QMB3200 Exam 1 Review Questions With Correct Solutions!

Whenever the population standard deviation is unknown and the population has a normal or near-normal distribution, which distribution is used in developing an interval estimation? - ANSWERSt-distribution If a hypothesis is not rejected at the 5% level of significance, it - ANSWERSwill also not be rejected at the 1% level A sample statistic, such as a sample mean is known as - ANSWERSa statistic The p-value is a probability that measures the support (or lack of support) for the - ANSWERSnull hypothesis numerical characteristics of a population are - ANSWERSparameters Cluster sampling is - ANSWERSa probability sampling method After computing a confidence interval, the user believes the results are meaningless because the width of the interval is too large. Which one of the following is the best recommendation? - ANSWERSincrease sample size As the sample size increases, the margin of error - ANSWERSdecreases As the sample size increases, the standard error of the mean - ANSWERSdecreases In general, higher confidence levels provide - ANSWERSwider confidence intervals An interval estimate is a range of values used to estimate - ANSWERSpopulation parameter When S is used to estimate Sigma, the margin of error is computed by using - ANSWERSt distribution What type of error occurs if you fail to reject H0 when, in fact, it is not true? - ANSWERSType II When S is used to estimate Sigma, the margin of error is computed by using - ANSWERSt distribution