EXAM 1: BUSMGT 2320 QUESTIONS AND ANSWERS.

EXAM 1: BUSMGT 2320 QUESTIONS AND ANSWERS. area under the curve is the -Answer-probability as sample size increase, power -Answer-increases as SD increases, power -Answer-decreases as significance level increases, power -Answer-increases Binomial Distribution (Conditions) -Answer-1. n trials 2. n trials are independent and identical 3. only 2 outcomes 4. constant probability CLT: normal if -Answer-1. SRS 2. n 30 3. np 10, n(1-p) 10 4. n 10% N confidence interval HT method - when to reject value -Answer-anything outside the CI empirical rule: 68% within -Answer-1 SD empirical rule: 95% within -Answer-2 SD empirical rule: 99.7% within -Answer-3 SD fail to reject Ho if p-value is or alpha -Answer- Ho is false, fail to reject Ho -Answer-type 2 error (B) Ho is false, reject Ho -Answer-correct -- power ( 1- B) Ho is true, fail to reject Ho -Answer-correct (1-alpha) Ho is true, reject Ho -Answer-type 1 error (alpha) interpretation of HT with CI -Answer-we are (1-alpha) % confident that our CI captures the parameter Is a normal distribution symmetrical or asymmetrical? -Answer-symmetrical