QNT 561 Final Exam

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QNT 561 Final Exam

1) Which of the following measures of central location is affected most by extreme values?    

2) Which level of measurement is required for the median?    

3) Which level of measurement is required for the mode?    

4) In a set of observations, which measure of central tendency reports the value that occurs most often?    

5) The weighted mean is a special case of what?    

6) A sample of 5 companies were examined for changes in their relative market share. The results showed the following increases and decreases: –5, 10, 10, 5, –10.    

7) The difference between the sample mean and the population mean is called the    

8) A local trade union consists of plumbers and electricians. Classified according to rank:
Apprentice    Journeyman    Master    Total
Plumbers      25    20    30    75
Electricians    15    40    20    75
                   40    60    50   
A member of the union is selected at random. Given that the person selected is an electrician, what is the probability that the person is a master?   

9) Suppose a population consisted of 20 items. How many different samples of n = 3 are possible?    

10) The mean and the variance are equal in

11) In the 1936 Presidential Election Franklin D. Roosevelt defeated Alfred E. Landon in a landslide vote. A Landon victory had been predicted by the Literary Digest, a magazine that ran the oldest, largest, and most widely publicized of the polls at the time. The Digest's final prediction was based on 10 million sample ballots mailed to prospective voters, and 2.3 million were returned. The sample of voters was drawn from lists of automobile and telephone owners. Despite the massive size of this sample, it failed to predict a Roosevelt victory, being off the mark by 19 percentage points. The Digest was wrong because    

12) In a study on the effect of reinforcement on learning from a company online training program, two experimental treatments are planned: reinforcement given after every learning module, or reinforcement given after every two learning modules. Reinforcement is accomplished with the addition of more examples. Which one of the following control groups would serve best in this study?    

13) The central limit theorem is important to market researchers because it states that as sample sizes increase, the distribution of the sample ________ collected from consumers on any topic of interest being researched approaches the normal distribution.    

14) To find confidence intervals for the mean of a normal distribution, the t distribution is usually used in practical applications instead of the standard normal distribution because    

15) We wish to develop a confidence interval for the population mean. The population follows the normal distribution, the standard deviation of the population is 3, and we have a sample of 10 observations. We decide to use the 90% level of confidence. The appropriate value of to represent the level of confidence is    

16) Which of the following is a correct statement about a probability?    

17) The special rule of addition is used to combine    

18) We use the general rule of multiplication to combine

19) A discrete variable

20) A nominal scale variable    

21) The ratio scale of measurement    

22) In the world of market research, the use of a questionnaire often plays a vital role in gaining useful business intelligence because    

23) A Type I error is    

24) In a two-sample test of means for independent samples, we use the z distribution when    

25) Which of the following is a requirement for a two-sample test of proportions?    

26) Bob is interested in opening a candy store in his town. He believes that his customers will spend an average of $75 or more in annual purchases (the alternative hypothesis). Bob hires a consultant to test this belief. The consultant tested this conjecture on a sample of 100 customers and found the p-value for the test statistic satisfied p > .25, then  

27) A carefully designed business experiment has just been concluded. Unfortunately, use of alpha = .05 indicated no significant differences among four treatments. What useful information can you supply future investigators when you report on this experiment?    

28) A correlation matrix    

29) The multiple standard error of estimate is

30) A dummy variable or indicator variable

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