Question 1 of 20 5.0 Points Measures of dispersion:
A. provide information that allow comparisons between the spreads of two or more distributions.
B. cannot be calculated for grouped data.
C. convey information on how the data is clustered around the median.
D. All of the above Reset Selection
Mark for Review What’s This? Question 2 of 20 5.0 Points Please answer questions 2â€“7 using the following sample data.
13 29 41 60 89 14 26 53 7 14 What is the arithmetic mean of the data?
A. 34.6
B. 14
C. 50
D. 30.4 Reset Selection
Mark for Review What’s This? Question 3 of 20 5.0 Points Based on the information in the chart in #2 (above), what is the median of the data?
A. 27.5
C. 34.6
D. 51 Reset Selection
Mark for Review What’s This? Question 4 of 20 5.0 Points Based on the information in the chart in #2 (above), what is the range of the data?
A. 14
B. 34.6
C. 82
D. 27.5 Reset Selection
Mark for Review What’s This? Question 5 of 20 5.0 Points Based on the information in the chart in #2 (above), what is the mean deviation of the data?
A. 0
B. 10.5
C. 20.9
D. 209Reset Selection
Mark for Review What’s This? Question 6 of 20 5.0 Points Based on the information in the chart in #2 (above), what is the variance of the data?
A. 231
B. 616.2
C. 685.2
D. 1,197.2 Reset Selection
Mark for Review What’s This? Question 7 of 20 5.0 Points Based on the information in the chart in #2 (above), what is the standard deviation of the data?
A. 0.2
B. 24.83
C. 26.18
D. 34.61 Reset Selection
Mark for Review What’s This? Question 8 of 20 5.0 Points The coefficient of variation generally lies between:
A. -1 and +1.
B. -3 and +3.
C. 0% and 100%.
D. unlimited values. Reset Selection
Mark for Review What’s This? Question 9 of 20 5.0 Points The mean of a data set is 20 and s = 2. According to Chebyshev’s theorem, what is the percentage of values that lie within 3 standard deviations of the mean?
A. 11.1%
B. 68%
C. 88.9%
D. 96% Reset Selection
Mark for Review What’s This? Question 10 of 20 5.0 Points A non-normal population is determined to have a mean of 60 and a standard deviation of 4. Ninety-six percent of all observed values will occur in what range?
A. 52.16-67.84
B. 50-60
C. 48-72
D. 40-80 Reset Selection
Mark for Review What’s This? Question 11 of 20 5.0 Points A study of hours devoted to a graduate course outside of classroom time generates a mean score of 90 with a standard deviation of 20. The mean age of the students was 31 with a standard deviation of 5 years. What is the relative dispersion of the two data sets?
A. 2.22%; 1.6%
B. 22.22%; 16.13%
C. 34.44%; 20%
D. Not calculable without additional data Reset Selection
Mark for Review What’s This? Question 12 of 20 5.0 Points Based on the empirical rules, what percent of the observations in a data set will lie beyond two standard deviations above the mean?
A. 2.5%
B. 5%
C. 68%
D. 95% Reset Selection
Mark for Review What’s This? Question 13 of 20 5.0 Points For a sample of engineers, the mean salary is $95,000 with a standard deviation of $30,000. The median value is $80,000. What is the relative shape of the distribution and coefficient of skewness?
A. Negatively skewed; -1.00
B. Negatively skewed; 1.00
C. Positively skewed; 1.50
D. Positively skewed; 3.00 Reset Selection
Mark for Review What’s This? Question 14 of 20 5.0 Points Please answer questions 14â€“16 using the following sample data.
13 29 41 60 89 14 26 53 7 14 What is the first quartile?
A. 11.5
B. 13.75
C. 37
D. 50.75 Reset Selection
Mark for Review What’s This? Question 15 of 20 5.0 Points Based on the information in the chart in #14 (above), what is the interquartile range?
A. 6
B. 39.5
C. 41
D. 44.25 Reset Selection
Mark for Review What’s This? Question 16 of 20 5.0 Points Based on the information in the chart in #14 (above), what is the 90th percentile?
A. 9.9
B. 55.5
C. 86.1
D. 89 Reset Selection
Mark for Review What’s This? Question 17 of 20 5.0 Points The interquartile range describes the:
A. lower 50% of observations.
B. lower 25% and upper 25% of observations.
C. middle 50% of observations.
D. upper 50% of observations Reset Selection
Mark for Review What’s This? Question 18 of 20 5.0 Points A survey of passengers on domestic flights revealed these miles:
Miles Flown Number of Passengers 100 up to 500 16 500 up to 900 41 900 up to 1,300 81 1,300 up to 1,700 11 1,700 up to 2,100 9 2,100 up to 2,500 6 What is the range (in miles)?
A. 2,499
B. 1,100
C. 2,400
D. 1,999 Reset Selection
Mark for Review What’s This? Question 19 of 20 5.0 Points A box plot shows:
A. the mean and variance.
B. the relative symmetry of a distribution for a set of data.
C. the percentiles of a distribution.
D. the deciles of a distribution. Reset Selection
Mark for Review What’s This? Question 20 of 20 5.0 Points What statistics are needed to draw a box plot?
A. Minimum, maximum, median, first, and third quartiles
B. Median, mean, and standard deviation
C. A mean and a dispersion
D. A mean and a standard deviation
5
Question 1 of 20 5.0 Points A collection of possible outcomes is know as a(n):
A. experiment.
B. probability.
C. event.
D. observation Reset Selection
Mark for Review What’s This? Question 2 of 20 5.0 Points __________ requires the evaluation of available opinions and other information to produce estimates.
A. An experiment
B. An observation
C. Classical probability
D. Subjective probability Reset Selection
Mark for Review What’s This? Question 3 of 20 5.0 Points The probability of selecting a red card from a fair deck of cards is:
A. a collectively exhaustive experiment.
B. an example of a mutually exclusive event.
C. an example of classical probability.
Mark for Review What’s This? Question 4 of 20 5.0 Points Events A and B are mutually exclusive. The probability of event A occurring is 0.15; the probability of event B occurring is 0.45. What is the probability that A or B will occur?
A. 0.30
B. 0.60
C. 1
D. 0.40 Reset Selection
Mark for Review What’s This? Question 5 of 20 5.0 Points Of 680 college students surveyed, 540 reported that they held a part-time job. What is the probability of selecting a student with a part-time job from this group?
A. 0.206
B. 0.485
C. 0.50
D. 0.794 Reset Selection
Mark for Review What’s This? Question 6 of 20 5.0 Points Please answer questions 6-8 based on the following information.
A student survey revealed the following data concerning employment status:
Class Level/Job status None Part-time Full-time Freshman 16 52 12 Sophomore 4 26 20 Junior 8 18 34 Senoir 0 22 18 If one student is selected at random, what is the probability that the selected person is currently unemployed?
A. 0.122
B. 0.138
C. 0.348
D. 0.878 Reset Selection
Mark for Review What’s This? Question 7 of 20 5.0 Points Based on the information in the chart in #6 (above), if one student is selected at random, what is the probability that the selected person is a senior working full-time?
A. 0.078
B. 0.082
C. 0.214
D. 0.461 Reset Selection
Mark for Review What’s This? Question 8 of 20 5.0 Points Based on the information in the chart in #6 (above), if one student is selected at random, what is the probability that the selected person is a freshman employed on a part-time basis?
A. 0.104
B. 0.226
C. 0.356
D. 0.441 Reset Selection
Mark for Review What’s This? Question 9 of 20 5.0 Points P(A) = 0.40; P(B) = 0.25; the probability of both events occurring is 0.15. What is the probability of either event occurring?
A. 0.15
B. 0.50
C. 0.65
D. 0.80 Reset Selection
Mark for Review What’s This? Question 10 of 20 5.0 Points What is the probability of obtaining a “1” or a “2” on a single throw of a fair die?
A. 0.028
B. 0.167
C. 0.333
D. 0.50 Reset Selection
Mark for Review What’s This? Question 11 of 20 5.0 Points Events A and B are independent if:
A. event A occurs, therefore event B cannot occur.
B. event B can occur only if event A occurs.
C. the probability of event A is equal to the conditional probability of event A given B.
D. the probability of event A is less than the conditional probability of event A given B. Reset Selection
Mark for Review What’s This? Question 12 of 20 5.0 Points For two independent events, if P(A)=3/8, and P(B)=8/9, what is P(A and B)?
A. 27/56
B. 1.317
C. 1/3
D. 46/100 Reset Selection
Mark for Review What’s This? Question 13 of 20 5.0 Points When two or more events can occur concurrently, it is known as:
A. independent probability.
B. conditional probability.
C. joint probability.
D. the special rule of addition. Reset Selection
Mark for Review What’s This? Question 14 of 20 5.0 Points If P(A and B)=0.24 and P(A)=0.48, what is P(B|A)?
A. 0.1152
B. 0.5
C. 2.00
D. Not calculable without additional data. Reset Selection
Mark for Review What’s This? Question 15 of 20 5.0 Points A prior probability is assigned to an event:
A. to determine joint probability.
B. to determine subjective probability.
C. for conditional probability problems.
D. when using Bayes’ theorem. Reset Selection
Mark for Review What’s This? Question 16 of 20 5.0 Points A mortgage company has found that 2% of its mortgage holders default on their mortgage. Furthermore, 90% of those who default are late on at least two monthly payments over the life of their mortgage as compared to 45% of those who do not default. What is the probability that a mortgagee with two or more late monthly payments will default (using Bayes theorem)?
A. 0.018
B. 0.0226
C. 0.039
Mark for Review What’s This? Question 17 of 20 5.0 Points What is eight factorial (8!) equal to?
A. 40,320
B. 5,040
C. 8,000
D. 7! * 1! Reset Selection
Mark for Review What’s This? Question 18 of 20 5.0 Points There are __________ permutations for selecting 6 items from a collection of 10 items.
A. 24
B. 210
C. 5,040
D. 151,200 Reset Selection
Mark for Review What’s This? Question 19 of 20 5.0 Points What is the number of ways in which 7 items can be taken 4 at a time, without regard to order?
A. 35
C. 840
D. 720 Reset Selection
Mark for Review What’s This? Question 20 of 20 5.0 Points When selecting 4 of 9 possible candidates for a relay race, when specific order in the relay team matters, there are __________ possible team lineups.
A. 126
B. 630
C. 3,024
D. 15,210 Reset Selection
6
Question 1 of 20 5.0 Points A firm is deciding whether or not to place a new product on the market. They envisage three possible market reactions: high demand, moderate demand, and low demand. If demand is strong they expect to sell $200,000 per month of the good; moderate sales levels are expected to be $100,000; low sales are estimated at $40,000. The firm’s alternatives are:
A. sell in high, moderate, or low quantities.
B. market the product or sell production rights to another firm.
C. to market or not to market the product.
D. None of the above Reset Selection
Mark for Review What’s This? Question 2 of 20 5.0 Points In the scenario presented in #1 (above), the states of nature that the firm faces are:
A. $200,000, $100,000, and $40,000.
B. sell or don’t sell the product.
C. high demand, moderate demand, and low demand.
Mark for Review What’s This? Question 3 of 20 5.0 Points For the scenario presented in #1 (above), the firm’s payoff:
A. is $60,000.
B. is high, moderate, or low demand.
C. is $340,000.
D. is $200,000, $100,000, and $40,000, respectively. Reset Selection
Mark for Review What’s This? Question 4 of 20 5.0 Points Please answer Questions 4-12 using the following information.
STATE
CHOICE I II A $22,000 $15,000 B $20,000 $30,000 C $17,000 $34,000 The probability of state I occurring is 0.40, and the probability of state II occurring is 0.60. What is the expected monetary value of Choice B when State II occurs?
A. $ 7,200
B. $18,000
C. $25,000
D. $47,400 Reset Selection
Mark for Review What’s This? Question 5 of 20 5.0 Points Besides a payoff table, information can be organized using a:
A. decision tree.
B. scatter diagram.
C. fishbone.
D. Pareto chart. Reset Selection
Mark for Review What’s This? Question 6 of 20 5.0 Points What is the most optimistic of all possible strategies?
A. Minimax
B. Maximax
C. Maximin
D. Minimax regret Reset Selection
Mark for Review What’s This? Question 7 of 20 5.0 Points A maximax strategy will always choose the act or alternative that:
A. maximizes the expected monetary value.
B. minimizes the maximum regret or opportunity loss.
C. maximizes the potential payoff regardless of uncertainty.
D. guarantees a payoff for any state of nature. Reset Selection
Mark for Review What’s This? Question 8 of 20 5.0 Points A maximin strategy will always choose the act or alternative that:
Mark for Review What’s This? Question 9 of 20 5.0 Points A minimax regret strategy will always choose the act or alternative that:
Mark for Review What’s This? Question 10 of 20 5.0 Points Based on the information in the chart in #4 (above), What is the expected monetary value of Choice C?
A. $23,600
B. $25,500
C. $27,200
D. $40,000 Reset Selection
Mark for Review What’s This? Question 11 of 20 5.0 Points Based on the information in the chart in #4 (above), the greatest expected payoff is represented by:
A. selecting Choice C.
B. selecting Choice C if expecting State I to occur.
C. State I occurring.
D. State II occurring. Reset Selection
Mark for Review What’s This? Question 12 of 20 5.0 Points Based on the information in the chart in #4 (above), what is the opportunity loss of selecting Choice B when State II occurs?
A. $0
B. $4,000
C. $8,000
D. $10,000 Reset Selection
Mark for Review What’s This? Question 13 of 20 5.0 Points Based on the information in the chart in #4 (above), what is the expected opportunity loss of selecting Choice A?
B. $6,000
C. $11,400
D. $19,000 Reset Selection
Mark for Review What’s This? Question 14 of 20 5.0 Points Based on the information in the chart in #4 (above), what is the expected opportunity loss of selecting Choice B?
B. $3,200
C. $6,000
D. It depends on which state occurs. Reset Selection
Mark for Review What’s This? Question 15 of 20 5.0 Points Based on the information in the chart in #4 (above), to minimize expected opportunity loss, we should select:
A. Choice A.
B. Choice B.
C. Choice C.
Mark for Review What’s This? Question 16 of 20 5.0 Points Based on the information in the chart in #4 (above), using a minimax regret strategy, we should select:
Mark for Review What’s This? Question 17 of 20 5.0 Points Another way of deciding which common stock to purchase is to determine the profit that might be lost because the exact state of nature (the market behavior) was not known at the time the investor bought the stock. This potential loss is called:
A. opportunity loss or regret.
B. negative state of nature.
C. minimization.
D. condition of uncertainty. Reset Selection
Mark for Review What’s This? Question 18 of 20 5.0 Points Based on the information in the chart in #4 (above), what is the expected value of perfect information?
A. $2,000
B. $2,600
C. $4,200
D. $6,800 Reset Selection
Mark for Review What’s This? Question 19 of 20 5.0 Points The expected value of perfect information:
A. is equal to the expected value of conditions under certainty minus the optimal decision under uncertainty.
B. is the same as the minimum of the expected regrets.
C. is the dollar value of knowing the outcome of an event in advance.
Mark for Review What’s This? Question 20 of 20 5.0 Points Based on the information in the chart in #4 (above), for the purposes of building a decision tree, the value of $20,000 for Choice B given that State I occurs is:
A. a backward induced variable.
B. perfect information.
C. known as a conditional payoff.
D. the optimal decision strategy.
Solution.pdf
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