Business Stats Exam #1

Which type of test finds the following: (unbounded, UCL) lower/left A set of all items of interest are called the what? population What symbol represents the population size? N Only some of the items of interest are in the what? sample What symbol represent the sample size? n Does the following statement describe a population or a sample? "Indefinitely large" population Does the following statement describe a population or a sample? "finite" sample This is the numerical quantity that describes a population. parameter This is the numerical quantity that describes a sample. statistic Is μ a parameter or a statistic? parameter Is s a parameter or a statistic? statistic Is p a parameter or a statistic? statistic Is sigma a parameter or a statistic? parameter Is p hat a parameter or a statistic? statistic What is another term or symbol that is interchangeable with p hat? p bar Do Greek letters represent parameters or statistics? parameters Do Roman letters represent parameters or statistics? statistics Suppose a market analyst wants to understand the characteristics of consumers who buy a particular product. Which of the following could be a statistic? A. the average age of the consumers B. the number of the consumers who are married C. the proportion of 100 surveyed customers who said they purchased the product D. none of the above the proportion of 100 surveyed customers who said they purchased the product How do we calculate p? x / N x = number of items in question N = population size How do we calculate p hat? x / n x = number of items in question n = sample size The difference between the value of the statistic and the value of the parameter it estimates is called what? sampling error This occurs due to the random selection of SOME but not all of the items in the population. sampling error Sampling distribution is also a _____ distribution. probability What does a sample distribution describe? sample statistic Does the following term describe a parameter or a statistic? "constant" parameter Does the following term describe a parameter or a statistic? "random variable" statistic Every random variable can be described by a _____ distribution. probability The probability distribution that describes a statistic is called a what? sampling distribution Identifies all possible values for a statistic and assigns likelihood to those values. sampling distribution Under all circumstances, μ of the sample is equal to what? μ of the population