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Statistics MCQs




Question;1) Which statement about sampling is correct:A. For sampling to work, the question you are asking must have answers that are normally distributed.B. The sample size must be at least 2.5% of the size of the population.C. The sample needs to be representative of the population.D. Generally, the smaller your sample, the smaller your confidence interval will be for the mean of the population.2) A bank extends credit to five firms and assesses the default risk to be 5% for each firm. If the default risk is independent for the firms, what is the likelihood that at least one defaults?0.226223) You are going to sample a group of professors to try to determine what the average income of your professor population is. You don't know what the sample average is, but you believe that the standard deviation is $20,000. You would like to have a 95% confidence interval that is no more than $4000 from lower limit to upper limit. Approximately how many people do you need to sample?Answer: 974) You have outsourced production for 100,000 chairs. To check whether the quality is at the right level, you sample 400 of them and find that 13 of them are flawed. Based on this what is your 95% confidence interval for the proportion of all of the chairs that are flawed?A. 1.5% to 5.0%B. 3.0% to 3.5%C. 0% to 6.5%D. 1.8% to 4.7%5) You purchase a shares and plan on holding it for 5 days. The shares can either go up or down on a day (ignore the chance it will be unchanged). The probability that it goes up on a given day is.53. What is likelihood that your shares will go up on at least 4 of the 5 days in which you own it?A..042B..185C..227D..268E..329For the following questions, assume there is a process for filling 16 ounce cans of Soda-Pop. The actual amount of Pop in the cans is normally distributed with mean 16.04 ounces and a standard deviation of.03 ouncesQuestion 6 of 10What is the probability of finding 15.99 ounces or less in a Pop?A..02275B..0478C..0510D..1150Question 7 of 10If we bought a six-pack of Pop, what is the probability that we would get at least one Pop with 15.99 ounces or less Pop in it?A..048B..094C..141D..255E..368Question 8 of 10What level of ounces would we expect 95% of Pop to be equal or less than:A. 16.045B. 16.066C. 16.089D. 16.121


Paper#62248 | Written in 18-Jul-2015

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