MGMT 500 - Final Exam questions with |\ |\ |\ |\ |\ |\ |\
answers
What does it mean when we say that the normal distribution is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
asymptotic? - CORRECT ANSWERS ✔✔The tails get closer and |\ |\ |\ |\ |\ |\ |\ |\ |\
closer to the x axis but never touch it.
|\ |\ |\ |\ |\ |\ |\ |\
Let the time between two consecutive arrivals at a grocery store
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
checkout line be exponentially distributed with a mean of three
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
minutes. Find the probability that the next arrival does not occur
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
until at least seven minutes have passed since the last arrival. -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔0.0970 |\ |\
Sam is a used car salesman in a medium size town in Texas. He
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
states that it takes him 5 days to sell a car. Assume that the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
probability distribution of the length of time between sales is |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
exponentially distributed. What is the probability that Sam will |\ |\ |\ |\ |\ |\ |\ |\ |\
have to wait at least 8 days before making another sale? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔0.2019 |\ |\
The length of time patients must wait to see a doctor at the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
emergency room in Provo Intermountain hospital has a uniform |\ |\ |\ |\ |\ |\ |\ |\ |\
distribution between 50 minutes and two and a half hours. What |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
is the probability that a patient would have to wait between one
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and two hours? - CORRECT ANSWERS ✔✔60%
|\ |\ |\ |\ |\ |\
The cumulative distribution function F(x) of a continuous random
|\ |\ |\ |\ |\ |\ |\ |\ |\
variable X with the probability density function f(x) is which of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
,the following? - CORRECT ANSWERS ✔✔The area under f(x) over
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
all values that are x or less.
|\ |\ |\ |\ |\ |\
Which of the following is correct? - CORRECT ANSWERS ✔✔A
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
continuous random variable has a probability density function, |\ |\ |\ |\ |\ |\ |\ |\
and a discrete random variable has a probability mass function.
|\ |\ |\ |\ |\ |\ |\ |\ |\
Which of the following statements is FALSE regarding the given
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
curves showing the shapes of the probability density function for
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
various values of mean and standard deviation? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔All three curves are depicting a standard normal |\ |\ |\ |\ |\ |\ |\ |\ |\
distribution.
The starting salary of an administrative assistant is normally
|\ |\ |\ |\ |\ |\ |\ |\ |\
distributed with a mean of $50,000 and a standard deviation of |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
$2,500. We know that the probability of a randomly selected
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
administrative assistant making a salary between μ − x and μ + |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
x is 0.7416. Find the approximate salary range referred to in this
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
statement. - CORRECT ANSWERS ✔✔$47,175 to $52,825 |\ |\ |\ |\ |\ |\
What is the closest z value such that P(−z ≤ Z ≤ z) = 0.866. -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔z = 1.499 |\ |\ |\ |\
The time for a professor to grade a student's homework in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
statistics is normally distributed with a mean of 13.1 minutes and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a standard deviation of 2.0 minutes. What is the probability that
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
randomly selected homework will require less than 17 minutes to
|\ |\ |\ |\ |\ |\ |\ |\ |\
grade? - CORRECT ANSWERS ✔✔0.9744
|\ |\ |\ |\ |\
,The time to complete the construction of a soapbox derby car is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
normally distributed with a mean of three hours and a standard
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
deviation of one hour. Find the probability that it would take
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
exactly 3.7 hours to construct a soapbox derby car. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔0.0000 |\
You are planning a May camping trip to Denali National Park in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Alaska and want to make sure your sleeping bag is warm
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
enough. The average low temperature in the park for May follows
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a normal distribution with a mean of 32°F and a standard
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
deviation of 8°F. Above what temperature must the sleeping bag
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
be suited such that the temperature will be too cold only 5% of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the time? - CORRECT ANSWERS ✔✔18.84
|\ |\ |\ |\ |\
The waiting time at an elevator is uniformly distributed between
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
30 and 200 seconds. What is the probability a rider must wait
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
between 1 minute and 1.5 minutes? - CORRECT ANSWERS|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔0.1765
Sarah's portfolio has an expected annual return at 10%, with an
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
annual standard deviation at 12%. If her investment returns are
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
normally distributed, then Sarah has an approximate __________
|\ |\ |\ |\ |\ |\ |\ |\
annual return in any given year. - CORRECT ANSWERS ✔✔68%
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
chance that the actual return will fall within −2% and 22%
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
A continuous random variable X has the uniform distribution on
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the interval [a, b] if its probability density function f(x) __________.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔is constant for all x values between a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and b inclusive, and 0 otherwise
|\ |\ |\ |\ |\
, You work in marketing for a company that produces work boots.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Quality control has sent you a memo detailing the length of time
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
before the boots wear out under heavy use. They find that the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
boots wear out in an average of 208 days, but the exact amount
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
of time varies, following a normal distribution with a standard
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
deviation of 14 days. For an upcoming ad campaign, you need to|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
know the percent of the pairs that last longer than six months—
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
that is, 180 days. Use the empirical rule to approximate this
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
percent. - CORRECT ANSWERS ✔✔97.5% |\ |\ |\ |\
Suppose the average price of gasoline for a city in the United
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
States follows a continuous uniform distribution with a lower
|\ |\ |\ |\ |\ |\ |\ |\ |\
bound of $3.10 per gallon and an upper bound of $3.70 per
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
gallon. What is the probability a randomly chosen gas station
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
charges more than $3.25 per gallon? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔0.7500
The probability P(Z < −1.28) is closest to __________. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔0.10 |\
If an exponential distribution has the rate parameter λ = 5, what
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
is its expected value? - CORRECT ANSWERS ✔✔1/5
|\ |\ |\ |\ |\ |\ |\
On a particular busy section of the Garden State Parkway in New
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Jersey, police use radar guns to detect speeding drivers. Assume
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the time that elapses between successive speeders is
|\ |\ |\ |\ |\ |\ |\ |\
exponentially distributed with the mean of 15 minutes. What is |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the probability of a waiting time in excess of 25 minutes between
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
successive speeders? - CORRECT ANSWERS ✔✔0.1889
|\ |\ |\ |\ |\ |\
answers
What does it mean when we say that the normal distribution is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
asymptotic? - CORRECT ANSWERS ✔✔The tails get closer and |\ |\ |\ |\ |\ |\ |\ |\ |\
closer to the x axis but never touch it.
|\ |\ |\ |\ |\ |\ |\ |\
Let the time between two consecutive arrivals at a grocery store
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
checkout line be exponentially distributed with a mean of three
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
minutes. Find the probability that the next arrival does not occur
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
until at least seven minutes have passed since the last arrival. -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔0.0970 |\ |\
Sam is a used car salesman in a medium size town in Texas. He
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
states that it takes him 5 days to sell a car. Assume that the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
probability distribution of the length of time between sales is |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
exponentially distributed. What is the probability that Sam will |\ |\ |\ |\ |\ |\ |\ |\ |\
have to wait at least 8 days before making another sale? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔0.2019 |\ |\
The length of time patients must wait to see a doctor at the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
emergency room in Provo Intermountain hospital has a uniform |\ |\ |\ |\ |\ |\ |\ |\ |\
distribution between 50 minutes and two and a half hours. What |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
is the probability that a patient would have to wait between one
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and two hours? - CORRECT ANSWERS ✔✔60%
|\ |\ |\ |\ |\ |\
The cumulative distribution function F(x) of a continuous random
|\ |\ |\ |\ |\ |\ |\ |\ |\
variable X with the probability density function f(x) is which of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
,the following? - CORRECT ANSWERS ✔✔The area under f(x) over
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
all values that are x or less.
|\ |\ |\ |\ |\ |\
Which of the following is correct? - CORRECT ANSWERS ✔✔A
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
continuous random variable has a probability density function, |\ |\ |\ |\ |\ |\ |\ |\
and a discrete random variable has a probability mass function.
|\ |\ |\ |\ |\ |\ |\ |\ |\
Which of the following statements is FALSE regarding the given
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
curves showing the shapes of the probability density function for
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
various values of mean and standard deviation? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔All three curves are depicting a standard normal |\ |\ |\ |\ |\ |\ |\ |\ |\
distribution.
The starting salary of an administrative assistant is normally
|\ |\ |\ |\ |\ |\ |\ |\ |\
distributed with a mean of $50,000 and a standard deviation of |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
$2,500. We know that the probability of a randomly selected
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
administrative assistant making a salary between μ − x and μ + |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
x is 0.7416. Find the approximate salary range referred to in this
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
statement. - CORRECT ANSWERS ✔✔$47,175 to $52,825 |\ |\ |\ |\ |\ |\
What is the closest z value such that P(−z ≤ Z ≤ z) = 0.866. -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔z = 1.499 |\ |\ |\ |\
The time for a professor to grade a student's homework in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
statistics is normally distributed with a mean of 13.1 minutes and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a standard deviation of 2.0 minutes. What is the probability that
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
randomly selected homework will require less than 17 minutes to
|\ |\ |\ |\ |\ |\ |\ |\ |\
grade? - CORRECT ANSWERS ✔✔0.9744
|\ |\ |\ |\ |\
,The time to complete the construction of a soapbox derby car is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
normally distributed with a mean of three hours and a standard
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
deviation of one hour. Find the probability that it would take
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
exactly 3.7 hours to construct a soapbox derby car. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔0.0000 |\
You are planning a May camping trip to Denali National Park in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Alaska and want to make sure your sleeping bag is warm
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
enough. The average low temperature in the park for May follows
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a normal distribution with a mean of 32°F and a standard
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
deviation of 8°F. Above what temperature must the sleeping bag
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
be suited such that the temperature will be too cold only 5% of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the time? - CORRECT ANSWERS ✔✔18.84
|\ |\ |\ |\ |\
The waiting time at an elevator is uniformly distributed between
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
30 and 200 seconds. What is the probability a rider must wait
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
between 1 minute and 1.5 minutes? - CORRECT ANSWERS|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔0.1765
Sarah's portfolio has an expected annual return at 10%, with an
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
annual standard deviation at 12%. If her investment returns are
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
normally distributed, then Sarah has an approximate __________
|\ |\ |\ |\ |\ |\ |\ |\
annual return in any given year. - CORRECT ANSWERS ✔✔68%
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
chance that the actual return will fall within −2% and 22%
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
A continuous random variable X has the uniform distribution on
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the interval [a, b] if its probability density function f(x) __________.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔is constant for all x values between a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and b inclusive, and 0 otherwise
|\ |\ |\ |\ |\
, You work in marketing for a company that produces work boots.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Quality control has sent you a memo detailing the length of time
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
before the boots wear out under heavy use. They find that the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
boots wear out in an average of 208 days, but the exact amount
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
of time varies, following a normal distribution with a standard
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
deviation of 14 days. For an upcoming ad campaign, you need to|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
know the percent of the pairs that last longer than six months—
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
that is, 180 days. Use the empirical rule to approximate this
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
percent. - CORRECT ANSWERS ✔✔97.5% |\ |\ |\ |\
Suppose the average price of gasoline for a city in the United
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
States follows a continuous uniform distribution with a lower
|\ |\ |\ |\ |\ |\ |\ |\ |\
bound of $3.10 per gallon and an upper bound of $3.70 per
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
gallon. What is the probability a randomly chosen gas station
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
charges more than $3.25 per gallon? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔0.7500
The probability P(Z < −1.28) is closest to __________. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔0.10 |\
If an exponential distribution has the rate parameter λ = 5, what
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
is its expected value? - CORRECT ANSWERS ✔✔1/5
|\ |\ |\ |\ |\ |\ |\
On a particular busy section of the Garden State Parkway in New
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Jersey, police use radar guns to detect speeding drivers. Assume
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the time that elapses between successive speeders is
|\ |\ |\ |\ |\ |\ |\ |\
exponentially distributed with the mean of 15 minutes. What is |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the probability of a waiting time in excess of 25 minutes between
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
successive speeders? - CORRECT ANSWERS ✔✔0.1889
|\ |\ |\ |\ |\ |\
