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I have attached my document for answers to the 43 questions. Stats Questions II

 

 

 

 

1.The table below displays a week\\\'s worth of data on daily sales

 

at the Crank It Louder Music Store. ??Over that time period, what was the mean

 

daily level of sales?

 

A. ?$3,489.79

 

?B. $4,071.42

 

?C. $1,643.23

 

D. $2,829.92

 

 

2. The table below displays a week\\\'s worth of data on daily sales

 

at the Crank It Louder Music Store. ??Over that time period, what was the

 

median daily level of sales?

 

A. $1,643.23

 

B. ?$3,489.79

 

C. ?$3,130.46

 

D. ?$800.12

 

 

3. The histogram below displays the age distribution of the

 

world\\\'s billionaires as reported by Forbes Magazine in 2001. ??This

 

distribution is best described as:

 

?A. Approximately normal.

 

?B. Strongly skewed to the right.

 

?C. Bimodal.

 

D. Approximately uniform.

 

 

4) Which of the following correctly ranks from smallest to largest

 

the measures of central tendency of the data displayed in the histogram below?

 

?

 

A. Mode < mean < median.?

 

B. ?Median < mode < mean.?

 

C. Mode < median < mean.?

 

D. ?The answer cannot be determined from the information provided.

 

 

5) The scatter diagram below displays the relationship between age

 

and net worth (in US$ billions) for the world\\\'s 20 wealthiest people as

 

reported by Forbes Magazine in 2001. ??If 45-year old Bill Gates, the world\\\'s

 

wealthiest person, is considered an outlier and removed from the data set, what

 

will be the effect on this relationship?

 

A. The value of the correlation coefficient will decrease.

 

B. ?The value of the correlation coefficient will increase.

 

C. ?The value of the correlation coefficient will stay about the same.

 

D. ?The correlation will become perfectly linear.

 

 

6. The data in the Excel spreadsheet linked below gives the net

 

worth (in US$ billions) and ages of the world\\\'s billionaires as reported by Forbes

 

Magazine in 2001. ??The correlation coefficient between age and net worth:

 

A. ?Is about 0.00.

 

B ?Is greater than 0.5.

 

C ?Is less than -0.5.

 

D ?The answer cannot be determined from the information given.

 

 

7. The data in the Excel spreadsheet linked below gives the

 

average monthly price of gold (in dollars per ounce) for the years 1980 to1983.

 

??Which of the following statistics measures gold price variation in the same

 

units as gold price itself (i.e., dollars per ounce)?

 

 

A. ?The standard deviation.

 

B ?The variance.

 

C ?The coefficient of variation.

 

D ?None of the above.

 

 

8. The data in the Excel spreadsheet linked below gives the

 

average monthly price of gold (in dollars per ounce) for the years 1980 to

 

1983. ??In which of the years was the coefficient of variation of gold price

 

the highest?

 

A ?1980

 

B ?1981

 

C ?1982

 

D ?1983

 

 

9. bizneznuz.com, an online business news agency, conducts a poll.

 

Visitors to the site are invited to click on one of two buttons in order to

 

register that they \\\"agree\\\" or \\\"disagree\\\" with the following

 

statement: \\\"Funding for space exploration should be left entirely to the

 

private sector.\\\" ??If bizneznuz.com wants to accurately measure its online

 

readership\\\'s support for government-funded space exploration, this poll will deliver

 

a biased and unrepresentative response because:

 

A ?The pool of respondents is self-selected.

 

B ?All respondents have internet access.

 

C ?bizneznuz.com targets mainly the business community.

 

D ?All of the above.

 

 

10. A researcher wants to collect data about the study habits of

 

sophomores at Harmond University. From the sophomore class of 2,300 students,

 

she wants to collect a sample of 70 students. ??Which of the following sampling

 

methods will yield the most representative sample?https://eproduct.hbsp.harvard.edu/eproduct/product/quant/content/item/6179/source_bibliography.xls

 

A. ?Assigning each sophomore a number and then randomly generating 70 numbers

 

from that list.

 

B Randomly selecting 70 sophomores entering the university\\\'s main library on a

 

randomly selected evening.

 

C ?Selecting the 70 sophomores whose grade point averages (GPA) fall closest to

 

the mean GPA of the sophomore class.

 

D ?Randomly selecting 70 sophomores who are members of college fraternities.

 

 

11. A normal distribution is completely determined by:https://eproduct.hbsp.harvard.edu/eproduct/product/quant/content/item/6179/source_bibliography.xls

 

A ?Its mean and its standard deviation.

 

B Its mean and its mode.

 

C Its mean and its median.

 

D None of the above.

 

 

12. The average height of American women is distributed normally,

 

with a mean of 63.5 inches and a standard deviation of 2.5 inches.

 

??Approximately what percentage of American women are taller than 58.5 inches,

 

but shorter than 68.5 inches?

 

 

A ?50%

 

B ?68%

 

C ?84%

 

D ?95%

 

 

13. The histogram below displays the distribution of income among

 

households in the United States in 2001. Suppose a researcher takes a random

 

sample of 60 households and calculates average household income in the sample.

 

Suppose 99 other researchers conduct identical studies, each independently

 

collecting a random sample of 60 households and computing the average household

 

income in that sample.??Which of the following best describes the distribution

 

of the 100 different average household incomes calculated by the researchers?

 

?

 

A. Symmetric with one peak.

 

B. ?Symmetric with two peaks.

 

C. ?Skewed left.

 

D ?Skewed right.

 

 

14.When calculating a confidence interval for a mean, which of the

 

following will increase the width of the confidence interval?

 

A. ?Decreasing the sample size.

 

B. ?Increasing the sample size.

 

C. ?Decreasing the sample mean.

 

D. ?Increasing the sample mean.

 

 

15. A manufacturer of microwaves gathers information on microwave

 

sales from a random sample of 50 stores in a large retail chain. In the sample,

 

the mean number of microwaves sold per store last week was 19, with standard

 

deviation 2. ??What is the 95% confidence interval for the mean number of

 

microwaves sold at a retail store in the chain last week?

 

A ?[18.45, 19.55]

 

B ?[17.00, 21.00]

 

C ?[15.00, 23.00]

 

D ?[18.27, 19.73]

 

 

16. In a public opinion poll, 48% of 189 respondents favored an

 

elimination of taxes on dividend income. ??What is the 95% confidence interval

 

for the proportion of people who favor an elimination of taxes on dividend

 

income?

 

A ?[40.9%, 55.1%]

 

B ?[47.5%, 48.5%]

 

C ?[42.0%, 54.0%]

 

D ?The answer cannot be determined from the information provided.

 

 

17.In a public opinion poll, 48% of 189 respondents favor an

 

elimination of taxes on dividend income. ??How many respondents would be needed

 

to calculate a 95% confidence interval (for the proportion of people who favor

 

an elimination of taxes on dividend income) that has a total width no greater

 

than 4% (i.e., the estimate must be within +/- 2% of the true population

 

proportion)?

 

A ?2,398

 

B ?600

 

C ?1,689

 

D ?The answer cannot be determined from the information provided.

 

 

18. In a finance course at a business school, 6 students are

 

randomly selected. Their mean score on the final exam is 75, with standard

 

deviation 8. ??What is the 95% confidence interval for the average class score

 

on the final?

 

A ?[66.6, 83.4]

 

B ?[67.6, 82.4]

 

C ?[68.6, 81.4]

 

D ?[71.7, 78.3]

 

 

19. A company\\\'s average accounts receivable per customer is

 

$132.54. After a problem in the automated accounting software is suspected, a random

 

sample of 38 accounts reveals a sample mean of $143.55 and a sample standard

 

deviation of $38.29. ??In a two-sided hypothesis test to see if the average

 

accounts receivable has changed, the best formulation of the null hypothesis

 

is:

 

A ?The average accounts receivable is $132.54.

 

B ?The average accounts receivable is $143.55.

 

C ?The average accounts receivable is no longer $132.54.

 

D ?None of the above.

 

 

20. A company\\\'s average accounts receivable per customer is

 

$132.54. After a problem in the automated accounting software is suspected, a

 

random sample of 38 accounts reveals a sample mean of $143.55 and a sample

 

standard deviation of $38.29. ??After running a two-sided hypothesis test of

 

the hypothesis that the average accounts receivable has changed, the best

 

conclusion (using a 95% confidence level) is:

 

A ?There is not sufficient evidence that the average accounts receivable has

 

changed.

 

B ?The average accounts receivable is still $132.54.

 

C ?The average accounts receivable has changed.

 

D ?The average accounts receivable is at least $143.55.

 

 

21.In a survey of 48 citizens, 36 registered strong disapproval

 

with their government\\\'s economic leadership. In the previous month, the

 

proportion of participants registering strong disapproval was 65%. ??At the 95%

 

confidence level and using a two-sided test, which of the following statements

 

do these data support?

 

A ?There is not sufficient evidence to indicate that the proportion of

 

participants registering strong disapproval has changed.

 

B ?The proportion of participants registering strong disapproval has increased.

 

 

C ?The proportion of participants registering strong disapproval has stayed the

 

same.

 

D ?None of the above.

 

 

22. A telemarketing company wants to find out if people are more

 

likely to answer the phone between 8pm and 9pm than between 7pm and 8pm. Out of

 

96 calls between 7pm and 8pm, 72 were answered. Out of 105 calls between 8pm

 

and 9pm, 90 were answered. ??Using a one-sided hypothesis test with a 90%

 

confidence level, which of the following statements do these data support?

 

A ?There is not sufficient evidence that the proportion of people who answer

 

the phone between 8pm and 9pm is greater than the proportion who answer the

 

phone between 7pm and 8pm.

 

B ?People are more likely to answer the phone between 8pm and 9pm.

 

C ?Telemarketers should not call at all during the evenings.

 

D ?People are more likely to answer the phone between 7pm and 8pm.

 

 

23.The regression analysis below relates US annual energy

 

consumption in trillions of BTUs to the independent variable \\\"US Gross

 

Domestic Product (GDP) in trillions of dollars.\\\" ??Which of the following

 

is the lowest level at which the independent variable is significant?

 

?

 

A 0.94

 

B ?0.10

 

C ?0.05

 

D ?0.01

 

 

24.The regression analysis below relates US annual energy

 

consumption in trillions of BTUs to the independent variable \\\"US Gross

 

Domestic Product (GDP) in trillions of dollars.\\\" ??The coefficient on the

 

independent variable tells us that:

 

A For every additional trillion dollars of GDP, average energy consumption

 

increased by 3,786 trillion BTUs.

 

B ?For every additional dollar of GDP, average energy consumption increased by

 

3,786 trillion BTUs.

 

C ?For every additional trillion dollars of GDP, average energy consumption

 

increased by 3,786 BTUs.

 

D ?For every additional trillion BTUs of energy consumption, average GDP

 

increased by $3,786 trillion.

 

 

25. The regression analysis below relates US annual energy

 

consumption in trillions of BTUs to the independent variable \\\"US Gross

 

Domestic Product (GDP) in trillions of dollars.\\\" ??Which of the following

 

statements is true?

 

?

 

A The y-intercept of the regression line is 62,695 trillion BTUs.

 

B ?The x-intercept of the regression line is $62,695 trillion.

 

C ?In the event that a thermonuclear war completely halts all economic activity

 

and the US GDP drops to zero, energy consumption will sink to 62,695 trillion

 

BTUs.

 

D ?None of the above.

 

 

26.The regression analysis below relates US annual energy

 

consumption in trillions of BTUs to the independent variable \\\"US Gross

 

Domestic Product (GDP) in trillions of dollars.\\\" ??In a given year, if GDP

 

is $7.4 trillion, expected energy consumption is:

 

?

 

A Around 90,711 trillion BTUs

 

B ?Around 91,501 trillion BTUs

 

C ?Around 28,016 trillion BTUs

 

D ?Around 467,729 trillion BTUs.

 

 

27. The regression analysis below relates US annual energy

 

consumption in trillions of BTUs to the independent variable \\\"US Gross

 

Domestic Product (GDP) in trillions of dollars.\\\" ??How much of the

 

variation in energy consumption can be explained by variation in the gross

 

domestic product?

 

A ?About 94%

 

B About 97%

 

C About 99.99%

 

D ?Almost none of the variation in energy consumption can be explained by

 

variation in GDP.

 

 

28. The regression analysis below relates US annual energy

 

consumption in trillions of BTUs to the independent variables \\\"US Gross

 

Domestic Product (GDP) in trillions of dollars\\\" and \\\"average gas

 

mileage of all passenger cars in miles per gallon (mpg).\\\" ??Which of the

 

two independent variables is significant at the 0.01 level?

 

?

 

A GDP only.

 

B ?Average car gas mileage only.

 

C ?Both independent variables.

 

D ?Neither independent variable.

 

 

29.The regression analysis below relates US annual energy

 

consumption in trillions of BTUs to the independent variables \\\"US Gross

 

Domestic Product (GDP) in trillions of dollars\\\" and \\\"average gas

 

mileage of all passenger cars in miles per gallon (mpg).\\\" ??The

 

coefficient for the independent variable \\\"average car gas mileage

 

(mpg),\\\" -70.50, describes:

 

A ?The relationship between energy consumption and average car gas mileage,

 

controlling for GDP.

 

B ?The relationship between energy consumption and average car gas mileage, not

 

controlling for GDP.

 

C? The relationship between average car gas mileage and GDP, controlling for

 

energy consumption.

 

D ?The relationship between average car gas mileage and GDP, not controlling

 

for energy consumption.

 

 

30. The data table below tabulates a pizza parlor\\\'s advertising

 

expenditures and sales for 8 consecutive quarters. The marketing manager wants

 

to know how much of an impact current advertising will have on sales two

 

quarters from now. ??When running a regression with the dependent variable

 

\\\"sales\\\" and the independent variable \\\"advertising lagged by two

 

quarters,\\\" how many data points can she use, given the available data?

 

A 6

 

B 7

 

C ?8

 

D ?9

 

 

31. In a regression analysis, a residual is defined as:

 

a) The difference between the actual value and the predicted value of the

 

dependent variable.

 

b) The difference between the actual value and the predicted value of the independent

 

variable.

 

c) ?The proportion of the variation in the independent variable that remains

 

unexplained by the variation in the dependent variable.

 

d) The proportion of the variation in the dependent variable that remains

 

unexplained by the variation in the independent variable.

 

 

32. When comparing two regression analyses that have a different

 

number of independent variables, which of the following should be used to

 

compare the explanatory power of the two regressions?

 

 

a) Adjusted R-squared.

 

b) ?R-squared.

 

c) ?The correlation coefficient (\\\"Multiple R\\\").

 

d) None of the above.

 

 

33. Amalgamated Fruits, Vegetables, and Legumes, an agricultural

 

company, breeds the experimental fruit \\\"kiwana.\\\" The company is

 

studying the effects of a new fertilizer on the number of kiwanas per bunch

 

grown on kiwana trees. The regression analysis below relates the number of

 

kiwanas per bunch to the independent dummy variable \\\"fertilizer.\\\"

 

??Based on the regression, which of the following statements may be concluded?

 

 

a) On average, the use of the new fertilizer increases the number

 

of kiwanas per bunch by 5.25.

 

b) ?The independent dummy variable \\\"fertilizer\\\" is significant at the

 

0.01 level.

 

c) Variation in the independent dummy variable \\\"fertilizer\\\" explains

 

around 53% of the variation in the number of kiwanas per bunch.

 

d) None of the above.

 

 

34. In a regression analysis with multiple independent variables,

 

multicollinearity can be caused by:

 

a) ?A strong linear relationship between two or more independent variables.

 

b) ?A strong nonlinear relationship between the dependent variable and one or

 

more independent variables.

 

c) ?A strong heteroskedastic relationship between the dependent variable and

 

one or more independent variables.

 

d) ?None of the above.

 

 

35. Market researcher Ally Nathan is studying the relationships

 

among price, type (classical or steel string), and consumer demand for acoustic

 

guitars. She wants to find the relationship between demand and price,

 

controlling for type.??To determine this relationship, she should:

 

 

a) Run a simple regression of the dependent variable demand on the

 

independent variable price and observe the coefficient on price.

 

b) ?Run a simple regression of the dependent variable demand on the independent

 

variable type and observe the coefficient on type.

 

c) ?Run a multiple regression of the dependent variable demand on the

 

independent variables price and type and observe the coefficient on price.

 

d) Run a multiple regression of the dependent variable demand on the

 

independent variables price and type and observe the coefficient on type.

 

 

 

36. The table below displays data on defect rates at a compact disk (CD)

 

pressing facility. The table includes data on the distribution of CDs that have

 

content errors (missing and/or wrong content), and on the distribution of CDs

 

that have labeling errors.

 

??What is the probability that a randomly selected CD has a content error?

 

 

a) 1.00%

 

b) ?0.98%

 

c) ?0.02%

 

d) None of the above.

 

 

37. The table below displays data on defect rates at a compact

 

disk (CD) pressing facility. The table includes data on the distribution of CDs

 

that have content errors (missing and/or wrong content), and on the

 

distribution of CDs that have labeling errors. ??

 

What is the conditional probability that a CD has no content errors, given that

 

has a labeling error?

 

a) ?97.02%

 

b) ?1.98%

 

c) 98.00%

 

d) None of the above.

 

 

 

38. The table below displays data on defect rates at a compact disk (CD)

 

pressing facility. The table includes data on the distribution of CDs that have

 

content errors (missing and/or wrong content), and on the distribution of CDs

 

that have labeling errors. ??

 

Which of the following statements is true?

 

a) ?The fact that a CD has a content error tells us nothing about whether it

 

has a labeling error.

 

b) ?The events of a CD having a content error and a CD having a labeling error

 

are statistically dependent.

 

c) ?The fact that a CD has a labeling error tells us something about whether it

 

has a content error.

 

d) None of the above.

 

 

39. The WH meat-packing company must decide whether or not to

 

recall one week\\\'s production of kielbasa due to possible contamination. An

 

outbreak of non-fatal food poisoning may be linked to WH. If so, WH may face a

 

lawsuit. The tree below summarizes the decision. ??What is the expected monetary

 

value of the cost of not issuing a recall?

 

a) ?$80,000

 

b) $120,000

 

c) $800,000

 

d) ?$0

 

 

40. The WH meat-packing company must decide whether or not to

 

recall one week\\\'s production of kielbasa due to possible contamination. An

 

outbreak of non-fatal food poisoning may be linked to WH. If so, WH may face a

 

lawsuit. The tree below summarizes the decision. ??The EMV of the cost of not

 

issuing a recall is $80,000. Based on EMV, WH should not issue a recall. If WH

 

chooses to recall, which of the following best describes the WH\\\'s attitude

 

towards this decision?

 

a) ?Risk averse.

 

b) Risk neutral.

 

c) Risk seeking

 

d) Chicken.

 

 

41. The WH meat-packing company must decide whether or not to

 

recall one week\\\'s production of kielbasa due to possible contamination. An outbreak

 

of non-fatal food poisoning may be linked to WH. If so, WH may face a lawsuit.

 

The tree below summarizes the decision. ??The EMV of the cost of not issuing a

 

recall is $80,000. Based on EMV, WH should not issue a recall. An estimated

 

value of a reputation loss is included in the outcome estimate of the lawsuit.

 

If WH is implicated, the firm may face a reputation loss even if no lawsuit is

 

filed. For what values of that reputation loss would issuing the recall be

 

preferable, in terms of EMV?

 

a) Higher than $500,000.

 

b) ?Lower than $500,000.

 

c) ?Lower than $44,444

 

d) None of the above

 

 

42. The WH meat-packing company must decide whether or not to

 

recall one week\\\'s production of kielbasa due to possible contamination. An

 

outbreak of non-fatal food poisoning may be linked to WH. If so, WH may face a

 

lawsuit. The tree below summarizes the decision. ??The EMV of the cost of not

 

issuing a recall is $80,000. Based on EMV, the manager should not issue the

 

recall. For what values of p = Prob[WH is implicated] is not recalling the

 

kielbasa preferable to recalling the kielbasa, in terms of EMV?

 

a) p < 15%?

 

b) ?p > 15%?

 

c) ?p < 85%?

 

d) ?None of the above.?

 

 

43. The WH meat-packing company must decide whether or not to

 

recall one week\\\'s production of kielbasa due to possible contamination. An

 

outbreak of non-fatal food poisoning may be linked to WH. If so, WH may face a

 

lawsuit. The tree below summarizes the decision. ??

 

The EMV of the cost of not issuing a recall is $80,000. Suppose there were a

 

way to know for certain whether WH would be implicated or not. What would be

 

the value of this perfect information?

 

a) $68,000

 

b) $12,000

 

c) ?$80,000

 

d) None of the above.

 

 

 

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