2026/2027 Exam All Answers
and Illustrations Given
Explain what we mean by a confidence level (exp. 95%) - ANSWER
✔✔The percentage of intervals, based on all possible samples of the
same size taken from the same population, that contain the parameter.
For example, if we construct 100 95% confidence intervals using 100
samples of the same size, approximately 95 of the intervals will contain
the true parameter and 5 will not.
A point estimate is the value of a _________ that estimates the value of
a ____________ - ANSWER ✔✔statistic, parameter
, What are the two desirable characteristics of an ideal confidence
interval? - ANSWER ✔✔narrow and high confidence level
What is the best point estimate for the population proportion? -
ANSWER ✔✔p hat
Type I error - ANSWER ✔✔reject Ho when Ho is true
Type II error - ANSWER ✔✔do not reject Ho when Ho is false
statistically significant - ANSWER ✔✔observed results are unlikely
under the assumption that the null hypothesis is true
random variable - ANSWER ✔✔assignment of numerical values to all
outcomes of a probability experiment
sampling distribution - ANSWER ✔✔a probability distribution for all
possible values of a statistic
Two events E and F are independent if - ANSWER ✔✔occurrence of
event E does not affect the probability of event F in the same experiment
T or F: the empirical probability of an event E may change experiment to
experiment - ANSWER ✔✔True
Classical Probability - ANSWER ✔✔Dividing number of outcomes in
an event by number of all possible outcomes