TEST BANK
Statistics for Business and
Economics, 14th Edition by
James T. McClave
Complete Chapter Test Bank
are included (Ch 1 to 15)
** Immediate Download
** Swift Response
** All Chapters included
,Table of Contents are given below
1.Statistics, Data, and Statistical Thinking
2.Methods for Describing Sets of Data
3.Probability
4.Random Variables and Probability Distributions
5.Sampling Distributions
6.Inferences Based on a Single Sample: Estimation with Confidence Intervals
7.Inferences Based on a Single Sample: Tests of Hypotheses
8.Inferences Based on Two Samples: Confidence Intervals and Tests of Hypotheses
9.Design of Experiments and Analysis of Variance
10.Categorical Data Analysis
11.Simple Linear Regression
12.Multiple Regression and Model Building
13.Methods for Quality Improvement: Statistical Process Control (Available Online)
14.Time Series: Descriptive Analyses, Models, and Forecasting (Available Online)
15.Nonparametric Statistics (Available Online)
,The test bank is organized in reverse order, with the last chapter displayed first, to ensure that all chapters are included in this
document. (Complete Chapters included Ch15-1)
McClave Statistics for Business and Economics 14e
Chapter 14 Test
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Determine whether the statement is true or false.
1) Price indexes measure changes in the price of a commodity or group of commodities over time.
A) True B) False
Objective: (14.1) Understand Index Numbers
2) A composite index number represents combinations of the prices or quantities of several commodities.
A) True B) False
Objective: (14.1) Understand Index Numbers
3) The Laspeyres index is a weighted index while the Paasche index is not weighted.
A) True B) False
Objective: (14.1) Understand Index Numbers
4) The Laspeyres index uses the purchase quantities of the period as weights.
A) True B) False
Objective: (14.1) Understand Index Numbers
Solve the problem.
5) A(n) _______ is a number that measures the change in a variable over time relative to the value of the variable
during a base period.
A) index number B) residual value
C) exponential smoothing constant D) time series
Objective: (14.1) Understand Index Numbers
(Situation F) The sales (in thousands of dollars) of automobiles by the three largest American automakers from 1986
through 1992 are shown in the table below.
Year G.M. Ford Chrysler
1986 8993 5810 1796
1987 7101 4328 1225
1988 6762 4313 1283
1989 6244 4255 1182
1990 7769 4934 1494
1991 8256 5585 2034
1992 9305 5551 2157
6) Using 1986 as the base year, and only using the Chrysler sales data, find the simple index for 1992.
A) 102.49 B) 83.26 C) 120.10 D) 97.57
Objective: (14.1) Compute Index Numbers
7) Using 1986 as the base year, find the simple composite index for 1990.
A) 116.92 B) 65.81 C) 151.95 D) 85.53
Objective: (14.1) Compute Index Numbers
1
, SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
8) Using 1986 as the base year, find the simple composite index for 1992.
Objective: (14.1) Compute Index Numbers
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
(Situation G) The number of industrial and construction failures in the United States by the type of firm for the years
1985-1996 is given in the table.
Commercial Manufacturing Retail Wholesale
Year Service Construction and Mining Trade Trade
1985 1637 2262 1645 4799 1089
1986 1331 1770 1360 4139 1028
1987 1041 1463 1122 3406 887
1988 773 1204 1013 2889 740
1989 930 1378 1165 3183 908
1990 1594 2355 1599 4910 1284
1991 2366 3614 2223 6882 1709
1992 3840 4872 3683 9730 2783
1993 8627 5247 4433 11,429 3598
1994 12,787 6936 5759 13,787 4882
1995 16,647 7004 5662 13,501 4835
1996 20,911 7035 5641 13,509 4808
9) Using 1985 as the base period and using just construction failures, calculate the simple index for 1992.
A) 215.38 B) 487.20 C) 217.88 D) 46.43
Objective: (14.1) Compute Index Numbers
10) Using 1985 as the base year and using all five types of firms, calculate the simple composite index for 1995.
A) 217.88 B) 476.49 C) 416.80 D) 23.99
Objective: (14.1) Compute Index Numbers
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
Solve the problem.
11) The table below shows the price of a commodity for each of ten consecutive years.
Year 1 2 3 4 5 6 7 8 9 10
Price $1.19 $1.22 $1.23 $1.45 $1.39 $1.42 $1.47 $1.55 $1.62 $1.65
a. Using Year 1 as the base period, calculate the simple index for the price of the commodity for each year.
b. Plot the simple indexes for years 1-10.
c. Use the simple index to interpret the trend in the price of the commodity.
Objective: (14.1) Compute Index Numbers
2
Statistics for Business and
Economics, 14th Edition by
James T. McClave
Complete Chapter Test Bank
are included (Ch 1 to 15)
** Immediate Download
** Swift Response
** All Chapters included
,Table of Contents are given below
1.Statistics, Data, and Statistical Thinking
2.Methods for Describing Sets of Data
3.Probability
4.Random Variables and Probability Distributions
5.Sampling Distributions
6.Inferences Based on a Single Sample: Estimation with Confidence Intervals
7.Inferences Based on a Single Sample: Tests of Hypotheses
8.Inferences Based on Two Samples: Confidence Intervals and Tests of Hypotheses
9.Design of Experiments and Analysis of Variance
10.Categorical Data Analysis
11.Simple Linear Regression
12.Multiple Regression and Model Building
13.Methods for Quality Improvement: Statistical Process Control (Available Online)
14.Time Series: Descriptive Analyses, Models, and Forecasting (Available Online)
15.Nonparametric Statistics (Available Online)
,The test bank is organized in reverse order, with the last chapter displayed first, to ensure that all chapters are included in this
document. (Complete Chapters included Ch15-1)
McClave Statistics for Business and Economics 14e
Chapter 14 Test
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Determine whether the statement is true or false.
1) Price indexes measure changes in the price of a commodity or group of commodities over time.
A) True B) False
Objective: (14.1) Understand Index Numbers
2) A composite index number represents combinations of the prices or quantities of several commodities.
A) True B) False
Objective: (14.1) Understand Index Numbers
3) The Laspeyres index is a weighted index while the Paasche index is not weighted.
A) True B) False
Objective: (14.1) Understand Index Numbers
4) The Laspeyres index uses the purchase quantities of the period as weights.
A) True B) False
Objective: (14.1) Understand Index Numbers
Solve the problem.
5) A(n) _______ is a number that measures the change in a variable over time relative to the value of the variable
during a base period.
A) index number B) residual value
C) exponential smoothing constant D) time series
Objective: (14.1) Understand Index Numbers
(Situation F) The sales (in thousands of dollars) of automobiles by the three largest American automakers from 1986
through 1992 are shown in the table below.
Year G.M. Ford Chrysler
1986 8993 5810 1796
1987 7101 4328 1225
1988 6762 4313 1283
1989 6244 4255 1182
1990 7769 4934 1494
1991 8256 5585 2034
1992 9305 5551 2157
6) Using 1986 as the base year, and only using the Chrysler sales data, find the simple index for 1992.
A) 102.49 B) 83.26 C) 120.10 D) 97.57
Objective: (14.1) Compute Index Numbers
7) Using 1986 as the base year, find the simple composite index for 1990.
A) 116.92 B) 65.81 C) 151.95 D) 85.53
Objective: (14.1) Compute Index Numbers
1
, SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
8) Using 1986 as the base year, find the simple composite index for 1992.
Objective: (14.1) Compute Index Numbers
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
(Situation G) The number of industrial and construction failures in the United States by the type of firm for the years
1985-1996 is given in the table.
Commercial Manufacturing Retail Wholesale
Year Service Construction and Mining Trade Trade
1985 1637 2262 1645 4799 1089
1986 1331 1770 1360 4139 1028
1987 1041 1463 1122 3406 887
1988 773 1204 1013 2889 740
1989 930 1378 1165 3183 908
1990 1594 2355 1599 4910 1284
1991 2366 3614 2223 6882 1709
1992 3840 4872 3683 9730 2783
1993 8627 5247 4433 11,429 3598
1994 12,787 6936 5759 13,787 4882
1995 16,647 7004 5662 13,501 4835
1996 20,911 7035 5641 13,509 4808
9) Using 1985 as the base period and using just construction failures, calculate the simple index for 1992.
A) 215.38 B) 487.20 C) 217.88 D) 46.43
Objective: (14.1) Compute Index Numbers
10) Using 1985 as the base year and using all five types of firms, calculate the simple composite index for 1995.
A) 217.88 B) 476.49 C) 416.80 D) 23.99
Objective: (14.1) Compute Index Numbers
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
Solve the problem.
11) The table below shows the price of a commodity for each of ten consecutive years.
Year 1 2 3 4 5 6 7 8 9 10
Price $1.19 $1.22 $1.23 $1.45 $1.39 $1.42 $1.47 $1.55 $1.62 $1.65
a. Using Year 1 as the base period, calculate the simple index for the price of the commodity for each year.
b. Plot the simple indexes for years 1-10.
c. Use the simple index to interpret the trend in the price of the commodity.
Objective: (14.1) Compute Index Numbers
2
