Straighterline MAT150 Business Statistics Graded Exam 3 (New Version August 2024) Graded 100%

Straighterline MAT150 Business Statistics Graded Exam 3 (New Version August 2024) Graded 100% We are a team of experts offering course/class attendance (including final proctored exams!!) for all Straighterline, Online ATI, HESI, NCLEX, Portage Learning, Sophia, Nursing, Business etc courses. We also write essays, discussion posts, research papers and school assignments. Should you need any of these services, Contact us via email: or : +1 (540) 753-5914. Guaranteed Passing! Question 1 Correct 5.00 points out of 5.00 Flag question Question text A student wanted to construct a 95% confidence interval for the mean age of students in her statistics class. She randomly selected nine students. Their average age was 19.1 years with a sample standard deviation of 1.5 years. What is the best point estimate for the population mean? Select one: a. 19.1 years b. 9 years c. 1.5 years d. 2.1 years Question 2 Correct 5.00 points out of 5.00 Flag question Question text A sample standard deviation is the best point estimate of the ___________. Select one: a. population range b. population skewnessc. population standard deviation d. population mode Question 3 Correct 5.00 points out of 5.00 Flag question Question text A research firm needs to estimate within 3% the proportion of junior executives leaving large manufacturing companies within three years. A 0.95 degree of confidence is to be used. Several years ago, a study revealed that 21% of junior executives left their company within three years. To update this study, how many junior executives should be surveyed? Select one: a. 594 b. 612 c. 897 d. 709 Question 4 Correct 5.00 points out of 5.00 Flag question Question text A group of marketing students at a large university wants to determine the proportion of first year students who use certain types of social media. The students want their estimate to be within 0.03 of the true proportion with a 90% level of confidence. How large of a sample is required if the population proportion is not known? Select one: a. Cannot be determined without more information b. 347 c. 1,068d. 752 Question 5 Correct 5.00 points out of 5.00 Flag question Question text The z-score or z-value corresponding to a 95.34% confidence interval is ___________. Select one: a. 1.65 b. 1.68 c. 1.96 d. 1.99 Question 6 Correct 5.00 points out of 5.00 Flag question Question text The mean weight of trucks traveling on a particular section of I-475 is not known. A state highway inspector needs an estimate of the population mean. He selects and weighs a random sample of 49 trucks and finds the mean weight is 15.8 tons. The population standard deviation is 3.8 tons. What is the 95% confidence interval for the population mean? Select one: a. 10.0 and 20.0 b. 14.7 and 16.9 c. 13.2 and 17.6 d. 16.1 and 18.1 Question 7 Correct 5.00 points out of 5.00Flag question Question text What kind of distribution is the t-distribution? Select one: a. Discrete b. A z-distribution c. Subjective d. Continuous Question 8 Correct 5.00 points out of 5.00 Flag question Question text The distribution of Student's t is ___________. Select one: a. positively skewed b. a discrete probability distribution c. negatively skewed d. symmetrical Question 9 Correct 5.00 points out of 5.00 Flag question Question text A null hypothesis makes a claim about a ___________.Select one: a. sample statistic b. population parameter c. sample mean d. Type II error Question 10 Correct 5.00 points out of 5.00 Flag question Question text Sales at a fast-food restaurant average $6,000 per day. The restaurant decided to introduce an advertising campaign to increase daily sales. To determine the effectiveness of the advertising campaign, a sample of 49 days of sales were taken. They found that the average daily sales were $6,400 per day. From past history, the restaurant knew that its population standard deviation is about $1,000. The value of the test statistic is ___________. Select one: a. 6,000 b. 1.960 c. 6,400 d. 2.800 Question 11 Correct 5.00 points out of 5.00 Flag question Question text A hypothesis regarding the weight of newborn infants at a community hospital is that the mean is 6.6 pounds. A sample of seven infants is randomly selected and their weights at birth are recorded as 9.0, 7.3, 6.0, 8.8, 6.8, 8.4, and 6.6 pounds. What is the sample standard deviation? Select one:a. 1.188 b. 1.386 c. 1.090 d. 1.177 Question 12 Correct 5.00 points out of 5.00 Flag question Question text In hypothesis testing, what is the level of significance? Select one: a. All of these answers apply. b. A value between 0 and 1. c. It is selected before a decision rule can be formulated. d. A value symbolized by the Greek letter α. e. The risk of rejecting the null hypothesis when it is true. Question 13 Correct 5.00 points out of 5.00 Flag question Question text The average cost of tuition plus room and board for a small private liberal arts college is reported to be $8,500 per term, but a financial administrator believes that the average cost is higher. A study conducted using 350 small liberal arts colleges showed that the average cost per term is $8,745. The population standard deviation is $1,200. Let α = 0.05. What is the critical z-value for this test? Select one: a. −1.645 b. +1.645 c. −1.960d. +1.960 Question 14 Correct 5.00 points out of 5.00 Flag question Question text The average cost of tuition plus room and board for a small private liberal arts college is reported to be $8,500 per term, but a financial administrator believes that the average cost is higher. A study conducted using 350 small liberal arts colleges showed that the average cost per term is $8,745. The population standard deviation is $1,200. Let α = 0.05. Based on the computed test statistic or pvalue, what is our decision about the average cost? Select one: a. Not equal to $8,500 b. Less than $8,500 c. Greater than $8,500 d. Equal to $8,500 Question 15 Correct 5.00 points out of 5.00 Flag question Question text Consider a right-tailed test (upper tail) and a sample size of 40 at the 95% confidence level. The value of t is ___________. Select one: a. −2.023 b. −1.685 c. +2.023 d. +1.685 Question 16Correct 5.00 points out of 5.00 Flag question Question text If the alternate hypothesis states that µ ≠ 4,000, where is the rejection region for the hypothesis test? Select one: a. In the upper or right tail b. In the center c. In the lower or left tail d. In both tails Question 17 Correct 5.00 points out of 5.00 Flag question Question text What is a Type II error? Select one: a. Rejecting a false null hypothesis b. Rejecting a false alternate hypothesis c. Failing to reject a false null hypothesis d. Accepting a false alternate hypothesis Question 18 Correct 5.00 points out of 5.00 Flag questionQuestion text Define the level of significance. Select one: a. It is the probability of a Type II error. b. It is the beta error. c. It is the probability of a Type I error. d. It is a z-value of 1.96. Question 19 Incorrect 0.00 points out of 5.00 Flag question Question text Accounting procedures allow a business to evaluate their inventory costs based on two methods: LIFO (last in first out) or FIFO (first in first out). A manufacturer evaluated its finished goods inventory (in $000s) for five products with the LIFO and FIFO methods. To analyze the difference, they computed FIFO − LIFO for each product. We would like to determine if the LIFO method results in a lower cost of inventory than the FIFO method. ProductFIFO (F)LIFO (L) 1 225 221 2 119 100 3 100 113 4 212 200 5 248 245 What is the null hypothesis? Select one: a. H0: µd = 0 b. H0: µd ≠ 0 c. H0: µd ≥ 0 d. H0: µd ≤ 0 Question 20 Correct 5.00 points out of 5.00Flag question Question text Accounting procedures allow a business to evaluate its inventory costs based on two methods: LIFO (last in first out) or FIFO (first in first out). A manufacturer evaluated its finished goods inventory (in $000s) for five products with the LIFO and FIFO methods. To analyze the difference, they computed FIFO minus LIFO for each product. We would like to determine if the LIFO method results in a lower cost of inventory than the FIFO method. The company wishes to test this hypothesis at the 0.05 level of significance. ProductFIFO (F)LIFO (L) 1 225 218 2 124 101 3 100 114 4 215 203 5 252 247 What is the value of the test statistic? Select one: a. +1.096 b. +2.295 c. ±2.939 d. +0.63 Question 21 Correct 5.00 points out of 5.00 Flag question Question text A company is researching the effectiveness of a new website design to decrease the time to access a website. Five website users were randomly selected, and their times (in seconds) to access the website with the old and new designs were recorded. To compare the times, they computed new website design time minus old website design time. The company wishes to test its hypothesis at the0.01 level of significance. The results are shown here: UserOld Website DesignNew Website Design A 30 25 B 45 30 C 25 20 D 32 30 E 28 27 What is the value of the test statistic? Select one: a. 1.895 b. 2.447 c. 2.256 d. 3.747 Question 22 Correct 5.00 points out of 5.00 Flag question Question text A recent study focused on the amount of money single men and women save monthly. The information is summarized here. Assume that the population standard deviations are unknown and not equal. Sample SizeSample MeanSample Standard Deviation Men 25 50 10 Women 30 54 5 At the 0.01 significance level, do women save more money than men? What is the p-value for this hypothesis test? Select one: a. 3.44% b. 3.9% c. 3.0%d. 0.03% Question 23 Correct 5.00 points out of 5.00 Flag question Question text Two samples, one of size 14 and the second of size 13, are selected to test the difference between two independent population means. How many degrees of freedom are used to find the critical value? Assume the population standard deviations are unknown but equal. Select one: a. 14 b. 27 c. 25 d. 26 Question 24 Correct 5.00 points out of 5.00 Flag question Question text A national manufacturer of ball bearings is experimenting with two different processes for producing precision ball bearings. It is important that the diameters be as close as possible to an industry standard. The output from each process is sampled and the average error from the industry standard is measured in millimeters. The results are presented here. Process AProcess B Sample mean 2.0 3.0 Standard deviation 1.0 0.5 Sample size 12 14 The researcher is interested in determining whether there is evidence that the two processes yield different average errors. The population standard deviations are unknown but assumed equal.Assume that Process A is the first population. What is the critical t-value at the 1% level of significance? Select one: a. −2.492 b. ±2.779 c. ±2.797 d. ±1.711 Question 25 Correct 5.00 points out of 5.00 Flag question Question text For a hypothesis test comparing two independent population means, the combined degrees of freedom is 24. Which of the following statements about the two sample sizes cannot be true? Assume the population standard deviations are unknown but equal. Select one: a. n1 = 13; n2 = 13 b. n1 = 11; n2 = 13 c. n1 = 12; n2 = 14 d. n1 = 10; n2 = 16