QMB 3200 EXAM 1 UCF CHAPTER 7 QUESTIONS AND ANSWERS 2024.

The central limit theorem is important in Statistics because it enables reasonably accurate probabilities to be determined for events involving the sample average when the sample size is large regardless of the distribution of the variable. The fact that the sampling distribution of sample means can be approximated by a normal probability distribution whenever the sample size becomes large is based on the: central limit theorem. Sample statistics, such as x̅ , s, or p̅, that provide the point estimate of the population parameter are known as: Point Estimators As a rule of thumb, the sampling distribution of the sample proportion can be approximated by a normal probability distribution when: n(1 - p) ≥ 5 and np ≥ 5. Which of the following statements regarding the sampling distribution of sample means is incorrect? The mean of the sampling distribution is the mean of the population. The sampling distribution is approximately normal when the population is normal or the sample size is sufficiently large. The sampling distribution is found by taking repeated samples of the same size from the population of interest and computing the mean of each sample. The standard deviation of the sampling distribution is the standard deviation of the population. The standard deviation of the sampling distribution is the standard deviation of the population. As the sample size increases, the: standard error of the mean decreases The sample mean is the point estimator of: μ Which of the following is a point estimator s A simple random sample of size n from a finite population of size N is a sample selected such that each possible sample of size: n has the same probability of being selected Doubling the size of the sample will: increase the standard error of the mean. reduce the standard error of the mean. double the standard error of the mean. have no effect on the standard error of the mean. reduce the standard error of the mean. A sample of 92 observations is taken from an infinite population. The sampling distribution of is approximately: normal because of the central limit theorem. The sample statistic characteristic s is the point estimator of: σ A simple random sample of size n from an infinite population is a sample selected such that each element is selected independently and is selected from the same population The standard deviation of a point estimator is called the: standard error. The probability distribution of all possible values of the sample proportion is the: sampling distribution of p bar The medical director of a company looks at the medical records of all 50 employees and finds that the mean systolic blood pressure for these employees is 126.07. The value of 126.07 is Parameter (Describes a population) The value of the _____ is used to estimate the value of the population parameter. sample statistic