100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Statistics for Management and Economics Abbreviated 10th Edition by Gerald Keller - Test Bank $31.53   Add to cart

Exam (elaborations)

Statistics for Management and Economics Abbreviated 10th Edition by Gerald Keller - Test Bank

 1 view  0 purchase
  • Course
  • Institution

Test Bank For Statistics for Management and Economics Abbreviated 10th Edition by Gerald Keller Complete Test Bank

Preview 4 out of 798  pages

  • October 12, 2023
  • 798
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
avatar-seller
,CHAPTER 1: WHAT IS STATISTICS?


TRUE/FALSE

1. The significance level measures the proportion of the time an inference about a population will be
correct in the long run.

ANS: F PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Knowledge

2. A descriptive measure that is computed from a sample is called a statistic.

ANS: T PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Knowledge

3. The confidence level is the proportion of times that an estimating procedure will be wrong in the long
run.

ANS: F PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Knowledge

4. A resort employs 3,500 managers and staff. To ascertain their employees' opinions of a proposed
health insurance plan, 350 employees are surveyed at random. The proportion of the 350 employees
who favor the health insurance plan represents a parameter in this scenario.

ANS: F PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Comprehension

5. In a sample of 350 students selected from a large college of business, 25% are found to be marketing
majors. The 25% is a statistic.

ANS: T PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Comprehension

6. 35% of a sample of 300 professional baseball players indicated that their parents did not play baseball.
Based on this sample, we estimate that approximately 35% of the parents of all professional baseball
players did not play baseball, plus or minus 5%. This is an example of using inferential statistics.

ANS: T PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Comprehension

© 2016 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

, 7. A population is the group of all items of interest to a statistics practitioner.

ANS: T PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Knowledge

8. A statistic is typically a known quantity while a parameter is typically an unknown quantity.

ANS: T PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Comprehension

9. Statistical inference is the process of making an estimate, prediction, or decision about a population
based on sample data.

ANS: T PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Knowledge

10. A descriptive measure of a population is called a parameter.

ANS: T PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Knowledge

11. A descriptive measure of a sample is called a parameter.

ANS: F PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Knowledge

12. You take a random sample to estimate a population mean and your results have a confidence level of
80%. That means the process you used will give you correct results 80% of the time.

ANS: T PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.06 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Comprehension


MULTIPLE CHOICE

1. A random sample of 100 students is taken at LearnAll University and it’s found that their average GPA
is 3.1. If this information is used to help estimate the average GPA for all students at LearnAll
University, which branch of statistics was applied?
a. Descriptive statistics c. Sample statistics
b. Inferential statistics d. Population statistics


© 2016 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

, ANS: B PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Comprehension

2. A company has developed a new computer microprocessor whose average lifetime is unknown. In
order to estimate this average, 300 microprocessors are randomly selected from a large production line
and tested; their average lifetime is found to be 7 years. The 300 microprocessors represent a:
a. parameter. c. sample.
b. statistic. d. population.

ANS: C PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Comprehension

3. A company has developed a new engine whose average lifetime is unknown. In order to estimate this
average, 100 engines are randomly selected from a large production line and tested; their average
lifetime is found to be 11 years. The 11 years represents a:
a. parameter. c. sample.
b. statistic. d. population.

ANS: B PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Comprehension

4. A descriptive measure that is computed from a sample is called a:
a. parameter. c. population.
b. statistic. d. sample.

ANS: B PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Knowledge

5. A descriptive measure that is computed from a population is called a:
a. sample. c. population.
b. statistic. d. parameter.

ANS: D PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Knowledge

6. Which of the following is a measure of the reliability of a statistical inference?
a. A population parameter. c. A descriptive statistic.
b. A significance level. d. A sample statistic.

ANS: B PTS: 1 DIF: Easy OBJ: SFME.KELL.15.01.01
NAT: BUSPROG.SFME.KELL.15.03 STA: DISC.SFME.KELL.15.01
KEY: Bloom's: Knowledge



© 2016 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted
in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamsExpert. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $31.53. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73314 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$31.53
  • (0)
  Add to cart