Questions For Business And Eco Statistics

  1. The sum of deviations from the mean must be zero.

              True or false

  • The Mean divides a population or sample into two equal parts.

             True or false

  • The median is not very sensitive to outliers.

True or false

  • In a distribution with 5 classes the third class must contain the median.

       True or false

  • The heights in inches were measured for 11 students in a Statistic class with the following results:
    68, 66, 70, 72, 67, 75, 69, 61, 81, 74, and 68. Find the Median.

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  1. 67  b. 68 c. 69 d. 70 e. 72
  • The data for numbers of rooms in recently sold homes were: 8, 8, 8, 5, 9, 8, 7, 6, 6, 7, 7, 7, 7, 9, and 9. What is the standard deviation?

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A          

1.96

b

1.40

c

1.18

d

19.6

e

1.307

7.  In a Finance class, scores of students were randomly selected with the following results: 74, 73, 77, 77, 71, 68, 65, 77, 67, and 66. The sample standard deviation for this distribution is:

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a

22.72

b

20.45

c

4.77

d

204.50

e

4.52

8.  According to a survey of the top 20 employers in a city, a worker spends on average minutes 415 daily on the job. Suppose the standard deviation is 26 minutes and the time spent is a normal distribution. What is the range of times (interval) in which 99.73% of all workers will fall?

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a

363 to 467

b

389 to 441

c

415 to 493

d

389 to 467

e

337 to 493

9. If we use the Chebyshev’s inequality to derive the bounds for a 99.73 percent of the values in a distribution, we get an interval ___ the interval calculated using the Empirical rule and assuming a normal or near-normal distribution.

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a

Narrower than

b

Wider than

c

The same as

d

Cannot tell

10.  The probability of an event is a value which

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a

must be positive.

b

must be less than 1

c

greater than 0 but less than 1

d

greater than or equal to 0 but less than 1

e

greater than or equal to 0 but less than or equal to 1

11. A subjective probability is a probability assessment that is based on relative frequency.

True or false

12.  Events whose union has the probability equal to 1 are called Complementary events.

True/ False

13. If events A and B are independent and A is not an impossible event, then P(A/B) is equal to zero

True/False

14. If events A and B are independent, then P(A|B) is equal to P(A) divided by P(B)

True/False

15. Two mutually exclusive events having positive probabilities are __ dependent.

a

Sometimes

b

Never

c

Always

d

Cannot say without knowing the product of the individual probabilities

e

Cannot say without knowing the joint probability

16. If events A and B are mutually exclusive, then P(A/B) is equal to zero.

True/False

17. Mutually exclusive events can never be independent.

True or False

18. Events that have no sample space outcomes in common and, therefore cannot occur simultaneously are referred to as mutually independent events.

True/False

19. If P(A) > 0 and P(B) > 0 and events A and B are independent, then

a

P(A) = P(B)

b

P(B/A) = P(A)

c

P(A and B) = 0

d

P(A and B) = P(A)/ P(B/A)

e

P(A/B) = P(A)

20. A survey about a product tried to relate a consumer’s awareness of a new marketing campaign with their rating of the product. Consumers’ awareness is ranked as low, medium and high, and product is ranked as Bad, Fair, or Good. The results are presented below:

What is the probability that a consumer who is known to have ranked the product as fair had a high awareness of the ad campaign?

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a

0.08

b

0.25

c

0.42

d

0.19

e

0.32

21.  A survey about a product tried to relate a consumer’s awareness of a new marketing campaign with their rating of the product. Consumers’ awareness is ranked as low, medium and high, and product is ranked as Bad, Fair, or Good. The results are presented in the table below. Based on this table, the following is the probability that a randomly selected customer either has a low awareness or rated the product bad.
Table 4.5

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a

0.20

b

0.52

c

0.32

d

0.08

e

0.44

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