QNT 561 Final Exam / 100% correct answers

1) Which of the following measures of central location is affected most by extreme values? A. MeanB. MedianC. Mode D. Geometric mean

2) Which level of measurement is required for the median? A. Nominal B. OrdinalC. IntervalD. Ratio

3) Which level of measurement is required for the mode? A. Nominal B. OrdinalC. IntervalD. Ratio

4) In a set of observations, which measure of central tendency reports the value that occurs most often? A. Mean B. MedianC. ModeD. Geometric mean

5) The weighted mean is a special case of what? A. Mean B. MedianC. ModeD. Geometric mean

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. A. 8B. 2C. -2D. 6

7) The difference between the sample mean and the population mean is called the A. margin of errorB. population standard deviationC. standard error of the meanD. sampling error

8) A local trade union consists of plumbers and electricians. Classified according to rank: Apprentice Journeyman Master TotalPlumbers 25 20 30 75Electricians 15 40 20 7540 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?A. .053B. .133C. .500D. .267

9) Suppose a population consisted of 20 items. How many different samples of n = 3 are possible? A. 6840B. 1140C. 20D. 120

10) The mean and the variance are equal in A. the normal distributionB. the binomial distributionC. the Poisson distributionD. the hypergeometric distribution

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 A. the sample size, although large, was not large enoughB. the right research questions were not askedC. respondents intentionally lied about their preferred candidateD. the sample used was not representative of the actual population at the time

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? A. A group that does not read any of the learning modules.B. A group that reads the modules using hardcopy only.C. A group that reads the learning modules, but does not receive reinforcement.D. A group that reads the learning modules with random reinforcement.

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. A. mediansB. meansC. standard deviationsD. variances14) 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 A. the mean of the population is not knownB. the t distribution is more effectiveC. the variance of the population is usually not knownD. the sample size is not known15) 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 A. z=1.65B. z=1.96C. z=1.833D. z=1.81216) Which of the following is a correct statement about a probability? A. It may range from 0 to 1.B. It may assume negative values.C. It may be greater than 1.D. It cannot be reported to more than 1 decimal place.17) The special rule of addition is used to combine A. independent eventsB. mutually exclusive eventsC. events that total more than oneD. events based on subjective probabilities18) We use the general rule of multiplication to combine A. events that are not independentB. mutually exclusive eventsC. events that total more than 1.00D. events based on subjective probabilities19) A discrete variable A. is an example of a qualitative variableB. can assume only whole number valuesC. can assume only certain clearly separated valuesD. cannot be negative20) A nominal scale variable A. usually involves ranking.B. cannot assume negative valuesC. has meaningful zero pointD. is usually based on counting21) The ratio scale of measurement A. usually the result of counting somethingB. has meaningful zero pointC. may assume negative valuesD. cannot have more than two categories22) In the world of market research, the use of a questionnaire often plays a vital role in gaining useful business intelligence because A. it is a structured technique to collect secondary dataB. it represents a way to ask anything you want from respondents and receive valid informationC. it does not need to be testedD. it can be used in conjunction with other techniques such as field interviews and focus groups to maximize data input23) A Type I error is A. the correct decisionB. a value determined from the test statisticC. rejecting the null hypothesis when it is trueD. accepting the null hypothesis when it is false24) In a two-sample test of means for independent samples, we use the z distribution when A. the population standard deviations are equalB. both populations have at least 4,000 observationsC. both population standard deviations are knownD. nB and n(1-B) are both greater than 525) Which of the following is a requirement for a two-sample test of proportions? A. The population standard deviations are equal.B. Both populations are positively skewed.C. Both samples are at least 30.D. nB and n(1-B) are both greater than 5. 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 A. you would not reject the null hypothesisB. you would reject the null hypothesis for alpha= .01C. you would reject the null hypothesis for alpha= .05D. you would reject the null hypothesis for alpha= .1027) 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? A. The means are different but their variances are the same.B. The estimated variance (and its df) can be useful to future investigators.C. Pair-wise tests can be conducted to show significant differences.D. Significant differences can be reported by changing the type I error rate from .05 to .10, .20, or whatever is needed to declare significance. 28) A correlation matrix A. shows all simple coefficients of correlation between variablesB. shows only correlations that are zeroC. shoes the correlations that are positiveD. shows only the correlations that are statistically significant

29) The multiple standard error of estimate is A. the measure of variability to the predictionB. negative when one of the net regression coefficients is zeroC. found by calculating SSR/SS totalD. the measure of accuracy of the prediction

30) A dummy variable or indicator variable A. may assume only a value of 0 or 1B. is another term for the dependent variableC. is a quantitative variableD. is a variable at a ratio or interval level of measurement