QNT 561 Final Exam 2 (Graded A+) LATEST UPDATE

QNT 561 Final Exam 2 1. A difference between calculating sample mean and population mean is A. Only in symbols, we use instead of µ and n instead of N B. We divide sum of observations by n - 1 instead of n C. observations are ranked and select middle value for population mean D. There are no differences 2. Which of following measures of central location is affected most by extreme values? A. Median B. Mean C. Mode D. Geometric mean 3. Which level of measurement is required for median? A. Nominal B. Ordinal C. Interval D. Ratio 4. In which of following distributions is probability of a success usually small? A. Binomial B. Poisson C. Hyper geometric D. All distribution 5. Which of following is not a requirement of a probability distribution? A. Equally likely probability of a success B. Sum of possible outcomes is 1.00 C. outcomes are mutually exclusive D. probability of each outcome is between 0 and 1 6. Which of following is not a requirement of a binomial distribution? A. A constant probability of success B. Only two possible outcomes C. A fixed number of trails D. Equally likely outcomes 7. A sample A. Is a part of population B. Has more than 30 observations C. Is usually identified as N D. All of above 8. difference between sample mean and population mean is called A. Population mean. B. Population standard deviation C. Standard error of mean D. Sampling error 9. Suppose a population consisted of 20 items. How many different sample of n = 3 are possible? A. 6840 B. 1140 C. 20 D. 120 10. A point estimate is A. Always an estimate of population mean B. Always equal to population value C. An estimate of population parameter D. None of above 11. We wish to develop a confidence interval for population mean. population follows normal distribution, standard deviation of population is 3, and we have a sample of 10 observations. We decide to use 90 percent level of confidence. appropriate value of to represent level of confidence is A. z =1.65 B. z = 1.96 C. t = 1.833 D. t = 1.812 12. A confidence interval A. Always includes population parameter B. Decreases in width as sample size is increased C. Cannot include a value of 0 D. None of above 13. Special Rule of Addition is used to combine A. Independent events B. Mutually exclusive events C. Events that total more than one D. Events based on subjective probabilities 14. We use General Rule of Multiplication to combine A. Events that are not independent B. Mutually exclusive events C. Events that total more than 1.00 D. Events based on subjective probabilities 15. An experiment is a A. Collection of events B. Collection of outcomes C. Always greater than 1 D. act of taking a measurement or observation of some activity 16. Which of following statements is true regarding a sample? A. It is a part of population B. It must contain at least five observations C. It refers to descriptive statistics D. All of above are correct 17. Which of following statements is true regarding a population? A. It must be a large number of values B. It must refer to people C. It is a collection individuals, objects, or measurements D. None of above 18. A nominal scale variable is A. Usually result of counting something B. Has a meaningful zero point C. May assume negative values D. Cannot have more than two categories 19. In a two-sample test of means for independent samples, equal sign always appears in A. null hypothesis B. alternate hypothesis C. upper tail of test statistic D. None of above 20. alternate hypothesis A. Is accepted if null hypothesis is rejected . Will always contain equal sign . Tells value of sample mean . None of above 1. Which of following is a requirement for a two-sample test of proportions? A. population standard deviations are equal . Both populations are positively skewed . Both samples are at least 30 . n and n(1-) are both greater than 5 22. In a contingency table A. number of rows must be same as number of columns . A variable is classified according to two criteria . There must be at least 10 observations in each cell . All of above 23. To conduct a nonparametric test . Population must follow normal distribution B. standard deviation must be known C. It is not necessary to make any assumption about shape of population D. data must be at least interval scale 24. In a goodness-of-fit test where sample size is 200, there are 5 categories, and significance level is .05. critical value of X2 is A. 9.488 B.11.070 C. 43.773 D. None of above 25. A dummy variable or indicator variable A. May assume only a value of 0 or 1 B. Is another term for dependent variable C. Is found by (Y - Y') D. Is equal to Y' 26. multiple standard error of estimate is A. Is based on (Y - Y')2 B.Is negative when one of net regression coefficients is 0 C. Is found by taking square root of SSR/SS total D. All of above 27. A correlation matrix A. Shows all simple coefficients of correlation B. Shows all possible net regression coefficients C. Shows correlations that are positive D. Reports multiple regression equation 28) difference between a random variable and a probability distribution is: A. A random variable does not include probability of an event. B. A random variable can only assume whole numbers. C. A probability distribution can only assume whole numbers. D. None of above. 29) mean and variance are equal in A. binomial distribution. B. All probability distributions. C. Poisson distribution. D. hypergeometric distribution. 30) Events are independent if A. probability of their occurrence is greater than 1. B. By virtue of one event happening another cannot. C. We can count possible outcomes. D. probability of one event happening does not affect probability of another event happening. 1) Which of following is a correct statement about a probability? . It may assume negative values. B. It cannot be reported to more than 1 decimal place. . It may range from 0 to 1. . It may be greater than 1. 32) ratio scale of measurement . Cannot assume negative values. . Is usually based on counting. . Usually involves ranking. D. Has a meaningful zero point. 33) In a two-sample test of means for independent samples, we use z distribution when A. Both populations have at least 4,000 observations. B. nB and n(1-B) are both greater than 5. C. population standard deviations are equal. D. Both population standard deviations are known 34) Which of following is not a characteristic of X2 A. It is not negative. B. It approaches a normal distribution as degrees of freedom increase. C. Its shape is based on sample size. D. It is positively skewed. 35) In a multiple regression equation A. There is only one dependent variable. B. R2 term must be at least .50. C. All regression coefficient must be between -1.00 and 1.00. D. None of these 7) Small companies can engage in marketing research in a number of creative and affordable ways, including using Internet or taking advantage of local university students who need business projects. A. True B. False 8) Data published by government and data purchased from outside suppliers can improve quality of a company’s marketing intelligence efforts. A. True B. False 9) Typically, companies budget about 11-12 percent of company sales for marketing research. A. True B. False 10) ______________ is difference between a prospective customer’s evaluation of all benefits and costs of an offering and perceived alternatives. A. Total customer cost . Customer delivered value . Customer perceived value . Customer relationship management 11) Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, better product selection, and to maintain an impeccable image. These are all part of improving offer via _____________. A. Reducing buyer’s nonmonetary costs B. Increasing service value C. Reducing product’s monetary costs to buyers. D. Increasing total custome value 12) Which of following is NOT a component part of total customer value? . Product value B. Psychic value . Services value . Image value 13) _____________ are relatively homogeneous and enduring divisions in society, and may xhibit distinct product, brand, and media preferences. . Subcultures . Demographic groups . Social classes . Cultures 14) Within United States, Southerners, Mormons, and Native Americans are examples of: A. Social classes . Psychologically defined groups . Subcultures . Cultures 15) A(n) ________________ is likely to offer informal advice and information about a roduct or product category. . Primary reference group . Opinion leader . Aspirational reference group