Applied Statistics for business and economics - Home



First Test for MIB Course (Master of International Business at Nankai University)1.The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example ofinferential statistics.descriptive statistics.a parameter.a statistic.2.The estimation of the population average family expenditure on food based on the sample average expenditure of 1,000 families is an example of inferential statistics.descriptive statistics.a parameter.a statistic.3.The universe or "totality of items or things" under consideration is calleda sample.a population.a parameter.a statistic.4.The portion of the universe that has been selected for analysis is calleda sample.a frame.a parameter.a statistic.5.A summary measure that is computed to describe a characteristic from only a sample of the population is calleda parameter.a census.a statistic.the scientific method.6.A summary measure that is computed to describe a characteristic of an entire population is calleda parameter.a census.a statistic.the scientific method.7.Most analysts focus on the cost of tuition as the way to measure the cost of a college education. But incidentals, such as textbook costs, are rarely considered. A researcher at Drummand University wishes to estimate the textbook costs of first-year students at Drummand. To do so, she monitored the textbook cost of 250 first-year students and found that their average textbook cost was $300 per semester. Identify the sample in the study.All Drummand University students.All college students.All first-year Drummand University students.The 250 students that were monitored.8.A study is under way in Yosemite National Forest to determine the adult height of American pine trees. Specifically, the study is attempting to determine what factors aid a tree in reaching heights greater than 60 feet tall. It is estimated that the forest contains 25,000 adult American pines. The study involves collecting heights from 250 randomly selected adult American pine trees and analyzing the results. Identify the variable of interest in the study.The age of an American pine tree in Yosemite National Forest.The height of an American pine tree in Yosemite National Forest.The number of American pine trees in Yosemite National Forest.The species of trees in Yosemite National Forest.9.Most analysts focus on the cost of tuition as the way to measure the cost of a college education. But incidentals, such as textbook costs, are rarely considered. A researcher at Drummand University wishes to estimate the textbook costs of first-year students at Drummand. To do so, she monitored the textbook cost of 250 first-year students and found that their average textbook cost was $300 per semester. Identify the variable of interest to the researcher.The textbook cost of first-year Drummand University students.The year in school of Drummand University students.The age of Drummand University students.The cost of incidental expenses of Drummand University students.10.The British Airways Internet site provides a questionnaire instrument that can be answered electronically. Which of the 4 methods of data collection is involved when people complete the questionnaire?Published sourcesExperimentationSurveyingObservation11.The personnel director at a large company studied the eating habits of the company’s employees. The director noted whether employees brought their own lunches to work, ate at the company cafeteria, or went out to lunch. The goal of the study was to improve the food service at the company cafeteria. This type of data collection would best be considered asan observational study.a designed experiment.a random sample.a quota sample.12.Which of the following is a continuous quantitative variable?The color of a student’s eyesThe number of employees of an insurance companyThe amount of milk produced by a cow in one 24-hour periodThe number of gallons of milk sold at the local grocery store yesterday13.Researchers are concerned that the weight of the average American school child is increasing implying, among other things, that children’s clothing should be manufactured and marketed in larger sizes. If X is the weight of school children sampled in a nationwide study, then X is an example ofa categorical random variable.a discrete random variable.a continuous random variable.a parameter.14.Tim was planning for a meeting with his boss to discuss a raise in his annual salary. In preparation, he wanted to use the Consumer Price Index to determine the percentage increase in his real (inflation-adjusted) salary over the last three years. Which of the 4 methods of data collection was involved when he used the Consumer Price Index?Published sourcesExperimentationSurveyingObservation15.Which of the following is a discrete quantitative variable?The Dow Jones Industrial averageThe volume of water released from a damThe distance you drove yesterday.The number of employees of an insurance company16.The classification of student major (accounting, economics, management, marketing, other) is an example of a categorical random variable.a discrete random variable.a continuous random variable.a parameter.TABLE 1An insurance company evaluates many numerical variables about a person before deciding on an appropriate rate for automobile insurance. A representative from a local insurance agency selected a random sample of insured drivers and recorded, X, the number of claims each made in the last 3 years, with the following results.Xf1142183124551 17.Referring to Table 1, how many drivers are represented in the sample?515185018.A type of vertical bar chart in which the categories are plotted in the descending rank order of the magnitude of their frequencies is called acontingency table.Pareto diagram.dot plot.pie chart.19.A professor of economics at a small Texas university wanted to determine what year in school students were taking his tough economics course. Shown below is a pie chart of the results. What percentage of the class took the course prior to reaching their senior year?14%44%54%86%20.When polygons or histograms are constructed, which axis must show the true zero or “origin”?The horizontal axis.The vertical axis.Both the horizontal and vertical axes.Neither the horizontal nor the vertical axis.21.When constructing charts, the following is plotted at the class midpoints:frequency histograms.percentage polygons.cumulative relative frequency ogives.All of the above.TABLE 2The following are the durations in minutes of a sample of long-distance phone calls made within the continental United States reported by one long-distance carrier.RelativeTime (in Minutes)Frequency0 but less than 50.375 but less than 100.2210 but less than 150.1515 but less than 200.1020 but less than 250.0725 but less than 300.0730 or more0.0222.Referring to Table 2, what is the width of each class?1 minute5 minutes2%100%23.Referring to Table 2, what is the cumulative relative frequency for the percentage of calls that lasted under 20 minutes?0.100.590.760.8424.Referring to Table 2, if 100 calls were randomly sampled, _______ of them would have lasted at least 15 minutes but less than 20 minutes0.100.161016 25.A survey of 150 executives were asked what they think is the most common mistake candidates make during job interviews. Six different mistakes were given. Which of the following is the best for presenting the information?A bar chart.A histogramA stem-and-leaf display.A contingency table.26.You have collected data on the approximate retail price (in $) and the energy cost per year (in $) of 15 refrigerators. Which of the following is the best for presenting the data?A pie chart.A scatter diagram.A Pareto diagram.A contingency table.27.You have collected data on the number of U.S. households actively using online banking and/or online bill payment from 1995 to 2007. Which of the following is the best for presenting the data?A pie chart.A stem-and-leaf displayA Pareto diagram.A time-series plot.TABLE 3A sample of 200 students at a Big-Ten university was taken after the midterm to ask them whether they went bar hopping the weekend before the midterm or spent the weekend studying, and whether they did well or poorly on the midterm. The following table contains the result.Did Well in MidtermDid Poorly in MidtermStudying for Exam8020Went Bar Hopping307028.Referring to Table 3, of those who went bar hopping the weekend before the midterm in the sample, _______ percent of them did well on the midterm.1527.27305529.Referring to Table 3, of those who did well on the midterm in the sample, _______ percent of them went bar hopping the weekend before the midterm.1527.27305030.Referring to Table 3, _______ percent of the students in the sample went bar hopping the weekend before the midterm and did well on the midterm.1527.273050 ................
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