1: Which is a characteristic of the mean as a measure of central location? A. Th
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Question
1: Which is a characteristic of the mean as a measure of central location?
A. The mean uses only the middle values in a data set.
B. It utilizes all the information in a sample.
C. Will always be equal to the median in business data.
D. The mean is the most frequent value.
2: Which of the following statements is incorrect?
A. A qualitative variable always assumes meaningful numerical values.
B. Labels or names are used to categorize the distinguishing characteristics of a qualitative variable.
C. A discrete variable assumes a limited number of values
D. A continuous variable assumes any value from an interval (or collection of intervals).
3: For which of the following data sets will a pie chart be most useful?
A. Heights of high school freshmen
B. Ambient temperatures in the Shewmaker Center
C. Percentage of net sales by product for Malco Widgets in 2016
D. Growth rates of firms in a particular industry
4: The incomes of 50 loan applicants are summarized in the following table. Which level of measurement is income?
Frequency
Percentage
Under $20,000
27
11.89
$20,000 up to $40,000
48
21.15
$40,000 up to $60,000
76
33.48
$60,000 up to $80,000
43
18.94
$80,000 up to $100,000
21
9.25
$100,000 or more
12
5.29
A. Nominal
B. Ordinal
C. Interval
D. Ratio
5: The Empirical Rule:
A. applies to all samples.
B. applies only to samples from a non-normal population.
C. uses the variance to determine mean percentages.
D. None of the above answers are correct.
6: The waiting time at an elevator is uniformly distributed between 60 and 180 seconds. Find the mean of the waiting time.
A. 60 seconds
B. 80 seconds
C. 120 seconds
D. 240 seconds
7: Suppose the wait to pass through immigration at O’Hare Airport in Chicago is thought to be bell-shaped and symmetrical with a mean of 30 minutes. It is known that about 95% of travelers will spend between 20 and 40 minutes waiting to pass through immigration. The standard deviation for the wait time through immigration is _________.
A. 5 minutes
B. 10 minutes
C. 20 minutes
D. 40 minutes
8: Which of the following is considered an estimator?
A. s2
B.
C. 2
D. µ
9: To convert a normally distributed variable x into a standard z score we would:
A. subtract the mean from the original observation and divide the result by the variance.
B. subtract the mean from the original observation and divide the result by the standard deviation.
C. add the mean and the original observation, then divide by the variance.
D. subtract the mean from the standard deviation and divide by the variance.
A random sample of 50 wage earners in line work at Malco Industries was taken to determine the average hourly wage. What is the lower (LCL) and upper limit (UCL) for the 95% confidence interval?
Hourly Wage
Mean
20.21
Standard Error
0.91
Median
17.84
Mode
15.45
Standard Deviation
6.47
Sample Variance
41.82
Kurtosis
2.09
Skewness
1.52
Range
28.52
Minimum
11.81
Maximum
40.33
Sum
1010.53
Count
50
Confidence Level(95.0%)
1.84
10: The 95% confidence interval has the following lower confidence limit (LCL) and the upper confidence limit (UCL).
A. 17.76; 22.66
B. 18.37; 22.05
C. 18.68; 21.74
11: The process that produces Swiss Chard Bars (a type of candy) is intended to produce bars with a mean weight of 56 gm. The process standard deviation is known to be 0.77 gm. A random sample of 49 candy bars yields a mean weight of 55.82 gm. Which are the hypotheses to test whether the mean is less than what it should be?
A. Ho: 56, HA: > 56
B. Ho: 56, HA: < 56
A. Ho: 55.82, HA: > 55.82
B. Ho: 55.82, HA: < 55.82
12. In a test of a mean, the reported p-value is .034. Using =.05 the conclusion would be to:
A. Reject the null hypothesis.
B. Do not reject the null hypothesis.
C. There is insufficient information to make a decision on the null hypothesis.
13: The critical value in a hypothesis test:
Is calculated from the sample data.
Equal to the significance level ().
Defines the beginning of the rejection region.
Depends on the value of the test statistic.
14. A corporate analyst is testing whether mean inventory turnover has increased. Inventory turnover in eleven randomly chosen product distribution centers (PDCs) is analyzed, and a paired t test is conducted. The degrees of freedom for the paired t test would be:
a. 9.
b. 10.
c. 20.
d. 22.
Frequency
Percentage
Under $20,000
27
11.89
$20,000 up to $40,000
48
21.15
$40,000 up to $60,000
76
33.48
$60,000 up to $80,000
43
18.94
$80,000 up to $100,000
21
9.25
$100,000 or more
12
5.29
Explanation / Answer
1. The correct answer is D) The mean is the most frequent value.
Mean provides a gauge of central location for the data and it is the most frequent choice from a number of choices.
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