QMB3200 Exam 1 Review Questions With Accurate Solutions!!

Whenever the population standard deviation is unknown and the population has a normal or near-normal distribution, which distribution is used in developing an interval estimation? - ANSWERSt-distribution If a hypothesis is not rejected at the 5% level of significance, it - ANSWERSwill also not be rejected at the 1% level A sample statistic, such as a sample mean is known as - ANSWERSa statistic The p-value is a probability that measures the support (or lack of support) for the - ANSWERSnull hypothesis numerical characteristics of a population are - ANSWERSparameters Cluster sampling is - ANSWERSa probability sampling method After computing a confidence interval, the user believes the results are meaningless because the width of the interval is too large. Which one of the following is the best recommendation? - ANSWERSincrease sample size As the sample size increases, the margin of error - ANSWERSdecreases As the sample size increases, the standard error of the mean - ANSWERSdecreases In general, higher confidence levels provide - ANSWERSwider confidence intervals An interval estimate is a range of values used to estimate - ANSWERSpopulation parameter When S is used to estimate Sigma, the margin of error is computed by using - ANSWERSt distribution What type of error occurs if you fail to reject H0 when, in fact, it is not true? - ANSWERSType II When S is used to estimate Sigma, the margin of error is computed by using - ANSWERSt distribution The level of significance is - ANSWERS(1 - confidence level) Whenever the population standard deviation is known which distribution is used in developing an interval estimation? - ANSWERSz distribution The error of rejecting a true null hypothesis is - ANSWERSa Type I error The sample statistic, such as x-bar, s, or p-bar, that provides the point estimate of the population parameter is known as - ANSWERSpoint estimator How many simple random samples of size 3 can be selected from a population of size 7 (Obviously, the order is not important)? - ANSWERS35 Excel's __________ function can be used to calculate a p-value for a One-Tailed Test: Population Mean Sigma Known. - ANSWERS(1 -NORMDIST(ABS(TESTSTATISTIC))) Excel's _____ function can be used to compute the point estimate of the population standard deviation - ANSWERSSTDEV.S Excel's __________ function can be used to calculate a p-value for a Two-Tailed Test: Population Mean Sigma Unknown. - ANSWERST.DIST.2T(ABS(TEST STATISTIC), DEGREES OF FREEDOM) Excel's __________ function can be used to calculate a p-value for a Two-Tailed Test: Population Proportion. - ANSWERS2 x (1 -NORMDIST(ABS(TESTSTATISTIC)))