BAN 280: Key Concepts for Exam 1
H₀: µ≤x - correct answer ✔✔One tailed test right
H₀: µ≥x - correct answer ✔✔One tailed test left
H₀: µ=x - correct answer ✔✔two tailed test
α - correct answer ✔✔significance level
significance level - correct answer ✔✔probability of a type one error
want to minimize α - correct answer ✔✔set α low
want to minimize β - correct answer ✔✔set α high
sampling error - correct answer ✔✔xbar - µ
standard error (of the mean) - correct answer ✔✔σ/√n
margin of error - correct answer ✔✔Z × σ/√n
point estimate - correct answer ✔✔single number
point estimator - correct answer ✔✔symbol (µ)
µ∨Xbar - correct answer ✔✔mean of the sample distribution
, σ∨Xbar - correct answer ✔✔the standard error of the mean
which of the following is a quantitative variable?
a. social security numbers
b. college majors
c. miles driven
d. jersey numbers - correct answer ✔✔c. miles driven
asking people, "what kind of phone do you use is an example of..?
a. primary data
b. secondary data
c. tertiary data
d. time series data - correct answer ✔✔a. primary data
instructors in a uni are rated "Easy, Difficult, or Impossible" what scale of measurement is this?
a. nominal
b. ordinal
c. interval
d. ratio - correct answer ✔✔b. ordinal
when data is collected from all members of a pop
a. sample data
b. time - series data
c. census data
d. cross sectional data - correct answer ✔✔c. census data
on a histogram, the highest bar corresponds to the - correct answer ✔✔mode of the data set
what will not change after replacing the highest value - correct answer ✔✔median
H₀: µ≤x - correct answer ✔✔One tailed test right
H₀: µ≥x - correct answer ✔✔One tailed test left
H₀: µ=x - correct answer ✔✔two tailed test
α - correct answer ✔✔significance level
significance level - correct answer ✔✔probability of a type one error
want to minimize α - correct answer ✔✔set α low
want to minimize β - correct answer ✔✔set α high
sampling error - correct answer ✔✔xbar - µ
standard error (of the mean) - correct answer ✔✔σ/√n
margin of error - correct answer ✔✔Z × σ/√n
point estimate - correct answer ✔✔single number
point estimator - correct answer ✔✔symbol (µ)
µ∨Xbar - correct answer ✔✔mean of the sample distribution
, σ∨Xbar - correct answer ✔✔the standard error of the mean
which of the following is a quantitative variable?
a. social security numbers
b. college majors
c. miles driven
d. jersey numbers - correct answer ✔✔c. miles driven
asking people, "what kind of phone do you use is an example of..?
a. primary data
b. secondary data
c. tertiary data
d. time series data - correct answer ✔✔a. primary data
instructors in a uni are rated "Easy, Difficult, or Impossible" what scale of measurement is this?
a. nominal
b. ordinal
c. interval
d. ratio - correct answer ✔✔b. ordinal
when data is collected from all members of a pop
a. sample data
b. time - series data
c. census data
d. cross sectional data - correct answer ✔✔c. census data
on a histogram, the highest bar corresponds to the - correct answer ✔✔mode of the data set
what will not change after replacing the highest value - correct answer ✔✔median
