BAN 280 Exam 2: Business Analytics Essentials
Numbers that summarize data from an entire population are called - correct answer ✔✔parameters
Sampling error is defined to be the - correct answer ✔✔positive difference between a sample statistic
and the corresponding population parameter
The symbol x¯ represents the - correct answer ✔✔sample mean
If we take many samples from a population and calculate the sample means, all of the sample means will
always be the same. - correct answer ✔✔False
x¯ is the point estimator for - correct answer ✔✔μ
A sampling distribution for a sample mean is - correct answer ✔✔the distribution of sample means from
all possible samples of a certain size
The sampling distribution is the same as the population distribution. - correct answer ✔✔False
The Standard Error of the Mean is - correct answer ✔✔the standard deviation of a sampling distribution
of sample means
The symbol use to represent the mean of the sampling distribution is - correct answer ✔✔μx¯
According to the Central Limit Theorem, the mean of the sampling distribution of sample means - correct
answer ✔✔is exactly the same as the population mean
The Standard Error of the Mean is given by - correct answer ✔✔
As the sample size increases, the standard error of the mean - correct answer ✔✔decreases
, Consider a population that is negatively skewed. If we take all samples of size 47 from this population,
the sampling distribution of sample means - correct answer ✔✔will be normally distributed
Suppose that a population is normally distributed. If all samples of size 5 are taken from this population,
what can we say about the sampling distribution of sample means? - correct answer ✔✔it will be
normally distributed
What is the goal of interval estimation? - correct answer ✔✔to estimate an unknown population
parameter
What are Confidence Intervals? - correct answer ✔✔Confidence Intervals provide a range of values to
estimate a population parameter
If you want to be more confident - correct answer ✔✔your confidence interval (range) becomes wider
What does the symbol 1 - α represent? - correct answer ✔✔The confidence level expressed as a decimal
The Margin of Error is - correct answer ✔✔the critical value times the standard error
Out of the following, which quantity does the Margin of Error NOT depend on? - correct answer ✔✔the
sample mean
All else being the same, as the sample size n increases, what happens to the margin of error? - correct
answer ✔✔It decreases
If we change the confidence level to 98% while keeping all else constant, what happens to the
confidence interval? - correct answer ✔✔gets wider
If we want to retain a confidence level of 95% but get a narrower, more precise confidence interval, what
can we do? - correct answer ✔✔increase sample size
Numbers that summarize data from an entire population are called - correct answer ✔✔parameters
Sampling error is defined to be the - correct answer ✔✔positive difference between a sample statistic
and the corresponding population parameter
The symbol x¯ represents the - correct answer ✔✔sample mean
If we take many samples from a population and calculate the sample means, all of the sample means will
always be the same. - correct answer ✔✔False
x¯ is the point estimator for - correct answer ✔✔μ
A sampling distribution for a sample mean is - correct answer ✔✔the distribution of sample means from
all possible samples of a certain size
The sampling distribution is the same as the population distribution. - correct answer ✔✔False
The Standard Error of the Mean is - correct answer ✔✔the standard deviation of a sampling distribution
of sample means
The symbol use to represent the mean of the sampling distribution is - correct answer ✔✔μx¯
According to the Central Limit Theorem, the mean of the sampling distribution of sample means - correct
answer ✔✔is exactly the same as the population mean
The Standard Error of the Mean is given by - correct answer ✔✔
As the sample size increases, the standard error of the mean - correct answer ✔✔decreases
, Consider a population that is negatively skewed. If we take all samples of size 47 from this population,
the sampling distribution of sample means - correct answer ✔✔will be normally distributed
Suppose that a population is normally distributed. If all samples of size 5 are taken from this population,
what can we say about the sampling distribution of sample means? - correct answer ✔✔it will be
normally distributed
What is the goal of interval estimation? - correct answer ✔✔to estimate an unknown population
parameter
What are Confidence Intervals? - correct answer ✔✔Confidence Intervals provide a range of values to
estimate a population parameter
If you want to be more confident - correct answer ✔✔your confidence interval (range) becomes wider
What does the symbol 1 - α represent? - correct answer ✔✔The confidence level expressed as a decimal
The Margin of Error is - correct answer ✔✔the critical value times the standard error
Out of the following, which quantity does the Margin of Error NOT depend on? - correct answer ✔✔the
sample mean
All else being the same, as the sample size n increases, what happens to the margin of error? - correct
answer ✔✔It decreases
If we change the confidence level to 98% while keeping all else constant, what happens to the
confidence interval? - correct answer ✔✔gets wider
If we want to retain a confidence level of 95% but get a narrower, more precise confidence interval, what
can we do? - correct answer ✔✔increase sample size
