Q1: The maximax decision rule uses probabilities to determine the largest possible payoff
Answer: False (nonprobabilistic)Answer
Q2: Decision trees can be used to determine the maximum or the minimum EMV
Answer: Correct – TrueAnswer
Q3: Which is a goal of decision analysis
Answer: Help individuals make good decisionsAnswer
Q4: The total worth, value, or desirability of a decision alternative is called its..
Answer: UtilityAnswer
Q5: The expected monetary value criterion (EMV) ..
Answer: Reflects the average expected payoff over timeAnswer
Q6: The amount of opportunity lost in making a decision is called..
Answer: RegretAnswer
Q7: How to compute the EMV
Answer: Sumproduct of values and probabilitiesAnswer
Q8: A payoff matrix depicts___versus___with payoffs for each intersection cell
Answer: Decision alternatives; states of natureAnswer
Q9: Maximax decision rule optimistically assumes that nature will always be in our favor
Answer: Correct – TrueAnswer
Q10: The___ in a decision problem represent factors that are important to the decision-maker
Answer: CriteriaAnswer
Q11: A state of nature is___
Answer: ObservedAnswer
Q12: Growth factors for the population of Chattanoonga in the past two years has been 8 and 12. The geometric mean has a value of a. 20 b. square root of 20 c. square root of 96 d. 96
Answer: CAnswer
Q13: Growth factors for the population of Atlanta in the past five years have been 1, 2, 3, 4 , and 5. The geometric mean is a. 15 b. square root of 15 c. 120 d. fifth root of 120
Answer: DAnswer
Q14: Geometric mean of five observations is a. the same as weighted mean b. the same as mean c. square root of the product of the 5 observations d. fifth root of the product of the 5 observations
Answer: DAnswer
Q15: The nth root of the product of the n observations is a. weighted mean b. geometric mean c. product deviation d. the sum of squares
Answer: BAnswer
Q16: The measure of location which is the most likely to be influenced by extreme values in the data set is the a. range b. median c. mode d. mean
Answer: DAnswer
Q17: The most important statistical descriptive measure of the location of a data set is the a. mean b. median c. mode d. variance
Answer: AAnswer
Q18: If two groups of numbers have the same mean, then a. their standard deviations must also be equal b. their medians must also be equal c. their modes must also be equal d. None of these alternatives is correct
Answer: DAnswer
Q19: The mean of the sample a. is always smaller than the mean of the population from which the sample was taken b. can never be zero c. can never be negative d. None of these alternatives is correct
Answer: DAnswer
Q20: When the smallest and largest percentage of items are removed from a data set and the mean is computed, the mean of the remaining data is a. the median b. the mode c. the trimmed mean d. any of the above
Answer: CAnswer
Q21: Since the population is always larger than the sample, the value of the sample mean a. is always smaller than the true value of the population mean b. is always larger than the true value of the population mean c. is always equal to the true value of the population mean d. could be larger, equal to, or smaller than the true value of the population mean
Answer: DAnswer
Q22: Which of the following provides a measure of central location for the data? a. standard deviation b. mean c. variance d. range
Answer: BAnswer
Q23: When computing the mean of a set of values xi, the value of xi a. can never be zero b. can never be negative c. must always be positive d. can be any value
Answer: DAnswer
Q24: In computing the mean of a sample, the value of xi is divided by a. n b. n – 1 c. n + 1 d. n – 2
Answer: AAnswer
Q25: A numerical value used as a summary measure for a sample, such as sample mean, is known as a a. population parameter b. sample parameter c. sample statistic d. population mean
Answer: CAnswer
Q26: Since the population size is always larger than the sample size, then the sample statistic a. can never be larger than the population parameter b. can never be equal to the population parameter c. can be smaller, larger, or equal to the population parameter d. can never be smaller than the population parameter
Answer: CAnswer
Q27: is an example of a a. population parameter b. sample statistic c. population variance d. mode
Answer: AAnswer
Q28: The mean of a sample a. is always equal to the mean of the population b. is always smaller than the mean of the population c. is computed by summing the data values and dividing the sum by (n – 1) d. is computed by summing all the data values and dividing the sum by the number of items
Answer: DAnswer
Q29: The hourly wages of a sample of 130 system analysts are given below. mean = 60 range = 20 mode = 73 variance = 324 median = 74 The coefficient of variation equals a. 0.30per cent b. 30per cent c. 5.4per cent d. 54per cent
Answer: BAnswer
Q30: The variance of a sample of 169 observations equals 576. The standard deviation of the sample equals a. 13 b. 24 c. 576 d. 28,461
Answer: BAnswer
Q31: The median of a sample will always equal the a. mode b. mean c. 50th percentile d. all of the above answers are correct
Answer: CAnswer
Q32: The 50th percentile is the a. mode b. median c. mean d. third quartile
Answer: BAnswer
Q33: The 75th percentile is referred to as the a. first quartile b. second quartile c. third quartile d. fourth quartile
Answer: CAnswer
Q34: The pth percentile is a value such that at least p percent of the observations are a. less than or equal to this value b. less than this value c. more than or equal to this value d. more than this value
Answer: AAnswer
Q35: The difference between the largest and the smallest data values is the a. variance b. interquartile range c. range d. coefficient of variation
Answer: CAnswer
Q36: The first quartile a. contains at least one third of the data elements b. is the same as the 25th percentile c. is the same as the 50th percentile d. is the same as the 75th percentile
Answer: BAnswer
Q37: When computing the mean, the smallest value a. can never be negative b. can never be zero c. can never be less than the mean d. can be any value
Answer: DAnswer
Q38: Which of the following is not a measure of central location? a. mean b. median c. variance d. mode
Answer: CAnswer
Q39: If a data set has an even number of observations, the median a. cannot be determined b. is the average value of the two middle items c. must be equal to the mean d. is the average value of the two middle items when all items are arranged in ascending order
Answer: DAnswer
Q40: Which of the following is a measure of dispersion? a. percentiles b. quartiles c. interquartile range d. all of the above are measures of dispersion
Answer: CAnswer
Q41: The value which has half of the observations above it and half the observations below it is called the a. range b. median c. mean d. mode
Answer: BAnswer
Q42: The most frequently occurring value of a data set is called the a. range b. mode c. mean d. median
Answer: BAnswer
Q43: The interquartile range is a. the 50th percentile b. another name for the variance c. the difference between the largest and smallest values d. the difference between the third quartile and the first quartile
Answer: DAnswer
Q44: The weights (in pounds) of a sample of 36 individuals were recorded and the following statistics were calculated. mean = 160 range = 60 mode = 165 variance = 324 median = 170 The coefficient of variation equals a. 0.1125per cent b. 11.25per cent c. 203.12per cent d. 0.20312per cent
Answer: BAnswer
Q45: The heights (in inches) of 25 individuals were recorded and the following statistics were calculated mean = 70 range = 20 mode = 73 variance = 784 median = 74 The coefficient of variation equals a. 11.2per cent b. 1120per cent c. 0.4per cent d. 40per cent
Answer: DAnswer
Q46: The standard deviation of a sample of 100 observations equals 64. The variance of the sample equals a. 8 b. 10 c. 6400 d. 4,096
Answer: DAnswer
Q47: The variance of a sample of 81 observations equals 64. The standard deviation of the sample equals a. 9 b. 4096 c. 8 d. 6561
Answer: CAnswer
Q48: If index i (which is used to determine the location of the pth percentile) is not an integer, its value should be a. squared b. divided by (n – 1) c. rounded down d. rounded up
Answer: DAnswer
Q49: When the data are skewed to the right, the measure of Skewness will be a. negative b. zero c. positive d. one
Answer: CAnswer
Q50: When data are positively skewed, the mean will usually be a. greater than the median b. smaller than the median c. equal to the median d. positive
Answer: AAnswer
Q51: Which of the following is not a measure of dispersion? a. the range b. the 50th percentile c. the standard deviation d. the interquartile range
Answer: BAnswer
Q52: The interquartile range is used as a measure of variability to overcome what difficulty of the range? a. the sum of the range variances is zero b. the range is difficult to compute c. the range is influenced too much by extreme values d. the range is negative
Answer: CAnswer
Q53: If the variance of a data set is correctly computed with the formula using n – 1 in the denominator, which of the following is true? a. the data set is a sample b. the data set is a population c. the data set could be either a sample or a population d. the data set is from a census
Answer: AAnswer
Q54: In computing descriptive statistics from grouped data, a. data values are treated as if they occur at the midpoint of a class b. the grouped data result is more accurate than the ungrouped result c. the grouped data computations are used only when a population is being analyzed d. None of these alternatives is correct
Answer: AAnswer
Q55: The measure of dispersion that is influenced most by extreme values is a. the variance b. the standard deviation c. the range d. the interquartile range
Answer: CAnswer
Q56: When should measures of location and dispersion be computed from grouped data rather than from individual data values? a. as much as possible since computations are easier b. only when individual data values are unavailable c. whenever computer packages for descriptive statistics are unavailable d. only when the data are from a population
Answer: BAnswer
Q57: The descriptive measure of dispersion that is based on the concept of a deviation about the mean is a. the range b. the interquartile range c. the absolute value of the range d. the standard deviation
Answer: DAnswer
Q58: The numerical value of the standard deviation can never be a. larger than the variance b. zero c. negative d. smaller than the variance
Answer: CAnswer
Q59: The sample variance a. is always smaller than the true value of the population variance b. is always larger than the true value of the population variance c. could be smaller, equal to, or larger than the true value of the population variance d. can never be zero
Answer: CAnswer
Q60: The coefficient of variation is a. the same as the variance b. the standard deviation divided by the mean times 100 c. the square of the standard deviation d. the mean divided by the standard deviation
Answer: BAnswer
Q61: The variance can never be a. zero b. larger than the standard deviation c. negative d. smaller than the standard deviation
Answer: CAnswer
Q62: The sum of deviations of the individual data elements from their mean is a. always greater than zero b. always less than zero c. sometimes greater than and sometimes less than zero, depending on the data elements d. always equal to zero
Answer: DAnswer
Q63: Which of the following symbols represents the standard deviation of the population? a. 2 b. c. d
Answer: BAnswer
Q64: Which of the following symbols represents the mean of the population? a. 2 b. c. d
Answer: CAnswer
Q65: Which of the following symbols represents the variance of the population? a. 2 b. c. d
Answer: AAnswer
Q66: Which of the following symbols represents the size of the population? a. o2 b. o c. u d. N
Answer: DAnswer
Q67: Which of the following symbols represents the mean of the sample? a. 2 b. c. d
Answer: DAnswer
Q68: Which of the following symbols represents the size of the sample a. 2 b. c. N d. n
Answer: DAnswer
Q69: The symbol is used to represent a. the variance of the population b. the standard deviation of the sample c. the standard deviation of the population d. the variance of the sample
Answer: CAnswer
Q70: The symbol 2 is used to represent a. the variance of the population b. the standard deviation of the sample c. the standard deviation of the population d. the variance of the sample
Answer: AAnswer
Q71: The variance of the sample a. can never be negative b. can be negative c. cannot be zero d. cannot be less than one
Answer: AAnswer
Q72: The measure of dispersion which is not measured in the same units as the original data is the a. median b. standard deviation c. coefficient of determination d. variance
Answer: DAnswer
Q73: A numerical measure of linear association between two variables is the a. variance b. covariance c. standard deviation d. coefficient of variation
Answer: BAnswer
Q74: Positive values of covariance indicate a. a positive variance of the x values b. a positive variance of the y values c. the standard deviation is positive d. positive relation between the independent and the dependent variables
Answer: DAnswer
Q75: A numerical measure of linear association between two variables is the a. variance b. coefficient of variation c. correlation coefficient d. standard deviation
Answer: CAnswer
Q76: The coefficient of correlation ranges between a. 0 and 1 b. -1 and +1 c. minus infinity and plus infinity d. 1 and 100
Answer: BAnswer
Q77: The coefficient of correlation a. is the same as the coefficient of determination b. can be larger than 1 c. cannot be larger than 1 d. cannot be negative
Answer: CAnswer
Q78: The value of the sum of the deviations from the mean, i.e., must always be a. less than the zero b. negative c. either positive or negative depending on whether the mean is negative or positive d. zero
Answer: DAnswer
Q79: The numerical value of the variance a. is always larger than the numerical value of the standard deviation b. is always smaller than the numerical value of the standard deviation c. is negative if the mean is negative d. can be larger or smaller than the numerical value of the standard deviation
Answer: DAnswer
Q80: Since the median is the middle value of a data set it a. must always be smaller than the mode b. must always be larger than the mode c. must always be smaller than the mean d. None of these alternatives is correct
Answer: DAnswer
Q81: In a five number summary, which of the following is not used for data summarization? a. the smallest value b. the largest value c. the mean d. the 25th percentile
Answer: CAnswer
Q82: The relative frequency of a class is computed by a. dividing the midpoint of the class by the sample size b. dividing the frequency of the class by the midpoint c. dividing the sample size by the frequency of the class d. dividing the frequency of the class by the sample size
Answer: DAnswer
Q83: During a cold winter, the temperature stayed below zero for ten days (ranging from -20 to -5). The variance of the temperatures of the ten-day period a. is negative since all the numbers are negative b. must be at least zero c. cannot be computed since all the numbers are negative d. can be either negative or positive
Answer: BAnswer
Q84: Which of the following is not a measure of dispersion? a. mode b. standard deviation c. range d. interquartile range
Answer: AAnswer
Q85: If the coefficient of variation is 40per cent and the mean is 70, then the variance is a. 28 b. 2800 c. 1.75 d. 784
Answer: DAnswer
Q86: Given the following information: Standard deviation = 8 Coefficient of variation = 64per cent The mean would then be a. 12.5 b. 8 c. 0.64 d. 1.25
Answer: AAnswer
Q87: Since the mode is the most frequently occurring data value, it a. can never be larger than the mean b. is always larger than the median c. is always larger than the mean d. None of these alternatives is correct
Answer: DAnswer
Q88: A group of students had dinner at a local restaurant. The total bill for the dinner was USD414.70. Each student paid his her equal share of the bill, which was USD18.85. How many student’s were at the dinner? a. 4 b. 415 c. 19 d. 22
Answer: DAnswer
Q89: The standard deviation of a sample was reported to be 20. The report indicated that = 7200. What has been the sample size? a. 16 b. 17 c. 18 d. 19
Answer: DAnswer
Q90: The variance of a sample was reported to be 144. The report indicated that = 7200. What has been the sample size? a. 49 b. 50 c. 51 d. 52
Answer: CAnswer
Q91: From a population of size 1,000, a random sample of 100 items is selected. The mean of the sample a. must be 10 times smaller than the mean of the population b. must be equal to the mean of the population, if the sample is truly random c. must be 10 times larger than the mean of the population d. can be larger, smaller or equal to the mean of the population
Answer: DAnswer
Q92: From a population of size 500, a random sample of 50 items is selected. The mode of the sample a. must be 500 b. must be equal to the mode of population, if the sample is truly random c. must be equal to the mean of the population, if the sample is truly random d. can be larger, smaller or equal to the mode of the population
Answer: DAnswer
Q93: From a population of size 400, a random sample of 40 items is selected. The median of the sample a. must be 200, since 400 divided by 2 is 200 b. must be 10, since 400 divided by 400 is 10 c. must be equal to the median of population, if the sample is truly random d. None of these alternatives is correct
Answer: DAnswer
Q94: The geometric mean of 2, 4, 8 is a. 4.67 b. 5.0 c. 16 d. 4.0
Answer: DAnswer
Q95: The geometric mean of 1, 1, 8 is a. 10.0 b. 2.0 c. 3.33 d. 3.0
Answer: BAnswer
Q96: The geometric mean of 1, 3, 5, and 6 is a. 15.0 b. 5.0 c. 3.08 d. 3.75
Answer: CAnswer
Q97: The geometric mean of 1, 2, 4, and 10 is a. 2.99 b. 4.25 c. 17.0 d. 4.0
Answer: AAnswer
Q98: The following data show the number of hours worked by 200 statistics students. Number of Hours Frequency 0 – 9 40 10 – 19 50 20 – 29 70 30 – 39 40 90. Refer to Exhibit 3-1. The class width for this distribution a. is 9 b. is 10 c. is 11 d. varies from class to class
Answer: BAnswer
Q99: The number of students working 19 hours or less a. is 40 b. is 50 c. is 90 d. cannot be determined without the original data
Answer: CAnswer
Q100: The relative frequency of students working 9 hours or less a. is .2 b. is .45 c. is 40 d. cannot be determined from the information given
Answer: AAnswer
