The average weight of the entire batch of the boxes of cereal filled today was 20.15
ounces. A random sample of four boxes was selected with the following weights: 20.05,
20.56, 20.72, and 20.43. The sampling error for this sample is ________.
A) 0.00
B) -0.16
C) 0.11
D) 0.29
Debbie is a buyer for a retail chain and needs to decide what order quantity to place for
women’s coats for the upcoming winter season. Below is a payoff table, in thousands of
dollars, for various order quantities (1 = lowest, 4 = highest) and demand levels for the
winter coats.
If the Debbie uses the maximax criterion, which order size will she place?
A) Order Quantity 1
B) Order Quantity 2
C) Order Quantity 3
D) Order Quantity 4
The stem and leaf display is a graphical technique that can used to display qualitative
data.
The ________ is found by first determining the index point, i = 0.5(n),where n is the
number of data points.
A) mean
B) average
C) median
D) mode
A ________represents the number of data values assigned to each cell in a two-way
ANOVA table.
A) cell
B) block
C) level
D) replication
A random sample of 2008 used cars for sale on the market has an average mileage of
71,420 miles with a sample standard deviation of 9,470 miles. The z-score for a used
car with 80,500 miles in this sample is ________.
A) -1.22
B) 0
C) 0.43
D) 0.96
Use the information below to answer the following question(s).
Hats-R-Us would like to produce a new design of hats for the upcoming Major league
Baseball World Series. They need to decide to produce a large quantity or small
quantity of hats prior to the event starting. Eventual demand for this new design will be
strong or weak with a 50/50 chance of each level occurring. The following table shows
the payoff for each combination of production size and demand level, in thousands of
dollars.
Hats-R-Us also has the option of conducting a market survey at a cost of $10,000 to
acquire more accurate information about the likelihood of each demand level. If the
survey results are positive, there is an 83% probability that the eventual demand for the
new hat design will be strong. If the survey results are negative, there is a 23%
probability that the eventual demand for the new hat design will be strong.
Construct a decision tree to answer the following set of questions.
The expected monetary value, in thousands of dollars, for a small production quantity if
Hats-R-Us conducts a market survey and the survey results are negative is _________.
A) $31.5
B) $58.0
C) $63.8
D) $72.2
________ are values that can take on any real numbers, including numbers that contain
decimal points. This data is often the result of measuring observations rather than
counting them.
A) Discrete
B) Cross-sectional
C) Ordinal
D) Continuous
The pH scale measures the amount of alkalinity or acidity in a liquid and ranges from
0-14. The ideal pH for a swimming pool is 7.2. A pH that is too high or low can cause
discomfort for the swimmers, especially in the eyes. High variability in the pH readings
across the swimming pool can be problematic. The following data shows seven pH
readings that were taken at the Wilson Community Pool from different locations at 10
a.m. this morning.
The pool management would like to test the hypothesis that the standard deviation of
the pH readings across the pool is less than 0.40. The degrees of freedom for this
hypothesis test would be ________.
A) 4
B) 5
C) 6
D) 7
The following data represents the number of days that 10 homes were on the market
before being sold.
What percentile is the home that was on the market for 47 days?
A) 15th
B) 20th
C) 25th
D) 35th
Use the following information to answer the question(s) below.
Ford would like to develop a regression model that would predict the number of cars
sold per month by a dealership employee based on the employee’s number of years of
sales experience (Exp), the employee’s weekly base salary before commissions (Salary),
and the education level of the employee. There are three levels of education in the sales
forcehigh school degree, associate’s degree, and bachelor’s degree. The following
dummy variables have been defined.
The following Excel output shows the partially completed regression output from a
random sample of employees from the previous month.
The test statistic for testing the significance of the Salary variable is ________.
A) 1.81
B) 2.16
C) 2.40
D) 2.89
Use the information below to answer the following question(s).
The table below shows the number of interceptions thrown during the season by seven
randomly selected National Football League teams and the number of games those
teams won during the season.
Use the NFL team data to:
A) Calculate the standard error of the slope.
B) Test the significance of the regression slope using α = 0.05.
Travelocity would like to test if the standard deviation for roundtrip airfares between
New York and London is less than $200. The correct hypothesis statement would be
____________.
A)
B)
C)
D)
Two six-sided die are rolled. The probability of the sum of the two die being a 10 is
________.
A) 0.056
B) 0.083
C) 0.111
D) 0.139
A golfer claims that his average golf score at the course he plays regularly is less than
90. A Type I error would occur if the golfer concludes that the average score is
__________________________________.
A) 90 or more when, in reality, the average score is less than 90
B) more than 90 when, in reality, the average score is equal to 90
C) less than 90 when, in reality, the average score is 90 or more
D) 90 or less when, in reality, the average score is equal to 90
The following data represents the ages of a household that consists of five people.
The mode of this data set is ________.
A) 2
B) 7
C) 12
D) There is no mode for this data set.
A disadvantage of using the range as a measure of variability is that
__________________.
A) it is fairly difficult to calculate
B) all of the values in the data set are needed for the calculation
C) it is highly influenced by outliers
D) the units of the range are the square of the original data set
The following data represents the high ambient temperature for a particular city over
the past 16 days.
Construct a stem and leaf display for this data.
Costco sells paperback books in their retail stores and wanted to examine the
relationship between price and demand. The price of a particular novel was adjusted
each week and the weekly sales were recorded in the table below.
Management would like to test if the population Spearman rank-order correlation
coefficient is less than zero. Using α = 0.05, which one of the following statements is
true?
A) Because the Spearman rank-order correlation coefficient is greater than the negative
critical value, we can conclude that the population Spearman rank-order correlation
coefficient is less than zero.
B) Because the Spearman rank-order correlation coefficient is greater than the negative
critical value, we cannot conclude that the population Spearman rank-order correlation
coefficient is less than zero.
C) Because the Spearman rank-order correlation coefficient is less than the negative
critical value, we can conclude that the population Spearman rank-order correlation
coefficient is less than zero.
D) Because the Spearman rank-order correlation coefficient is less than the negative
critical value, we cannot conclude that the population Spearman rank-order correlation
coefficient is less than zero.
Suppose Apple would like to test the hypothesis that the standard deviation for the web
browsing battery life of the iPad equals 3.0 hours. The following data represents the
battery life, in hours, experienced by a random sample of six users.
Using α = 0.05, the conclusion for this hypothesis test would be that because the test
statistic is __________________________.
A) less than the lower critical value, we can reject the null hypothesis and conclude that
the standard deviation for the web browsing battery life of the iPad does not equal 3.0
hours
B) between the lower and upper critical values, we fail to reject the null hypothesis and
conclude that the standard deviation for the web browsing battery life of the iPad equals
3.0 hours
C) more than the upper critical value, we fail to reject the null hypothesis and cannot
conclude that the standard deviation for the web browsing battery life of the iPad equals
3.0 hours
D) between the lower and upper critical values, we fail to reject the null hypothesis and
cannot conclude that the standard deviation for the web browsing battery life of the
iPad does not equal 3.0 hours
The following contingency table shows the number of adults with credit scores 725 or
above and below 725 as well as their marital status.
Identify the marginal probabilities for this table.
Use the following information to answer the question(s) below.
A home appraisal company would like to develop a regression model that would predict
the selling price of a house based on the age of the house in years (Age), the living area
of the house in square feet (Living Area) and the number of bedrooms (Bedrooms). The
following Excel output shows the partially completed regression output from a random
sample of homes that have recently sold.
The critical value to test the significance of the regression coefficients using α = 0.05 is
________.
A) 2.131
B) 2.145
C) 2.179
D) 2.201
When conducting a hypothesis test for the population mean when sigma is known and
the sample size is 30 or more, the test statistic follows the
_______________________________.
A) Student’s t-distribution
B) binomial distribution
C) normal distribution
D) exponential distribution
The federal government would like to estimate the proportion of families with no
savings. A pilot sample of 60 families found that 18 had no savings. The total sample
size needed to construct a 95% confidence interval for the proportion of families with
no savings with a margin of error equal to 6% is ________.
A) 225
B) 397
C) 425
D) 460
Use the following information to answer the question(s) below.
The National Basketball Association (NBA) would like to develop a multiple regression
model that would predict the number of wins for a team during the season. The
following independent variables were considered for the model: field goal percentage
(FG%), three-point percentage (3PT%), free throw percentage (FT%), turnovers per
game (TO), rebounds per game (REB), assists per game (ASSISTS), and steals per
game (STEALS). The following table shows the results of a general stepwise regression
procedure with “p-value to enter” and “p-value to remove” set to 0.05.
Which one of the following statements is true?
A) There is evidence of multicollinearity in this data because only three independent
variables were selected for the final model.
B) The variable REB has the highest correlation with the number of wins because this
variable has the lowest p-value in the model.
C) The variable FG% has the highest correlation with the number of wins because this
variable entered the model first.
D) The variable TO did not remain in the final model because the regression coefficient
is negative.
The following data represent the number of refrigerators sold for each of the past five
months for Templeton Appliances.
Using an exponential smoothing technique with alpha equal to 0.8, the mean absolute
deviation is ________.
A) 7.6
B) 10.7
C) 12.8
D) 14.0
According to the IRS, 1.1% of tax returns will be audited next year. A random sample
of 40 tax returns was selected. Use the Poisson distribution to approximate the binomial
distribution to determine the probability that none of these tax returns will be audited.
A) 0.2870
B) 0.3264
C) 0.4785
D) 0.6440
Expedia would like to test the hypothesis that the average roundtrip airfare between
Philadelphia and Paris is higher for a flight originating in Philadelphia when compared
to a flight originating in Paris. The following data summarizes the sample statistics for
roundtrip flights originating in both cities. Assume that the population variances are
equal.
If Population 1 is defined as flights originating in Philadelphia and Population 2 is
defined as flights originating in Paris, and using α = 0.05, the conclusion for this
hypothesis test would be that because the test statistic is
____________________________________________________.
A) less than the critical value, Expedia can conclude that the average roundtrip airfare
between Philadelphia and Paris is higher for a flight originating in Paris when compared
to a flight originating in Philadelphia
B) less than the critical value, Expedia can conclude that the average roundtrip airfare
between Philadelphia and Paris is higher for a flight originating in Philadelphia when
compared to a flight originating in Paris
C) more than the critical value, Expedia cannot conclude that the average roundtrip
airfare between Philadelphia and Paris is higher for a flight originating in Philadelphia
when compared to a flight originating in Paris
D) more than the critical value, Expedia can conclude that the average roundtrip airfare
between Philadelphia and Paris is higher for a flight originating in Philadelphia when
compared to a flight originating in Paris
For a sample size of two or more, the standard error of the mean must be
_____________________________.
A) equal to the population standard deviation
B) less than the population standard deviation
C) less than the population mean
D) more than the population mean
The following chart shows the average number of fast food meals consumed per year
by 18- to 24-year-olds.
Which of the following statements is not correct?
A) The average ticket price has decreased over time.
B) The lowest average ticket price occurred in 2006.
C) The highest average ticket price occurred in 2012.
D) The average ticket price in 2010 was higher than the average ticket price in 2008.
Bananas are sold in bunches at a grocery store and typically consist of 4-8 bananas per
bunch. Suppose the weight of these bunches follows a normal distribution with a mean
of 3.54 pounds and a standard deviation of 0.63 pounds. What is the probability that a
randomly selected bunch of bananas will weigh more than 3.0 pounds?
A) 0.5398
B) 0.6950
C) 0.8051
D) 0.9463