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# STAT 125-HK.

Midterm Exam
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## STAT 125-HK. Business Statistics Midterm Exam

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The probability that house sales will increase in the next 6 months is estimated to be
0.25. The probability that the interest rates on housing loans will go up in the same
period is estimated to be 0.74. The probability that house sales or interest rates will
go up during the next 6 months is estimated to be 0.89. The probability that house
sales will increase but interest rates will not during the next 6 months is:
a. 0.065

b. 0.15

c. 0.51

d. 0.89

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The process of using sample statistics to draw conclusions about true population
parameters is called

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a. statistical inference.

## b. the scientific method.

c. sampling.

d. descriptive statistics.

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Which of the following is NOT a reason for obtaining data?

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## d. Data are needed to provide input to a study.

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A catalog company that receives the majority of its orders by telephone conducted a
study to determine how long customers were willing to wait on hold before ordering
a product. The length of time was found to be a random variable best approximated
by an exponential distribution with a mean equal to 3 minutes. What proportion of
customers having to hold more than 1.5 minutes will hang up before placing an
order?

a. 0.86466

b. 0.60653

c. 0.39347

d. 0.13534

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Selection of raffle tickets from a large bowl is an example of

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## b. sampling without replacement.

c. subjective probability.

## d. None of the above.

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The width of each bar in a histogram corresponds to the
a. differences between the boundaries of the class.

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## d. percentage of observations in each class.

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If two events are mutually exclusive and collectively exhaustive, what is the
probability that one or the other occurs?

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a. 0.

b. 0.50.

c. 1.00.

## d. Cannot be determined from the information given.

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Which of the following is not an element of descriptive statistical problems?

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## d. Identification of patterns in the data.

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Which of the following statistics is not a measure of central tendency?

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a. Mean.

b. Median.

c. Mode.

d. Q3.

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Major league baseball salaries averaged \$1.5 million with a standard deviation of
\$0.8 million in 1994. Suppose a sample of 100 major league players was taken. Find
the approximate probability that the average salary of the 100 players exceeded \$1
million.
a. Approximately 0

b. 0.2357

c. 0.7357

d. Approximately 1

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If two equally likely events A and B are mutually exclusive and collectively
exhaustive, what is the probability that event A occurs?
a. 0.

b. 0.50.

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c. 1.00.

## d. Cannot be determined from the information given.

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TABLE 2-6
A 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 on Midterm

80

20

## Went Bar Hopping

30

70

Referring to Table 2-6, of those who did well on the midterm in the sample,
_______ percent of them went bar hopping the weekend before the midterm.
a. 15

b. 27.27

c. 30

d. 50

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TABLE 2-5
The 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.
Time (in Minutes)

Relative Frequency

0.37

0.22

0.15

0.10

0.07

0.07

30 or more

0.02

## Referring to Table 2-5, what is the width of each class?

a. 1 minute

b. 5 minutes

c. 2%

d. 100%

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According to a survey of American households, the probability that the residents
own 2 cars if annual household income is over \$25,000 is 80%. Of the households
surveyed, 60% had incomes over \$25,000 and 70% had 2 cars. The probability that
annual household income is over \$25,000 if the residents of a household do not own
2 cars is:
a. 0.12

b. 0.18

c. 0.40

d. 0.55

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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 population from which the study was sampled.
a. The 250 randomly selected adult American pine trees.

## d. All American pine trees, of any age, in the forest.

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When extreme values are present in a set of data, which of the following descriptive
summary measures are most appropriate?
a. CV and range.

## d. variance and interquartile range.

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A population frame for a survey contains a listing of 72,345 names. Using a table of
random numbers, how many digits will the code numbers for each member of your
population contain?
a. 3

b. 4

c. 5

d. 6

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A recent survey of banks revealed the following distribution for the interest rate
being charged on a home loan (based on a 30-year mortgage with a 10% down
payment).
Interest Rate:

7.0%

7.5%

8.0%

8.5%

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Probability

0.12

0.23

0.24

0.35

If a bank is selected at random from this distribution, what is the chance that the
interest rate charged on a home loan will exceed 8.0%?
a. 0.06

b. 0.41

c. 0.59

d. 1.00

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Referring to the histogram from Table 2-3, how many graduating seniors attended
the luncheon?

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a. 4

b. 152

c. 275

d. 388

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TABLE 2-4
A survey was conducted to determine how people rated the quality of programming
available on television. Respondents were asked to rate the overall quality from 0
(no quality at all) to 100 (extremely good quality). The stem-and-leaf display of the

## data is shown below.

Stem

Leaves

24

03478999

0112345

12566

01

Referring to Table 2-4, what percentage of the respondents rated overall television
quality with a rating between 50 and 75?
a. 0.11

b. 0.40

c. 0.44

d. 0.56

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The Central Limit Theorem is important in statistics because
a. for a large n, it says the population is approximately normal.

b. for any population, it says the sampling distribution of the sample mean is approximately
normal, regardless of the sample size.

c. for a large n, it says the sampling distribution of the sample mean is approximately normal,
regardless of the shape of the population.

d. for any sized sample, it says the sampling distribution of the sample mean is approximately
normal.

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If you were constructing a 99% confidence interval of the population mean based on
a sample of n = 25 where the standard deviation of the sample s = 0.05, the critical
value of t will be
a. 2.7969

b. 2.7874

c. 2.4922

d. 2.4851

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A statistics student found a reference in the campus library that contained the
median family incomes for all 50 states. She would report her data as being
collected using

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a. a designed experiment.

b. observational data.

c. a random sample.

d. a published source.

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TABLE 2-5
The 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.
Time (in Minutes)

Relative Frequency

0.37

0.22

0.15

0.10

0.07

## 25 but less than 30

0.07

30 or more

0.02

Referring to Table 2-5, if 10 calls lasted 30 minutes or more, how many calls lasted
less than 5 minutes?
a. 10

b. 185

c. 295

d. 500

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The employees of a company were surveyed on questions regarding their
educational background and marital status. Of the 600 employees, 400 had college
degrees, 100 were single, and 60 were single college graduates. The probability that
an employee of the company is single or has a college degree is:
a. 0.10

b. 0.25

c. 0.667

d. 0.733

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The probability that house sales will increase in the next 6 months is estimated to be
0.25. The probability that the interest rates on housing loans will go up in the same
period is estimated to be 0.74. The probability that house sales or interest rates will
go up during the next 6 months is estimated to be 0.89. The probability that neither
house sales nor interest rates will increase during the next 6 months is:

a. 0.11

b. 0.195

c. 0.89

d. 0.90

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A confidence interval was used to estimate the proportion of statistics students that
are females. A random sample of 72 statistics students generated the following 90%
confidence interval: (0.438, 0.642). Based on the interval above, is the population
proportion of females equal to 0.60?
a. No, and we are 90% sure of it.

## b. No. The proportion is 54.17%.

c. Maybe. 0.60 is a believable value of the population proportion based on the information
above.

## d. Yes, and we are 90% sure of it.

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Since a _______ is not a randomly selected probability sample, there is no way to
know how well it represents the overall population.
a. simple random sample

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b. quota sample

c. stratified sample

d. cluster sample

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TABLE 2-6
A 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 on Midterm

80

20

## Went Bar Hopping

30

70

Referring to Table 2-6, _______ percent of the students in the sample went bar
hopping the weekend before the midterm and did well on the midterm.
a. 15

b. 27.27

c. 30

d. 50

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The collection of all possible events is called

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a. a simple probability.

b. a sample space.

c. a joint probability.

## d. the null set.

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A lab orders 100 rats a week for each of the 52 weeks in the year for experiments
that the lab conducts. Suppose the mean cost of rats used in lab experiments turned
out to be \$13.00 per week. Interpret this value.
a. Most of the weeks resulted in rat costs of \$13.00.

## b. The median cost for the distribution of rat costs is \$13.00.

c. The expected or average cost for all weekly rat purchases is \$13.00.

d. The rat cost that occurs more often than any other is \$13.00.

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Which of the following is not true about the Students t distribution?

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a. It has more area in the tails and less in the center than does the normal distribution.

b. It is used to construct confidence intervals for the population mean when the population
standard deviation is known.

## c. It is bell shaped and symmetrical.

d. As the number of degrees of freedom increases, the t distribution approaches the normal
distribution.

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If two events are mutually exclusive, what is the probability that one or the other
occurs?

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a. 0.

b. 0.50.

c. 1.00.

## d. Cannot be determined from the information given.

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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 salary in terms of real income over the last three years.
Which of the 4 methods of data collection was involved when he used the
Consumer Price Index?
a. Published sources

b. Experimentation

c. Surveying

d. Observation

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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?
a. 14%

b. 44%

c. 54%

d. 86%

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TABLE 2-5
The 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.
Time (in Minutes)

Relative Frequency

0.37

0.22

0.15

0.10

0.07

## 25 but less than 30

0.07

30 or more

0.02

Referring to Table 2-5, if 100 calls were randomly sampled, how many calls lasted
15 minutes or longer?
a. 10

b. 14

c. 26

d. 74

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The chancellor of a major university was concerned about alcohol abuse on her
campus and wanted to find out the portion of students at her university who visited
campus bars every weekend. Her advisor took a random sample of 250 students.
The portion of students in the sample who visited campus bars every weekend is an
example of __________.
a. a categorical random variable.

## b. a discrete random variable.

c. a parameter.

d. a statistic.

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Which of the following statements about the median is not true?

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## b. It is a measure of central tendency.

c. It is equal to Q2.

## d. It is equal to the mode in bell-shaped normal distributions.

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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 firstyear students at Drummand. To do so, she monitored the textbook cost of 250 firstyear students and found that their average textbook cost was \$300 per semester.
Identify the sample in the study.
a. All Drummand University students.

## d. The 250 students that were monitored.

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The head librarian at the Library of Congress has asked her assistant for an interval
estimate of the mean number of books checked out each day. The assistant provides
the following interval estimate: from 740 to 920 books per day. If the head librarian
knows that the population standard deviation is 150 books checked out per day, and
she asked her assistant to use 25 days of data to construct the interval estimate, what
confidence level can she attach to the interval estimate?
a. 99.7%

b. 99.0%

c. 98.0%

d. 95.4%

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Which of the following is true regarding the sampling distribution of the mean for a
large sample size?
a. It has the same shape, mean, and standard deviation as the population.

b. It has a normal distribution with the same mean and standard deviation as the population.

c. It has the same shape and mean as the population, but has a smaller standard deviation.

d. It has a normal distribution with the same mean as the population but with a smaller
standard deviation.

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A lab orders 100 rats a week for each of the 52 weeks in the year for experiments
that the lab conducts. Prices for 100 rats follow the following distribution:

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Price:

\$10.00

\$12.50

\$15.00

Probability:

0.35

0.40

0.25

How much should the lab budget for next years rat orders be, assuming this
distribution does not change?
a. \$520

b. \$637

c. \$650

d. \$780

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The portfolio expected return of two investments
a. will be higher when the covariance is zero.

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## d. does not depend on the covariance.

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According to a survey of American households, the probability that the residents
own 2 cars if annual household income is over \$25,000 is 80%. Of the households
surveyed, 60% had incomes over \$25,000 and 70% had 2 cars. The probability that
the residents of a household do not own 2 cars and have an income over \$25,000 a
year is:
a. 0.12

b. 0.18

c. 0.22

d. 0.48

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Which of the following is most likely a parameter as opposed to a statistic?
a. The average score of the first five students completing an assignment.

## c. The average height of people randomly selected from a database.

d. The proportion of trucks stopped yesterday that were cited for bad brakes.

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Which of the mean, median, mode, and geometric mean are resistant measures of
central tendency?

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## d. The mean and mode only.

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The collection and summarization of the socioeconomic and physical characteristics
of the employees of a particular firm is an example of
a. inferential statistics.

b. descriptive statistics.

c. a parameter.

d. a statistic.

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A population frame for a survey contains a listing of 6,179 names. Using a table of
random numbers, which of the following code numbers will appear on your list?
a. 06

b. 0694

c. 6946

d. 61790

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In left-skewed distributions, which of the following is the correct statement?

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## a. The distance from Q1 to Q2 is smaller than the distance from Q2 to Q3.

b. The distance from the smallest observation to Q1 is larger than the distance from Q3 to the
largest observation.

c. The distance from the smallest observation to Q2 is smaller than the distance from Q2 to the
largest observation.

## d. The distance from Q1 to Q3 is twice the distance from Q1 to Q2.

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Why is the Central Limit Theorem so important to the study of sampling
distributions?

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a. It allows us to disregard the size of the sample selected when the population is not normal.

b. It allows us to disregard the shape of the sampling distribution when the size of the
population is large.

## STAT125-HK. BUSINESS STATISTICS (STAT125-HK) > TAKE ASSESSMENT: FINAL

EXAM
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In testing for differences between the means of 2 independent populations, the null
hypothesis is:
a. H0: 1 2 = 2.

b. H0: 1 2 = 0.

c. H0: 1 2 > 0.

d. H0: 1 2 < 2.

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A survey claims that 9 out of 10 doctors recommend aspirin for their patients with
headaches. To test this claim against the alternative that the actual proportion of
doctors who recommend aspirin is less than 0.90, a random sample of 100 doctors
results in 83 who indicate that they recommend aspirin. The value of the test
statistic in this problem is approximately equal to:
a. -4.12

b. -2.33

c. -1.86

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d. -0.07

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If a group of independent variables are not significant individually but are
significant as a group at a specified level of significance, this is most likely due to

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a. autocorrelation.

## c. the absence of dummy variables.

d. collinearity.

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TABLE 13-2
A candy bar manufacturer is interested in trying to estimate how sales are influenced
by the price of their product. To do this, the company randomly chooses 6 small
cities and offers the candy bar at different prices. Using candy bar sales as the
dependent variable, the company will conduct a simple linear regression on the data
below:
City

Price
Sales
(\$)

River
1.30 100
Falls
Hudson 1.60 90
Ellswort
1.80 90
h
Prescott 2.00 40
Rock
2.40 38
Elm
Stillwate
2.90 32
r
Referring to Table 13-2, what is the coefficient of correlation for these data?

a. -0.8854

b. -0.7839

c. 0.7839

d. 0.8854

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The Y-intercept (b0) represents the

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## b. change in estimated average Y per unit change in X.

c. predicted value of Y.

## d. variation around the sample regression line.

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TABLE 14-5
A microeconomist wants to determine how corporate sales are influenced by capital
and wage spending by companies. She proceeds to randomly select 26 large
corporations and record information in millions of dollars. The Microsoft Excel
output below shows results of this ltiple regression.
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.830
R Square 0.689

Square
Standard 17501.64
Error
3
Observatio
26
ns
d
ANOVA SS
f
Regressi 15579777
2
on
040
2 70450727
Residual
3 80
2 22624849
Total
5 820

Signi
fF
7789888 25.4 0.00
520
32 01
3063075
12
MS

t
PStat value
Intercep15800.000 6038.299 2.61 0.015
t
0
9
7
4
0.60 0.548
Capital 0.1245
0.2045
9
5
4.80 0.000
Wages 7.0762
1.4729
4
1
Referring to Table 14-5, what are the predicted sales (in millions of dollars) for a
company spending \$100 million on capital and \$100 million on wages?
Coeff

StdError

a. 15,800.00

b. 16,520.07

c. 17,277.49

d. 20,455.98

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If we are performing a two-tailed test of whether = 100, the probability of
detecting a shift of the mean to 105 will be ________ the probability of detecting a
shift of the mean to 110.

a. less than

b. greater than

c. equal to

d. not comparable to

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TABLE 11-1
Psychologists have found that people are generally reluctant to transmit bad news to
their peers. This phenomenon has been termed the M effect. To investigate the
cause of the M effect, 40 undergraduates at Duke University participated in an
experiment. Each subject was asked to administer an IQ test to another student and
then provide the test taker with his or her percentile score. Unknown to the subject,
the test taker was a bogus student who was working with the researchers. The
experimenters manipulated two factors: subject visibility and success of test taker,
each at two levels. Subject visibility was either visible or not visible to the test
taker. Success of the test taker was either visible or not visible to the test taker.
Success of the test taker was either top 20% or bottom 20%. Ten subjects were
randomly assigned to each of the 2 x 2 = 4 experimental conditions, then the time
(in seconds) between the end of the test and the delivery of the percentile score from
the subject to the test taker was measured. (This variable is called the latency to
feedback.) The data were subjected to appropriate analyses with the following
results.
PR >
F
Subject
1380.2
0.04
1 1380.24
4.26
visibility
4
3
Test taker
1325.1
0.05
1 1325.16
4.09
success
6
0
Interactio
3385.8 10.4 0.00
1 3385.80
n
0
5
2
3 11,664.0
Error
324.00
6 0
3 17,755.2
Total
9 0
Source

df SS

MS

Referring to Table 11-1, in the context of this study, interpret the statement: Subject
visibility and test taker success interact.
a. The difference between the mean feedback time for visible and nonvisible subjects depends
on the success of the test taker.

b. The difference between the mean feedback time for test takers scoring in the top 20% and
bottom 20% depends on the visibility of the subject.

c. The relationship between feedback time and subject visibility depends on the success of the
test taker.

## d. All of the above are correct interpretations.

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TABLE 13-1
A large national bank charges local companies for using their services. A bank
official reported the results of a regression analysis designed to predict the banks
charges (Y) measured in dollars per month for services rendered to local
companies. One independent variable used to predict service charge to a company is
the companys sales revenue (X) measured in millions of dollars. Data for 21
companies who use the banks services were used to fit the model:
E(Y) = 0 + 1X
The results of the simple linear regression are provided below.
Y = -2,700+20X, syx = 65, two-tailed p value = 0.034 (for testing 1)
Referring to Table 13-1, interpret the p value for testing whether 1 exceeds 0.
a. There is sufficient evidence (at the = 0.05) to conclude that sales revenue (
linear predictor of service charge (Y).

b. There is insufficient evidence (at the = 0.10) to conclude that sales revenue (
linear predictor of service charge (Y).

## c. Sales revenue (X) is a poor predictor of service charge (Y).

d. For every \$1 million increase in sales revenue, we expect a service charge to increase
\$0.034.

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TABLE 14-1
A manager of a product sales group believes the number of sales made by an
employee (Y) depends on how many years that employee has been with the
company (X1) and how he/she scored on a business aptitude test (X2). A random
sample of 8 employees provides the following:

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EmployeeY X1 X2
1
100 10 7
2
90 3
10
3
80 8
9
4
70 5
4
5
60 5
8
6
50 7
5
7
40 1
4
8
30 1
1
Referring to Table 14-1, for these data, what is the estimated coefficient for the
variable representing years an employee has been with the company, b1?
a. 0.998

b. 3.103

c. 4.698

d. 21.293

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The Journal of Business Venturing reported on the activities of entrepreneurs during

## the organization creation process. As part of a designed study, a total of 71

entrepreneurs were interviewed and divided into 3 groups: those that were
successful in founding a new firm (n1 = 34), those still actively trying to establish a
firm (n2 = 21), and those who tried to start a new firm but eventually gave up (n3 =
16). The total number of activities undertaken (e.g., developed a business plan,
sought funding, looked for facilities) by each group over a specified time period
during organization creation was measured. The objective is to compare the mean
number of activities of the 3 groups of entrepreneurs. Because of concerns over
necessary assumption of the parametric analysis, it was decided to use a
nonparametric analysis. Identify the nonparametric method that would be used to
analyze the data.
a. Wilcoxon Rank Sums Test

## d. One-way ANOVA F test

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TABLE 15-4
In Hawaii, condemnation proceedings are under way to enable private citizens to
own the property that their homes are built on. Until recently, only estates were
permitted to own land, and homeowners leased the land from the estate. In order to
comply with the new law, a large Hawaiian estate wants to use regression analysis
to estimate the fair market value of the land. Each of the following 3 models were fit
to data collected for n = 20 properties, 10 of which are located near a cove.
Model 1: Y = 0 + 1X1 + 2X2 + 3X1X2 + 4X12 + 5X12X2 +
where
Y = Sale price of property in thousands of dollars
X1 = Size of property in thousands of square feet
X2 = 1 if property located near cove, 0 if not
Using the data collected for the 20 properties, the following partial output obtained
from Microsoft Excel is shown:
Regression Statistics
Multiple R 0.985

R Square
0.970
Standard
9.5
Error
Observations 20
ANOVA df SS

MS

Regressio
5 28324 5664
n
Residual 14 1279 91
Total
19 29063

Signif
F

62.20.0001

StdErro t
Pr
Stat value
Intercept
-32.1 35.7
0.3834
0.90
Size
12.2 5.9
2.05 0.0594
Cove
53.5
0.0715
104.3
1.95
Size*Cove 17.0 8.5
1.99 0.0661
SizeSq
-0.3 0.2
0.2204
1.28
SizeSq*Cov
-0.3 0.3
0.2749
e
1.13
Referring to Table 15-4, given a quadratic relationship between sale price (Y) and
property size (X1), what test should be used to test whether the curves differ from
cove and non-cove properties?
Coeff

## d. t test on each of the subsets of the appropriate coefficients.

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TABLE 10-2
A researcher randomly sampled 30 graduates of an MBA program and recorded data
concerning their starting salaries. Of primary interest to the researcher was the effect
of gender on starting salaries. Analysis of the mean salaries of the females and
males in the sample is given below.
Size

Mean

Std Dev

Females

18

48,266.7

13,577.63

Males

12

55,000

11,741.29

## T = -1.4221 2-tailed p value = 0.1574

Referring to Table 10-2, the researcher was attempting to show statistically that the
female MBA graduates have a significantly lower mean starting salary than the male
MBA graduates. According to the test run, which of the following is an appropriate
alternative hypothesis?
a. H1: females > males

## d. H1: females = males

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TABLE 10-3
The use of preservatives by food processors has become a controversial issue.
Suppose 2 preservatives are extensively tested and determined safe for use in meats.
A processor wants to compare the preservatives for their effects on retarding
spoilage. Suppose 15 cuts of fresh meat are treated with preservative A and 15 are
treated with preservative B, and the number of hours until spoilage begins is
recorded for each of the 30 cuts of meat. The results are summarized in the table
below.
Referring to Table 10-3, what assumptions are necessary for a comparison of the
population variances to be valid?
a. Both sampled populations are normally distributed.

## d. Both (a) and (b) are necessary.

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In testing for the differences between the means of 2 independent populations where
the variances in each population are unknown but assumed equal, the degrees of
freedom are
a. n 1.

b. n1 + n2 1.

c. n1 + n2 2.

d. n 2.

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TABLE 12-1
A study published in the American Journal of Public Health was conducted to
determine whether the use of seat belts in motor vehicles depends on ethnic status in
San Diego County. A sample of 792 children treated for injuries sustained from
motor vehicle accidents was obtained, and each child was classified according to (1)
ethnic status (Hispanic or non-Hispanic) and (2) seat belt usage (worn or not worn)
during the accident. The number of children in each category is given in the table
below.
Hispanic

Non-Hispanic

31

148

## Seat belts not worn

283

330

Referring to Table 12-1, which test would be used to properly analyze the data in
this experiment?
a. test for independence in a two-way contingency table.

## d. test for a 2 x 2 factorial design.

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If the p value is less than in a two-tailed test,
a. the null hypothesis should not be rejected.

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## d. no conclusion should be reached.

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TABLE 14-1
A manager of a product sales group believes the number of sales made by an
employee (Y) depends on how many years that employee has been with the
company (X1) and how he/she scored on a business aptitude test (X2). A random
sample of 8 employees provides the following:

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EmployeeY X1 X2
1
100 10 7
2
90 3
10
3
80 8
9
4
70 5
4
5
60 5
8
6
50 7
5
7
40 1
4
8
30 1
1
Referring to Table 14-1, for these data, what is the estimated coefficient for the
variable representing scores on the aptitude test, b2?
a. 0.998

b. 3.103

c. 4.698

d. 21.293

Questi 2 points

Sav

on 19

e
TABLE 10-9
A buyer for a manufacturing plant suspects that his primary supplier of raw
materials is overcharging. In order to determine if his suspicion is correct, he
contacts a second supplier and asks for the prices on various materials. He wants to
compare these prices with those of his primary supplier. The data collected is
presented in the table below, with some summary statistics presented (all of these
might not be necessary to answer the questions which follow). The buyer believes
that the differences are normally distributed and will use this sample to perform an
appropriate test at a level of significance of 0.01.
Material

Primary
Supplier

Secondary
Supplier

Difference

\$55

\$45

\$10

\$48

\$47

\$1

\$31

\$32

-\$1

\$83

\$77

\$6

\$37

\$37

\$0

\$55

\$54

\$1

Sum:

\$309

\$292

\$17

Sum of Squares:

\$17,573

\$15,472

\$139

## Referring to Table 10-9, the test to perform is a

a. pooled-variance t test for differences in 2 means.

## d. t-test for mean difference.

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TABLE 10-4
A real estate company is interested in testing whether, on average, families in
Gotham have been living in their current homes for less time than families in
Metropolis have. A random sample of 100 families from Gotham and a random
sample of 150 families in Metropolis yield the following data on length of residence
in current homes.
Referring to Table 10-4, what is the standardized value of the estimate of the mean
of the sampling distribution of the difference between sample means?
a. -8.75

b. -3.75

c. -2.33

d. -1.96

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In a multiple regression model, the adjusted r2
a. cannot be negative.

Sav
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## d. has to fall between 0 and +1.

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e
The owner of a local nightclub has recently surveyed a random sample of n = 250
customers of the club. She would now like to determine whether or not the mean
age of her customers is over 30. If so, she plans to alter the entertainment to appeal
to an older crowd. If not, no entertainment changes will be made. If she wants to be
99% confident in her decision, what rejection region should she use?
a. Reject H0 if t Z < -2.33.

## d. Reject H0 if t Z > 2.58.

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e
A campus researcher wanted to investigate the factors that affect visitor travel time
in a complex, multilevel building on campus. Specifically, he wanted to determine
whether different building signs (building maps versus wall signage) affect the total
amount of time visitors require to reach their destination and whether that time
depends on whether the starting location is inside or outside the building. Three
subjects were assigned to each of the combinations of signs and starting locations,
and travel time in seconds from beginning to destination was recorded. How should
the data be analyzed?
Starting Room

Interior

Exterior

Wall Signs

Map

141

224

119

339

238

139

85

226

94

129

126

130

## b. Randomized block design

c. 2 x 2 factorial design

## d. Kruskal-Wallis rank test

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TABLE 12-4
A few years ago, Pepsi invited consumers to take the Pepsi Challenge. Consumers
were asked to decide which of two sodas, Coke or Pepsi, they preferred in a blind
taste test. Pepsi was interested in determining what factors played a role in peoples
taste preferences. One of the factors studied was the gender of the consumer. Below
are the results of analyses comparing the taste preferences of men and women with
the proportions depicting preference for Pepsi.
Referring to Table 12-4, suppose that the two-tailed p value was 0.0734. State the
proper conclusion.

a. At = 0.05, there is sufficient evidence to indicate the proportion of males preferring Pepsi
differs from the proportion of females preferring Pepsi.

b. At = 0.10, there is sufficient evidence to indicate the proportion of males preferring Pepsi
differs from the proportion of females preferring Pepsi.

c. At = 0.05, there is sufficient evidence to indicate the proportion of males preferring Pepsi
equals the proportion of females preferring Pepsi.

## d. At = 0.08, there is insufficient evidence to indicate the proportion of males preferring

Pepsi differs from the proportion of females preferring Pepsi.

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If a test of hypothesis has a Type I error probability () of 0.01, we mean

Sav
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## d. if the null hypothesis is false, we reject it 1% of the time.

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TABLE 10-2
A researcher randomly sampled 30 graduates of an MBA program and recorded data
concerning their starting salaries. Of primary interest to the researcher was the effect
of gender on starting salaries. Analysis of the mean salaries of the females and
males in the sample is given below.

Size

Mean

Std Dev

Females

18

48,266.7

13,577.63

Males

12

55,000

11,741.29

## T = -1.4221 2-tailed p value = 0.1574

Referring to Table 10-2, the researcher was attempting to show statistically that the
female MBA graduates have a significantly lower mean starting salary than the male
MBA graduates. From the analysis in Table 10-2, the correct test statistic is:
a. 4,634.72

b. -1.4221

c. -1.4528

d. -6,733.33

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If we wish to determine whether there is evidence that the proportion of successes is
higher in group 1 than in group 2, the appropriate test to use is

a. the Z test.

## d. None of the above.

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TABLE 11-4
A campus researcher wanted to investigate the factors that affect visitor travel time
in a complex, multilevel building on campus. Specifically, he wanted to determine
whether different building signs (building maps versus wall signage) affect the total
amount of time visitors require to reach their destination and whether that time
depends on whether the starting location is inside or outside the building. Three
subjects were assigned to each of the combinations of signs and starting locations,
and travel time in seconds from beginning to destination was recorded. An Excel
output of the appropriate analysis is given below:
ANOVA
Source
of
SS
df MS
FP-value F crit
Variation
14008.3 14008.3
5.31764
Signs
0.11267
3
3
5
Starting
2.78439
5.31764
12288
0.13374
Location
5
5
Interactio
0.91950 5.31764
48
48
n
6
5
35305.3 4413.16
Within
3
7
61649.6 1
Total
7
1
Referring to Table 11-4, the within (error) degrees of freedom is
a. 1

b. 4

c. 8

d. 11

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e
A local real estate appraiser analyzed the sales prices of homes in 2 neighborhoods
to the corresponding appraised values of the homes. The goal of the analysis was to
compare the distribution of sale-to-appraised ratios from homes in the 2
neighborhoods. Random and independent samples were selected from the 2
neighborhoods from last years homes sales, 8 from each of the 2 neighborhoods.
Identify the nonparametric method that would be used to analyze the data.
a. the Wilcoxon Signed-Ranks Test, using the test statistic Z

## d. the Wilcoxon Rank Sum Test, using the test statistic Z

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TABLE 12-13
Parents complain that children read too few storybooks and watch too ch television
nowadays. A survey of 1,000 children reveals the following information on average
time spent watching TV and average time spent reading storybooks

Average
time
spent

## Average time spent

Less BetweenMore
than 1 and 2 than
1 hour hours 2 hours

watching
TV
Less than 2
90
85
130
hours
More than 2
655 32
8
hours
Referring to Table 12-13, to test whether there is any relationship between average
time spent watching TV and average time spent reading storybooks, the value of the
measured test statistic is
a. -12.59

b. 1.61

c. 481.49

d. 1,368.06

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TABLE 10-2
A researcher randomly sampled 30 graduates of an MBA program and recorded data
concerning their starting salaries. Of primary interest to the researcher was the effect
of gender on starting salaries. Analysis of the mean salaries of the females and
males in the sample is given below.
Size

Mean

Std Dev

Females

18

48,266.7

13,577.63

Males

12

55,000

11,741.29

## T = -1.4221 2-tailed p value = 0.1574

Referring to Table 10-2, the researcher was attempting to show statistically that the
female MBA graduates have a significantly lower mean starting salary than the male
MBA graduates. What assumptions were necessary to conduct this hypothesis test?
a. Both populations of salaries (male and female) must have approximate normal distributions.

## d. All of the above assumptions were necessary.

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Testing for the existence of correlation is equivalent to
a. testing for the existence of the slope (1).

## d. None of the above.

Sav
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TABLE 14-3
An economist is interested to see how consumption for an economy (in \$ billions) is
influenced by gross domestic product (\$ billions) and aggregate price (consumer
price index). The Microsoft Excel output of this regression is partially reproduced
below.
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.991
R Square
0.982
0.976
Square
Standard
0.299
Error
Observations 10
d
SS
f
Regressio 33.416
2
n
3
Residual 7 0.6277
34.044
Total
9
0
ANOVA

Coeff

Signif
F
16.708 186.32 0.000
2
5
1
0.0897
MS

StdErro
t Stat P-value
r

## Intercep 0.5674 -0.152 0.8837

t
0.0861
GDP
0.76540.0574 13.340 0.0001
Price
0.0028 -0.219 0.8330
0.0006
Referring to Table 14-3, one economy in the sample had an aggregate consumption
level of \$4 billion, a GDP of \$6 billion, and an aggregate price level of 200. What is
the residual for this data point?
a. \$4.39 billion

b. \$0.39 billion

c. -\$0.39 billion

d. -\$1.33 billion

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e
A ____________ is a numerical quantity computed from the data of a sample and is
used in reaching a decision on whether or not to reject the null hypothesis.
a. significance level

b. critical value

c. test statistic

d. parameter

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TABLE 13-7
An investment specialist claims that if one holds a portfolio that moves in opposite
direction to the market index like the S&P 500, then it is possible to reduce the
variability of the portfolios return. In other words, one can create a portfolio with
positive returns but less exposure to risk.
A sample of 26 years of S&P 500 index and a portfolio consisting of stocks of
private prisons, which are believed to be negatively related to the S&P 500 index, is
collected. A regression analysis was performed by regressing the returns of the
prison stocks portfolio (Y) on the returns of S&P 500 index (X) to prove that the
private prisons stock portfolio is negatively related to the S&P 500 index at a 5%
level of significance. The results are given in the following EXCEL output.
Coefficie Standard
PT Stat
nts
Error
value
Interc 4.866004 0.357436 13.61363 8.7932
ept 258
09
441
E-13
S&P 0.071597 2.9494

0.502513
7.018624
152
2E-07
506
25
Referring to Table 13-7, which of the following will be a correct conclusion?
a. We cannot reject the null hypothesis and, therefore, conclude that there is sufficient
evidence to show that the prison stock portfolio and S&P 500 index are negatively related.

b. We can reject the null hypothesis and, therefore, conclude that there is sufficient evidence to
show that the prison stock portfolio and S&P 500 index are negatively related.

c. We cannot reject the null hypothesis and, therefore, conclude that there is not sufficient
evidence to show that the prison stock portfolio and S&P 500 index are negatively related.

d. We can reject the null hypothesis and conclude that there is not sufficient evidence to show
that the prison stock portfolio and S&P 500 index are negatively related.

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on 36
Why would you use the Tukey-Kramer procedure?

Sav
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## d. To test for differences in pairwise means.

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TABLE 12-6
One criterion used to evaluate employees in the assembly section of a large factory
is the number of defective pieces per 1,000 parts produced. The quality control
department wants to find out whether there is a relationship between years of

experience and defect rate. Since the job is repetitious, after the initial training
period any improvement due to a learning effect might be offset by a loss of
motivation. A defect rate is calculated for each worker in a yearly evaluation. The
results for 100 workers are given in the table below.
Years Since Training
Period
<1
14 59
Year Years Years
High 6
9
9
Defect
Average9
19
23
Rate
Low
7
8
10
Referring to Table 12-6, find the rejection region necessary for testing at the 0.05
level of significance whether there is a relationship between defect rate and years of
experience.
a. Reject H0 if > 16.919

## d. Reject H0 if > 9.488

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TABLE 12-5
The following EXCEL output contains the results of a test to determine if the
proportions of satisfied guests at two resorts are the same or different.
Hypothesized Difference
Level of Significance
Group 1
Number of Successes
Sample Size
Group 2
Number of Successes
Sample Size
Group 1 Proportion
Group 2 Proportion

0
0.05
163
227
154
262
0.718061674
0.58778626

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## Difference in Two Proportions 0.130275414

Average Proportion
0.648261759
Test Statistic
3.00875353
Two-Tailed Test
Lower Critical Value
-1.959961082
Upper Critical Value
1.959961082
p-Value
0.002623357
Referring to Table 12-5, if you want to test the claim that Resort 1 (Group 1) has
a higher proportion of satisfied guests compared to Resort 2 (Group 2), the p-value
of the test will be
a. 0.00262

b. 0.00262/2

c. 2*(0.00262)

d. 1 (0.00262/2)

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TABLE 15-5
As a business statistics project, a student examined the factors that determine
parking meter rates throughout the campus and downtown area. The campus is a
group of buildings located in the center of downtown, with an open central
Data were collected for the price of parking per hour and the number of blocks to
the quadrangle. In addition, two dummy variables were coded to indicate the
location of the parking meter (See below). The population regression model
hypothesized is
Yi = 0 + 1x1i + 2x2i + 3x3i + i
where
Y is the price per hour
x1 is a numerical variable = the number of blocks to the quadrangle
(Note that
if x1 is less than 2, then the meter is on campus;
if x1 is less than 3, then the meter is downtown)
x2 is a dummy variable = 1 if inside downtown and off campus, 0 otherwise

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## x3 is a dummy variable = 1 if outside downtown and off campus, 0 otherwise

The following Excel results are obtained.
Regression Statistics
Multiple R 9.9659
R Square
0.9331
0.9294
Square
Standard
0.0327
Error
Observations 58
ANOVA df SS MS F
Signif F
Regressio 0.809 0.269 251.199 1.0964E
3
n
4
8
5
-31
5 0.058 0.001
Residual
4 0
0
5 0.867
Total
7 5
StdErro
t Stat P-value
r
Intercep 0.511
37.467
0.0136
2.4904
t
8
5
X1
0.004 0.0034 -1.32750.1898
5
5.3581E
X2
0.239 0.0123 19.394
-26
2
2
X3
0.000 0.0123 -0.02140.9829
2
Referring to Table 15-5, if one is already outside of downtown and off campus but
decides to park an additional 3 blocks from the quadrangle, the estimated average
parking meter rate will
Coeff

a. decrease by 0.0045.

b. decrease by 0.0135.

c. decrease by 0.0139.

d. decrease by 0.4979.

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TABLE 14-4
A real estate builder wishes to determine how house size (House) is influenced by
family income (Income), family size (Size), and education of the head of household
(School). House size is measured in hundreds of square feet, income is measured in
thousands of dollars, and education is in years. The builder randomly selected 50
families and ran the ltiple regression. Microsoft Excel output is provided below:
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.865
R Square
0.748
0.726
Square
Standard
5.195
Error
Observations 50
ANOVA df SS
Regressio
n
Residual
Total

MS

Signif
F

3605.7736901.4434 0.0001
1214.226426.9828
4
4820.0000
9

Coeff

StdErro
t Stat P-value
r

## Intercep 5.8078 -0.281 0.7798

t
1.6335
Income 0.44850.1137 3.9545 0.0003
Size
4.26150.8062 5.286 0.0001
School
0.4319 -1.509 0.1383
0.6517
Referring to Table 14-4, one individual in the sample had an annual income of
\$10,000, a family size of 1, and an education of 8 years. This individual owned a

home with an area of 1,000 square feet (House = 10.00). What is the residual (in
hundreds of square feet) for this data point?
a. 8.10

b. 5.40

c. -5.40

d. -8.10

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The sample correlation coefficient between X and Y is 0.375. It has been found out
that the p-value is 0.256 when testing H0: = 0 against the two-sided alternative H1:
0. To test H0: = 0 against the one-sided alternative H1: > 0 at a significance
level of 0.193, the p-value is
a. 0.256/2

b. 0.256

c. 1 0.256

d. 1 0.256/2

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on 42
TABLE 15-5
As a business statistics project, a student examined the factors that determine
parking meter rates throughout the campus and downtown area. The campus is a
group of buildings located in the center of downtown, with an open central

Sav
e

Data were collected for the price of parking per hour and the number of blocks to
the quadrangle. In addition, two dummy variables were coded to indicate the
location of the parking meter (See below). The population regression model
hypothesized is
Yi = 0 + 1x1i + 2x2i + 3x3i + i
where
Y is the price per hour
x1 is a numerical variable = the number of blocks to the quadrangle
(Note that
if x1 is less than 2, then the meter is on campus;
if x1 is less than 3, then the meter is downtown)
x2 is a dummy variable = 1 if inside downtown and off campus, 0 otherwise
x3 is a dummy variable = 1 if outside downtown and off campus, 0 otherwise
The following Excel results are obtained.
Regression Statistics
Multiple R 9.9659
R Square
0.9331
0.9294
Square
Standard
0.0327
Error
Observations 58
ANOVA df SS MS F
Signif F
Regressio 0.809 0.269 251.199 1.0964E
3
n
4
8
5
-31
5 0.058 0.001
Residual
4 0
0
5 0.867
Total
7 5
StdErro
t Stat P-value
r
Intercep 0.511
37.467
0.0136
2.4904
t
8
5
X1
0.004 0.0034 -1.32750.1898
5
5.3581E
X2
0.239 0.0123 19.394
-26
2
2
X3
0.0123 -0.02140.9829
0.000
Coeff

2
Referring to Table 15-5, predict the meter rate per hour if one parks outside of
downtown and off campus, 3 blocks from the quad.
a. \$-0.0139

b. \$0.2589

c. \$0.2604

d. \$0.4981

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If the Type I error () for a given test is to be decreased, then for a fixed sample
size n

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## d. a one-tailed test must be utilized.

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TABLE 11-3
A realtor wants to compare the average sales-to-appraisal ratios of residential
properties sold in four neighborhoods (A, B, C, and D). Four properties are
randomly selected from each neighborhood and the ratios recorded for each, as
shown below.
A: 1.2, 1.1, 0.9, 0.4

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## B: 2.5, 2.1, 1.9, 1.6

C: 1.0, 1.5, 1.1, 1.3
D: 0.8, 1.3, 1.1, 0.7
Interpret the results of the analysis summarized in the following table:
Source

df

Neighborhoods

Error

SS

MS

2.97

0.990

8.31

12

Total

4.40

## Referring to Table 11-3, the within group mean squares is

a. 0.119

b. 0.990

c. 1.109

d. 8.31

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on 45
TABLE 12-5
The following EXCEL output contains the results of a test to determine if the
proportions of satisfied guests at two resorts are the same or different.
Hypothesized Difference
Level of Significance
Group 1
Number of Successes
Sample Size
Group 2

0
0.05
163
227

Sav
e

Number of Successes
154
Sample Size
262
Group 1 Proportion
0.718061674
Group 2 Proportion
0.58778626
Difference in Two Proportions 0.130275414
Average Proportion
0.648261759
Test Statistic
3.00875353
Two-Tailed Test
Lower Critical Value
-1.959961082
Upper Critical Value
1.959961082
p-Value
0.002623357
Referring to Table 12-5, if you want to test the claim that Resort 1 (Group 1) has
a lower proportion of satisfied guests compared to Resort 2 (Group 2), you will use
a. a t-test for the difference in two proportions.

## d. a test for independence.

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If we use the chi-squared method of analysis to test for the differences among 4
proportions, the degrees of freedom are equal to:
a. 3

b. 4

c. 5

d. 1

Sav
e

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e
TABLE 10-5
To test the effects of a business school preparation course, 8 students took a general
business test before and after the course. The results are given below.
Student

## Exam Score After Course

530

670

690

770

910

1,000

700

710

450

550

820

870

820

770

630

610

Referring to Table 10-5, at the 0.05 level of significance, the conclusion for this
hypothesis test would be:
a. the business school preparation course does improve exam score.

b. the business school preparation course does not improve exam score.

## d. It cannot be drawn from the information given.

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How many Kleenex should the Kimberly Clark Corporation package of tissues
contain? Researchers determined that 60 tissues is the average number of tissues
used during a cold. Suppose a random sample of 100 Kleenex users yielded the
following data on the number of tissues used during a cold: = 52, s = 22. Suppose
the alternative we wanted to test was H1: < 60. State the correct rejection region
for = 0.05.

Sav
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## d. Reject H0 if t < -1.9842.

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TABLE 14-5
A microeconomist wants to determine how corporate sales are influenced by capital
and wage spending by companies. She proceeds to randomly select 26 large
corporations and record information in millions of dollars. The Microsoft Excel
output below shows results of this ltiple regression.
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.830
R Square 0.689
0.662
Square
Standard 17501.64

Error
3
Observatio
26
ns
d
ANOVA SS
f
Regressi 15579777
2
on
040
2 70450727
Residual
3 80
2 22624849
Total
5 820

Signi
fF
7789888 25.4 0.00
520
32 01
3063075
12
MS

t
PStat value
Intercep15800.000 6038.299 2.61 0.015
t
0
9
7
4
0.60 0.548
Capital 0.1245
0.2045
9
5
4.80 0.000
Wages 7.0762
1.4729
4
1
Referring to Table 14-5, which of the following values for is the smallest for
which the regression model as a whole is significant?
Coeff

StdError

a. 0.00005

b. 0.001

c. 0.01

d. 0.05

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TABLE 12-3
A computer used by a 24-hour banking service is supposed to randomly assign each
transaction to one of 5 memory locations. A check at the end of a days transactions
gave the counts shown in the table to each of the 5 memory locations, along with the

## number of reported errors.

Memory
1 2 3 4 5
Location:
Number of
82 100 74 92 102
Transactions:
Number of
Reported
11 12 6 9 10
Errors
The bank manager wanted to test whether the proportion of errors in transactions
assigned to each of the 5 memory locations differ.
Referring to Table 12-3, which test would be used to properly analyze the data in
this experiment?
a. test for independence in a two-way contingency table