Business Statistics Final Exam Questions with Complete Answers Rated 100%

Business Statistics Final Exam Questions with Complete Answers Rated 100% As the sample size ________, the variation of the sampling distribution of ___________. Increases, decreases Increases, remains the same Decreases, remains the same Decreases, decreases None of these - Answers Increases, decreases If a two-sided null hypothesis cannot be rejected for a single mean at a given significance level, then the corresponding one-sided null hypothesis (i.e., the same sample size, the same standard deviation, and the same mean) will ________ be rejected at the same significance level. never always sometimes - Answers sometimes The t distribution approaches the ________ distribution as the sample size ________. Binomial, decreases z, decreases z, increases Binomial, increases - Answers z, increases An event is a collection of sample space outcomes. True False - Answers true An indication of no linear relationship between two variables would be... a correlation coefficient equal to -1 a correlation coefficient equal to 0 a correlation coefficient equal to 1 - Answers a correlation coefficient equal to 0 Range is a better measure of variation than standard deviation. True False - Answers False The binomial experiment consists of n independent, identical trials, each of which results in either success or failure and is such that the probability of success on any trial is the same. True False - Answers True When comparing two independent population means, if n1 = 13 and n2 = 10, degrees of freedom for the t statistic is 22. True False - Answers False The number of standard deviations that a value x is from the mean is a(n) ________. z score Exponential value Variance Area - Answers z score The probability of an event is the sum of the probabilities of the sample space outcomes that correspond to the event. True False - Answers True A population is a set of existing units. True False - Answers True A confidence interval for the population mean is an interval constructed around the ________. z test statistic Sample mean t test statistic Population mean - Answers sample mean In a binomial experiment, the results of one trial are dependent on the results of other trials. True False - Answers false All continuous random variables are normally distributed. True False - Answers false If all the points in a scatterplot lie on the least squares regression line, then the coefficient of correlation... must be 1.0 must be -1.0 must be either -1.0 or 1.0 must be 0 - Answers must be either -1.0 or 1.0 In testing the difference between the means of two normally distributed populations using independent random samples, the alternative hypothesis always indicates no differences between the two specified means. True False - Answers False For a hypothesis test about a population proportion or mean, if the level of significance is less than the p-value, the null hypothesis is rejected. True False - Answers False If the sampled population distribution is skewed, then in most cases the sampling distribution of the mean can be approximated by the normal distribution if the sample size n is at least 30. True False - Answers True If the coefficient of correlation is a positive value, then the corresponding regression equation... must have a positive slope must have a negative slope could have either a positive or negative slope must have a positive y-intercept - Answers must have a positive slope Which of the following is a continuous distribution? Hypergeometric Normal Binomial Poisson - Answers normal A financial analyst working for a financial consulting company wishes to find evidence that the average price-to-earnings ratio in the consumer industry is higher than the average price-to-earnings ratio in the banking industry. The alternative hypothesis is: μconsumer < μbanking μconsumer ≠ μbanking μconsumer > μbanking μconsumer ≤ μbanking μconsumer = μbanking - Answers μconsumer > μbanking If a null hypothesis is not rejected at a significance level of .05, it will ________ be rejected at a significance level of .01. Always Never Sometimes - Answers never When the level of confidence and sample size remain the same, a confidence interval for a population proportion p will be narrower when p(1-p) is larger than when p(1-p) is smaller. True False - Answers false The Central Limit Theorem states that as the sample size increases, the distribution of the sample ________ approaches the normal distribution. Standard deviations Medians Means Variances - Answers means Which of the following is a quantitative variable? A person's gender Whether a person is a college graduate The manufacturer of a cell phone Mileage of a car Whether a person has a charge account - Answers mileage of a car A(n) ________ is the probability that one event will occur given that we know that another event already has occurred. Conditional probability Long-run relative frequency Complement of events