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Quantitive Analysis for Business 315*301 Test 2
Terms in this set (31)
A researcher is conducting a study to determine how knowledgeable teenagers are about
making good food choices. He decides to interview teenagers eating only at fast food restaurants. The results of the study may be biased because of which of the following sampling?
In a normal model, which of the following is true?
about 68% of the values fall within one standard deviations of the mean.
The distribution of a statistic over many independent samples of the same size from the
same population is called:
the sampling distribution
What is the z value for the probability of 0.9940 in the standard normal curve?
In a discrete Binomial model, which of the following is true?
there are two possible outcomes in each trial with equal probability of occurrence
Which of the following is true about normal models?
ALL OF THE ABOVE
-the sum of two independent normal random variables is also normal
-the difference of two independent normal random variables is also normal
-a normal model is represented by a bell-shaped curve
What percent of the area under the standard normal curve is found for the value of z <- 2.05?
Which of the following is true about a random sample?
it is believed to be a representative sample
At a local manufacturing plant, employees must complete new machine set ups within 30 minutes. New machine set-up times can be described by a normal model with a mean of 22 minutes and a standard deviation of 4 minutes. What percent of new machine set ups take more than 30 minutes?
The HR department of a company would like to survey its employees about the level of interest in healthcare flexible spending account program. Each employee has an ID number, and the company plans to randomly select 250 ID numbers. This sampling design is called:
simple random sampling
The model with 0 mean and 1 standard deviation is called:
the standard normal model
The U.S. Department of Labor selected a random sample of 525 from over 10,000 employment records on file and found that 229 were female. What is the proportion of females in the U.S. labor force based on this sample?
Which of the following is not an assumption and/or condition required for constructing a
confidence interval for a proportion?
Insurance company records indicate that 10% of its policy holders file claims involving theft or robbery of personal property from their homes. Suppose a random sample of 400 policy holders is selected. What is the standard deviation of the sampling distribution of the sample proportion of policyholders filing claims involving theft or robbery from their homes? You must show work for your answer.
p = 0.1, q = 0.9, and n = 400
SD(P^) = √pq/n = √0.1*0.9/400 = √0.09/400 = √0.000225 = 0.015.
What percent of the area under the standard normal curve is found for -1 < z < 1.15?
Everything else being equal, increasing the level of confidence, say from 90% to 95%:
increases the margin of error
Management of a large corporation would like to survey its employees to know the percent of interest in telecommuting from home. Which of the following is the parameter of interest in this study?
the percent of the employees who are interested in telecommuting from home.
According to the Normal model, if we draw repeated random samples of the same size (n) from same population and measure the sample proportions, then these proportions will pile up around the true population proportion (p). The requirement for this to happen is:
np and nq must be respectively at least equal to 10.
The margin of error for 99% confidence interval is 0.039. If the sample proportion (p^) is 0.650, what is the confidence interval for the true population proportion?
The standard deviation of the sampling distribution is
inversely related to the sample size
Which of the following is true?
-a z-score tells us the number of standard deviations away from the mean
-the area under the normal standard curve is equal to 1
-a z-score higher than 4.0 or less than -4 indicates unlikely event
all of the above.
Suppose you scored 90 in the first test of a given course and the mean and the standard deviation for the class were 88 and 4, respectively. In the second test, you scored 80 and the mean and the standard deviation for the class were 75 and 5, respectively. Which of the two scores is better relative to the standardized class average? Please explain your answer.
To answer this question, you must first compute the respective z values of your scores in the two tests as follows:
90-88/4 = 2/4 = 0.5
80-75/5 = 5/5 = 1.0.
In the first test, you scored only 0.5 SD higher than the class average, while you score 1 SD higher than the class average in the second test. Thus, your score in the second test is better relative to the standardized class average than your score in the first test. This means 84% of the students scored below you and only 16% scored above in the second test, whereas only about 69% of the students scored below and 31% scored above you in the first test.
Suppose that a local government agency is interested in getting a public opinion about
natural gas drilling by surveying residents who live near a proposed drilling site. Which of the following is a leading question?
given the negative impact on the environment, do you oppose the proposed gas drilling?
The proportion of adult women in a certain geographical region is approximately 49%. A marketing survey calls 500 people residing in this region at random. How many adult women would you expect to find in this sample?
A university is interested in learning about the types of wellness programs that would interest its employees. Suppose that there are five categories of employees (administration, faculty, professional staff, clerical, and maintenance) and the university decides to randomly select ten individuals from each category. This sampling design is called:
What percent of the area under the standard normal curve is found for the value of z > 2.4?
A university is interested in learning about the types of retirement plans that would interest its employees. Suppose the university randomly selects one college (College of Business) and surveys all of the individuals who work in that college. This kind of sampling design is called:
A consumer research group wants to estimate the percentage of drivers 50 years of age or older who intend to purchase a hybrid in the next two years. They collected their sample from a list of AARP (American Association of Retired Persons) and the sample percentage was 17%. Based on this information, answer the following questions.
a. What is the sampling frame?
b. What is the target population?
c. What is the parameter of this study?
d. What is the statistic?
a. The sampling frame is the list of AARP members.
b. The target population is 50 years of age or older.
c. The parameter of this study is the % of drivers 50 years or older who intend to buy hybrid in the next 2 yrs
d. The statistic is 17 %.
A company would like to survey its employees about the level of interest in combining
flexible work schedules with telecommuting from home. The HR department alphabetized the list of the employees and included in the sample every fifth name on the list. This sampling design is called:
Given the critical z* value for 95% confidence level is 1.960 and SE() is 0.037, what is the margin of error (rounded to 3 decimal places) for a 95% confidence interval based on this information?
Bicycles arrive at a bike shop in boxes. Suppose unpacking a bike costs $0.82 on average with a standard deviation of $0.16. Assembly costs on average $8.00 with a standard deviation of $0.88, and tuning costs on average $4.10 with a standard deviation of 0.90. What is the standard deviation of the cost of unpacking, assembly and tuning?
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