Fifty questions. Will give a $10 tip if I get above a 90% Question 1.1. A histogram with only one peak ________. (Points : 2) does not have a mode valueis unimodal is bimodal has a high degree of kurtosis Question 2.2. Which of the following can be used to represent dispersion in a data set? (Points : 2) proportion rangemode median Question 3.3. Outcomes such as customer satisfaction and dissatisfaction, complaints and complaint resolution, and customer perceived value would be considered ________ outcomes. (Points : 2) customer-focused workforce-focused product and process leadership and governance Question 4.4. Any metric involving time, volume, weight, or dollars would be classified as a(n) ________ metric. (Points : 2) discrete ordinal continuous binomial Question 5.5. Zip code would be an example of ________ data. (Points : 2) ordinal interval nominal ratio Question 6.6. A metric that is derived from counting something is called a(n) ________ metric. (Points : 2) continuous nominal discrete ordinal Question 7.7. The midrange for a data set containing all the values between 50 and 67 is ________. (Points : 2) 67 58.5 50 -17 Question 8.8. An example of ratio data would be ________. (Points : 2) 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 9.9. 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? (Points : 2) 0.152 0.0548 0.848 0.903 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. A conditional probability P(B|A) is equal to its marginal probability P(B) if (Points : 2) it is a joint probability. statistical dependence exists. statistical independence exists. the events are mutually exclusive. Question 12.12. 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? (Points : 2) 0.333 0.667 0.800 1.000 Question 13.13. 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? (Points : 2) 0 0.023 0.841 0.977 Question 14.14. 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 15.15. 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? (Points : 2) 0.50 0.20 0.80 1.00 Question 16.16. 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 17.17. Which of the following is a subjective sampling method? (Points : 2) cluster sampling judgment sampling systematic sampling stratified sampling Question 18.18. The margin of error used in a confidence interval is found by ________. (Points : 2) 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 19.19. The standard error of the mean is ________. (Points : 2) 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 20.20. 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? (Points : 2) ±1.018 ±0.9186 ±12.22 ±0.4452 Question 21.21. 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 buy used equipment will pay more than $40. (Points : 2) 30.85% 69.15% 24.20% 95.60% 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. Find the probability that the mean purchase from a sample of 16 customers will be less than $20. Use the Microsoft Excel function NORM.DIST. (Points : 2) 0.00% 100.0% 2.28% 69.13% Question 23.23. Find the standard error of the mean when the population standard deviation is 2.4 and a sample of size 36 is taken. (Points : 2) 4.03 0.6 14.4 0.4 Question 24.24. The degrees of freedom correspond to ________. (Points : 2) the number of sample values that are inaccurate the number of population values accurately estimated by the sample values the number of sample values that are free to vary the explicit estimate of the variance Question 25.25. 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? (Points : 2) 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 26.26. 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 Formulate the null and the alternative hypotheses to determine if the proportion of female managers is the same as the proportion of male managers. (Points : 2) H0: pfemales – pmales ≠ 0 H1: pfemales – pmales = 0 H0: pfemales – pmales = 0 H1: pfemales – pmales > 0 H0: pfemales – pmales = 0 H1: pfemales – pmales ≠ 0 H0: pfemales – pmales = 0 H1: pfemales – pmales < 0 Question 27.27. The probability of making a Type I error is generally denoted by ________. (Points : 2) a ß ? µ Question 28.28. A helpful analogy of hypothesis testing might be the concept of ________. (Points : 2) the U.S. legal system-innocent until proven guilty better safe than sorry. the theory of relativity the central limit theorem Question 29.29. The null hypothesis ________. (Points : 2) 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 30.30. 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 31.31. A Type I error occurs when ________. (Points : 2) 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 32.32. Two-tailed tests ________. (Points : 2) have only lower critical values have only upper critical values have both upper and lower critical values do not have any critical values Question 33.33. 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