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Question;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%?;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.

 

Paper#54048 | Written in 18-Jul-2015

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