOften, the population mean and other population parameters are not known
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GSM 525 Quiz 2
If the variance of the "number of daily parking tickets issued is 100, the standard deviation is defined as the _____________. A. "Number of daily parking tickets" B. "Number of daily parking tickets" squared C. Absolute value of the variance of the "number of daily parking tickets" D. Square root of the variance of
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GSM 605
The proportion of explained variation is called the _______________. Answer: coefficient of determinationThe coefficient of determination is the proportion of the total variation in the dependent variable Y that is explained, or accounted for, by the variation in the independent variable X. Answer: coefficient of determinationThe coefficient of determination is the
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GSM 615 Midterm 1
A marketing research agency was hired to test a new DVD player. Consumers rated it outstanding, very good, fair, or poor. The level of measurement for this experiment is ordinal. Answer: TRUE Answer: TRUE Answer: TRUE For any distribution, there are an equal number of values above and below the mean. Answer: FALSEThere
Statistical Techniques in Business and Economics 16th Edition
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GSM 623 Test 2
Refer to the following breakdown of responses to a survey of "Are you concerned about being tracked while connected to the Internet?" What type of chart should be used to show relative class frequencies? A. A pie chart B. A bar chart C. A histogram D. A frequency polygon Answer: A.Pie charts can be used to
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GSM 643
The regression equation is = 29.29 - 0.96X, the sample size is 8, and the standard error of the slope is 0.22. What is the critical value to test the significance of the slope at the 0.01 significance level? A. z = +2.576 B. t = +3.707 C. t = +3.355 D. t =
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GSM 644 Quiz
A scatter diagram of sales versus production is labeled with sales on the Y-axis and production on the X-axis. Answer: TRUE Answer: TRUE Answer: TRUE There are two general types of causes of variations in manufacturing and service processes: chance and assignable causes. Answer: TRUE Answer: TRUE Answer: TRUE A frequency distribution groups data into classes
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GSM 712 Midterm
When observing a checkout line at a food store, the average number of people served is 30 per hour. Using the Poisson distribution, what is the standard deviation of the number of people served in an hour? Answer: 5.48Feedback: The mean and variance of a Poisson distribution are the same.
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Exam Prep
GSM 762 Test 1
A fishbone diagram starts with the definition of a problem and explores its possible ________. Answer: causes Answer: causes Answer: causes Sampling from a population may be preferred, because studying all the items in a population may be too ____________. Answer: cost/time consumingCollecting data is a process that is costly
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
GSM 826
A confidence interval becomes narrower when the sample size _________. Answer: increasesAs the size of the sample increases, the standard error of the mean decreases, and the widthof the confidence interval decreases. In general, the size of the sample is inversely related to the width of a confidence interval. Answer: increasesAs
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
GSM 842 Midterm
The Laspeyres method uses the amounts consumed in the base period, q0, as weights to determine a price index. Answer: TRUE Answer: TRUE Answer: TRUE A scatter diagram of sales versus production may be constructed by plotting the minimum, first quartile, median, third quartile, and maximum values of each variable. Answer: FALSEA box
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
GSM 869 Midterm 1
A manufacturer claims that less than 1% of all its products do not meet the minimum government standards. A survey of 500 products revealed that 10 did not meet the standard. Thus, the computed z statistic is ______________. Answer: z = +2.25The sample proportion p = 10/500 = 0.02 and
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
GSM 874 Test 1
How can you describe the moving average method? A. A method that smoothes out a time series. B. A method to deseasonalize a time series. C. A technique that results in a trend line equation. D. A method for computing the slope of a trend line. Answer: A. Answer: A. Answer: A. A two-tailed
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 131 Test 2
In a tree diagram that illustrates the joint probabilities for a probability problem, the sum of all the joint probabilities must equal _______________. Answer: 1A tree diagram shows all possible, mutually exclusive outcomes of an experiment. Therefore, the sum of the joint probabilities must equal one. Answer: 1A tree diagram shows
Statistical Techniques in Business and Economics 16th Edition
352314
Exam Prep
MG 165 Midterm
The multiple coefficient of determination, R2, reports the proportion of the variation in Y that is not explained by the variation in the set of independent variables. Answer: FALSEThe multiple coefficient of determination, R2, reports the proportion of the variation in Y that IS explained by the variation in the
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 309 Midterm
__________________ examines the effect that changes in the probabilities for states of nature have on selecting an alternative or act. Answer: Sensitivity analysis Answer: Sensitivity analysis Answer: Sensitivity analysis You have four different strategic business plans you can select to implement against your competitors. You estimate that the probability that
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 330 Quiz 2
When reporting descriptive statistics for a variable, why should the report include measures of location and dispersion? Answer: The key is to know that every variable has a distribution. The distribution can be describedusing measures of location and dispersion. A measure of location is used to describe the center of
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 385
For the sampling distribution of sample means, sampling error will decrease as sample size increases. Answer: TRUE Answer: TRUE Answer: TRUE The arithmetic mean is the sum of the quantitative observations divided by the total number of observations. Answer: TRUE Answer: TRUE Answer: TRUE The Laspeyres method computes a weighted index. Answer: TRUE Answer: TRUE Answer: TRUE Sampling a
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 385 Test
A company's human resources department was interested in the average number of years that a person works before retiring. The sample of size 11 follows: What is the mode? Answer: 21Feedback: The mode is the value that occurs most often. There are three people that have worked for the company 21
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 391
The Kruskal-Wallis method tests the hypothesis that ____________ or more population means are equal. Answer: three Answer: three Answer: three What is the difference between chi-square nonparametric tests and nonparametric tests based on ranks? Answer: Chi-square tests are appropriate for nominal and ordinal data that can be classified. Nonparametric tests
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 483 Quiz 1
What chart or graph uses several rows of data to show a frequency distribution? Answer: stem-and-leaf display Answer: stem-and-leaf display Answer: stem-and-leaf display High school students were interested in a teacher's claim that the longer the length of time (hours) that a student studies for a test, the higher the
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 567
For normally distributed random variables, the _________ makes probability statements based on specific values of the standard deviation. Answer: Empirical RuleThe Empirical Rule makes probability statements for standard deviations of 1, 2, and 3. Answer: Empirical RuleThe Empirical Rule makes probability statements for standard deviations of 1, 2, and 3. Answer: Empirical
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 679 Midterm
Nonparametric tests require data that can be __________. Answer: ranked Answer: ranked Answer: ranked Define autocorrelation. Answer: Correlation between successive or ordered residuals. An example of autocorrelation occurswhen a series of residuals show a decreasing or increasing trend. Answer: Correlation between successive or ordered residuals. An example of autocorrelation occurswhen a
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 695 Test 2
For a frequency distribution of qualitative data, if the observations can be assigned to only one class, the classes are __________________________. Answer: mutually exclusiveBy definition, every observation can belong to only one category or class. Answer: mutually exclusiveBy definition, every observation can belong to only one category or class. Answer: mutually exclusive By
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 741
Two movie reviewers gave their ratings (0 to 4 stars) to seven movies released this past month as follows: The Wilcoxon signed-rank test of differences is used. What is the null hypothesis? Answer: No difference in the movie ratings Answer: No difference in the movie ratings Answer: No difference in the movie ratings A New
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 787
Which probability distribution is used to develop a percent defective chart? A. Normal distribution B. Chi-square distribution C. Poisson distribution D. Binomial distribution Answer: D. Answer: D. Answer: D. Based on the Nielsen ratings, the local CBS affiliate claims its 11 p.m. newscast reaches 41% of the viewing audience in the area. In a survey
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MG 860 Quiz 1
Two business major students, in different sections of an economics class, were comparing test scores. The following shows the sections' mean and standard deviation. The student in section 1 scored 84. The student's z score would be _________. Answer: 1.2857Feedback: From z = (x - ) = (84 - 75)/7 =
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 157 Quiz 2
Which of the following statements about causes of variation are TRUE? I. Assignable variation is random in nature and cannot be eliminated or reduced. II. Chance variation cannot be completely eliminated unless there are significant methods, techniques, or equipment used in the process. III. Chance variation usually cannot be corrected, while assignable variation
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 179
Assume a student received the following grades for the semester: History, B; Statistics, A; Spanish, C; and English, C. History and English are 5 credit-hour courses, Statistics a 4 credit-hour course, and Spanish is a 3 credit-hour course. If 4 grade points are assigned for an A, 3 for a
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 241 Quiz 1
If n = 900 and = , the variance of this binomial distribution is ______. Answer: 200The variance of a binomial distribution is found by 2 = n(1 - ) 900(1/3)(1 - 1/3) = 200. Answer: 200The variance of a binomial distribution is found by 2 = n(1 - ) 900(1/3)(1
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 246 Test 1
The Kruskal-Wallis one-way analysis of variance by ranks is especially appropriate to test whether three or more population means are equal if the data is measured with an ordinal scale and/or the populations are not normal. Answer: TRUE Answer: TRUE Answer: TRUE A point estimate is a single value used to estimate a
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 282 Final
If the binomial distribution is used to develop an operating characteristic curve for an acceptance sampling plan, then the trials must be ________________. Answer: independent Answer: independent Answer: independent A bottle cap manufacturer with four machines and six operators wants to see if variation in production is due to the machines
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 346 Quiz 3
Suppose you toss a coin four times and get heads four times (no tails). The probability that heads will appear on the next toss of the coin is ____. Answer: 0.5Based on the classical approach, P(heads) = 0.5. The outcomes of the experiment are independent, so the probability of heads
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 357
Using the following regression analysis: What is the F-statistic for the ANOVA? Answer: 13.983Feedback: First, the regression mean square can be found by dividing the regression sum of squares by the regression degrees of freedom. In this case, the regression degrees of freedom is 1, and the regression mean square is
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 376 Test 2
If the null hypothesis states that there is no difference between the mean net income of retail stores in Chicago and New York City, then the test is two-tailed. Answer: TRUE Answer: TRUE Answer: TRUE To determine the size of a sample, the standard deviation of the population must be estimated by either
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 401
In a two-way ANOVA, when is an interaction source of variance included? Answer: An interaction source of variance is included in an ANOVA if there is reason to believe that the variance in the response variable is affected by both factors in a two-way ANOVA. Answer: An interaction source of variance
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 431 Quiz 2
Complete the following analogy: An experiment relates to outcome, as the role of a die relates to _____. Answer: any one value between 1 and 6The role of a die is an experiment with six possible outcomes. Answer: any one value between 1 and 6The role of a die is an
Statistical Techniques in Business and Economics 16th Edition
353058
Exam Prep
MOB 462
When independent samples are used to test for differences in the population means with equal but unknown population standard deviations, we _______ these sample standard deviations. Answer: poolWhen we investigate the difference between the means of independent samples, we assume equal and unknown population standard deviations and pool the sample standard
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 538 Homework
The national sales manager for "I colored this" (ICT) T-shirts provides all salespersons with the payoff table shown next, giving the estimated profit when a retailer purchases from one to four dozen T-shirts. The probability of demand for each state of nature is also shown. What is the expected payoff for
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 622
In a market research study involving 11 people, 7 preferred Product X, 3 preferred Product Y, and 1 expressed no preference. A sign test is selected using the 0.05 level of significance. What is the alternate hypothesis? Answer: H0: 0.50 Answer: H0: 0.50 Answer: H0: 0.50 When dependent samples are
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 687 Test
There are 10 AAA batteries in a box and 3 are defective. Two batteries are selected without replacement. What is the probability of selecting a defective battery followed by another defective battery? A. or 0.50 B. or 0.25 C. 1/120 or about 0.0083 D. 1/15 or about 0.07 Answer: D.The probability of a defective
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MOB 761 Quiz 2
A survey of property owners' opinions about a street-widening project was taken to determine if owners' opinions were related to the distance between their home and the street. A randomly selected sample of 100 property owners was contacted and the results are shown next. This classification is summarized with what kind
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MSC 123
Suppose your annual 2005 salary was $95,000 and your 2010 salary was $125,000. Assume the annual CPI rose from 177.1 to 215.9 during this period of time. What was the purchasing power of the dollar in 2010? Answer: $0.463Feedback: ($1.00/215.9) * 100 = $0.463 Answer: $0.463Feedback: ($1.00/215.9) * 100 = $0.463 Answer:
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MSC 130 Quiz 3
Two movie reviewers gave their ratings (0 to 4 stars) to ten movies released this past month as follows: The rank order correlation is to be used. What is the rank order correlation? Answer: 0.7091Feedback: As shown in the following table, the value of the squared sum of differences (d2) is equal
Statistical Techniques in Business and Economics 16th Edition
352135
Exam Prep
MSC 181 Quiz 1
The standard error of the mean is also called the sampling error. Answer: FALSESampling error is the difference between a sample statistic and a population parameter, such as . Answer: FALSESampling error is the difference between a sample statistic and a population parameter, such as . Answer: FALSE Sampling error is the difference
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MSC 258 Midterm 2
The college of business was interested in comparing the attendance for three different class times for a business statistics class. The data follow. What is the treatment variable? A. Day B. Class time C. Tuesday D. 8:00 a.m. class Answer: B. Answer: B. Answer: B. The following table shows sample salary information for employees with
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MSC 337
The manager of Paul's fruit and vegetable store is considering the purchase of a new seedless watermelon from a wholesale distributor. Since this seedless watermelon costs $4, will sell for $7, and is highly perishable, he only expects to sell between six and nine of them. If the merchant purchases
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MSC 376
Suppose your annual 2001 salary was $40,000 and your 2006 salary was $52,000. Assume the annual CPI rose from 177.1 to 202.9 during this period of time. What was the purchasing power of the dollar in 2001? Answer: $0.565Feedback: The purchasing power of a dollar in 2001 is $1.00 divided
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MSC 470
A continuous random variable can assume one of a(n) ____________ number of values within a specific range. Answer: infiniteThe difference between discrete and continuous random variables is that a discrete variablecan only be assigned certain clearly separated values, whereas a continuous random variable can assume an infinite number of values
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MSC 473
The shape of the uniform distribution is ___________. Answer: rectangularBy definition, the uniform distribution is rectangular. Answer: rectangularBy definition, the uniform distribution is rectangular. Answer: rectangular By definition, the uniform distribution is rectangular. The waiting time for patients at a local walk-in health clinic follows a normal distribution with a mean of 15 minutes
Statistical Techniques in Business and Economics 16th Edition
353061
Exam Prep
MSC 485
A __________ analysis is used to develop an equation that predicts an outcome based on two or more independent variables. Answer: multiple regressionMultiple regression is used to develop an equation to predict an outcome based on two or more variables. Answer: multiple regressionMultiple regression is used to develop an equation to
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MSC 538
An assumption of linear regression states that for each value of X, there is a group of Y values that are statistically __________________ and normally distributed about the regression line. Answer: independentOne of the assumptions of linear regression is that the Y values are statistically independent. This means that in
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MSC 550
A test statistic is a value computed from sample information that is used to test the null hypothesis. Answer: TRUE Answer: TRUE Answer: TRUE When sampling is done without replacement and the outcomes are measured as either a success or failure, the hypergeometric distribution should be applied. Answer: TRUE Answer: TRUE Answer: TRUE The Paasche method
Statistical Techniques in Business and Economics 16th Edition
352695
Exam Prep
MSC 559 Test 1
The manager of Paul's fruit and vegetable store is considering the purchase of a new seedless watermelon from a wholesale distributor. Since this seedless watermelon costs $4, will sell for $7, and is highly perishable, he only expects to sell between six and nine of them. Based on a maximin
Statistical Techniques in Business and Economics 16th Edition
353293
Exam Prep
MSC 586 Test 2
The first three class marks for a frequency distribution of "weights of college men" recorded to the nearest pound are 105, 115, and 125. What is the lower limit for the third class? Answer: 120Feedback: The class interval is 10. The class marks are the same as the class midpoints. Therefore,
Statistical Techniques in Business and Economics 16th Edition
352305
Exam Prep
MSC 604
The Greek letter used to represent the probability of a Type I error is alpha (). Answer: TRUE Answer: TRUE Answer: TRUE A simple aggregate index compares the sum of values in the current period to the sum of values in a base period. Answer: TRUE Answer: TRUE Answer: TRUE An individual can assign a subjective
Statistical Techniques in Business and Economics 16th Edition
352440
Exam Prep
MSC 613
For a one-tailed test with a 0.05 level of significance, the critical z statistic is 1.645, but the critical t statistic is 1.96. Answer: FALSEIt is impossible to know the t statistic without knowing the sample size to compute the degrees of freedom. Answer: FALSEIt is impossible to know the t
Statistical Techniques in Business and Economics 16th Edition
352152
Exam Prep
MSC 673 Test 1
The chi-square test statistic used in a goodness-of-fit test has k - 1 degrees of freedom. Answer: TRUE Answer: TRUE Answer: TRUE Pearson's coefficient of skewness is a measure of a distribution's symmetry. Answer: TRUE Answer: TRUE Answer: TRUE In a Poisson distribution, the probability of success may vary from trial to trial. Answer: FALSEFor the
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MSC 753
What is a normal distribution with a mean of 0 and a standard deviation of 1 called? A. Frequency distribution B. Z-score C. Standard normal distribution D. Binomial probability distribution Answer: C.The standard normal probability distribution has a mean of 0 and a standard deviation of 1. Answer: C.The standard normal probability distribution has
Statistical Techniques in Business and Economics 16th Edition
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Exam Prep
MSC 822 Midterm 1
For a given set of 12 ranked data values, the sum of the squared differences is 63.18. What is the test statistic value to test the hypothesis that the rank correlation coefficient is zero? A. 0.221 B. 0.673 C. 0.779 D. 0.327 Answer: C.Using formula 16-6, rs = 1 - [(6 (63.18)/12 (144 -
Statistical Techniques in Business and Economics 16th Edition

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