The regression equation is Ŷ = 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 = 3.707
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 loss for purchasing six watermelons when the
demand is for six watermelons?
A. 0
B. 3
C. 4
D. 6
Percentiles divide a distribution into _____________.
A. 2 equal parts
B. 4 equal parts
C. 10 equal parts
D. 100 equal parts
How is a pooled estimate of the population proportion represented?
A. pc
B. z
C. π
D. nπ
What is the test statistic for Spearman’s rank correlation?
A. t
B. z
C. F
D. chi-square
If a quarterly seasonal index is 0.56, it implies that:
A. the quarter’s sales are 56% above the yearly average.
B. the quarter’s sales are 56% of the year total sales.
C. the other three quarter percentages will total 44%.
D. the quarter’s sales are 56% of the yearly average.
A dot plot can be used to show _________________.
A. The mean, median, and mode
B. The general shape of a distribution for a nominal qualitative variable
C. The distribution for a quantitative variable
D. The interquartile range
What is the long-term behavior of a variable over an extended period of time called?
A. Secular trend
B. Seasonal variation
C. Cyclical variation
D. Irregular or erratic variation
A national manufacturer of ball bearings is experimenting with two different processes
for producing precision ball bearings. It is important that the diameters be as close as
possible to an industry standard. The output from each process is sampled and the
average error from the industry standard is measured in millimeters. The results are
presented next.
The researcher is interested in determining whether there is evidence that the two
processes yield different average errors. The population standard deviations are
unknown but are assumed equal. What are the degrees of freedom?
A. 10
B. 13
C. 26
D. 24
Accounting procedures allow a business to evaluate its inventory costs based on two
methods: LIFO (Last In First Out) or FIFO (First In First Out). A manufacturer
evaluated its finished goods inventory (in $000s) for five products with the LIFO and
FIFO methods. To analyze the difference, they computed (FIFO – LIFO) for each
product. Based on the following results, does the LIFO method result in a lower cost of
inventory than the FIFO method?
What is the value of calculated t?
A. +0.933
B. 2.776
C. +0.47
D. -2.028
The chi-square statistic has __________.
A. One distribution
B. Two distributions
C. A family of distributions
D. A uniform distribution
In a management trainee program, 80% of the trainees are female, while 20% are male.
Ninety percent of the females attended college; 78% of the males attended college. A
management trainee is selected at random. What is the probability that the person
selected is a male who did NOT attend college?
A. 0.044
B. 0.440
C. 0.256
D. 0.801
Three new colors have been proposed for the Jeep Grand Cherokee vehicle. They are
silvered-blue, almond, and willow green. The null hypothesis for a goodness-of-fit test
would be _______________.
A. That willow green is preferred over the other colors
B. That there is no preference between the colors
C. That any one color is preferred over the other colors
D. Impossible to determine
In multiple regression analysis, before testing the significance of the individual
regression coefficients, _______________.
A. The intercept must equal 0
B. The multiple standard error of the estimate must be less than the error mean square
C. The null hypothesis that all regression coefficients equal zero must NOT be rejected
D. The null hypothesis that all regression coefficients equal zero must be rejected
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 payoff value for the purchase of nine watermelons when the
demand is for six watermelons?
A. 6
B. 13
C. 20
D. 27
We can apply non-parametric tests to problems involving interval or ratio data.
The numbers 0 through 9 are used in code groups of four to identify an item of clothing.
Code 1083 might identify a blue blouse, size medium. The code group 2031 might
identify a pair of pants, size 18, and so on. Repetitions of numbers are not permitted’”in
other words, the same number cannot be used more than once in a total sequence. As
examples, 2,256, 2,562, or 5,559 would not be permitted. How many different code
groups can be designed?
A. 5,040
B. 620
C. 10,200
D. 120
If there are 5 levels of Factor A and 7 levels of Factor B for an ANOVA with
interaction, what are the interaction degrees of freedom?
A. 12
B. 35
C. 24
D. 10
The Consumer Price Index (1982-84 = 100) reports a CPI in August 2010 for Energy as
212.372. What is the percentage change in the price of energy compared to the base?
A multiple regression analysis showed the following ANOVA table result.
Based on the information in the ANOVA, what is the multiple coefficient of
determination?
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 are the degrees of freedom?
A population consists of the following four values: 8, 10, 12, and 16. From this
population, there are six different samples of size 2. The means of the six samples of
size 2 are 9, 10, 12, 11, 13, and 14. Compare the dispersion in the population with that
of the sample means.
For the following probability distribution:
The standard deviation is _____________.
The base year for the Consumer Price Index is _______.
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 between 110 and 130 of the new
members are novice tennis players?
In multiple regression, the ______________ summarizes the difference between the
predicted and actual values of the dependent variable.
Refer to the following breakdown of responses to a survey of room cleanliness in a
hotel.
What is the class interval for the following frequency table?
The manager of a restaurant inspects a delivery of steaks based on the expectation that
each steak weighs eight ounces. Is this an example of acceptance sampling or statistical
process control? Explain why.