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The table below displays data on defect rates at a compact disk (CD) pressing

facility. The table includes data on the distribution of CDs that have content errors

(missing and/or wrong content), and on the distribution of CDs that have labeling

errors. Which of the following statements is true?

The fact that a CD has a content error tells us nothing about whether it has a

labeling error.

The events of a CD having a content error and a CD having a labeling error

are statistically dependent.

The fact that a CD has a labeling error tells us something about whether it has

a content error.

None of the above.

Q2. The data table below tabulates a pizza parlor’s advertising expenditures and

sales for 8 consecutive quarters. The marketing manager wants to know how

much of an impact current advertising will have on sales two quarters from

now. When running a regression with the dependent variable “sales” and the

independent variable “advertising lagged by two quarters,” how many data points

can she use, given the available data?

6

7

8

9

Q3. The regression analysis below relates US annual energy consumption in

trillions of BTUs to the independent variable “US Gross Domestic Product (GDP)

in trillions of dollars.” In a given year, if GDP is $7.4 trillion, what is the expected

energy consumption?

Around 91,501 trillion BTUs

Around 28,016 trillion BTUs

Around 467,729 trillion BTUs

Q4. The WH meat-packing company must decide whether or not to recall one

week’s production of kielbasa due to possible contamination. An outbreak of non-

fatal food poisoning may be linked to WH. If so, WH may face a lawsuit. The tree

below summarizes the decision. The EMV of the cost of not issuing a recall is

$80,000. Based on EMV, the manager should not issue the recall. For what values

of p = Prob[WH is implicated] is not recalling the kielbasa preferable to recalling

the kielbasa, in terms of EMV?

p < 15%

p > 15%

p < 85%

None of the above

Q5. The data in the Excel spreadsheet linked below gives the average monthly

price of gold (in dollars per ounce) for the years 1980 to 1983. In which of the

years was the coefficient of variation of gold price the highest?

1981

1982

1983

1980

trillions of BTUs to the independent variable “US Gross Domestic Product (GDP)

in trillions of dollars.” Which of the following is the lowest level at which the

independent variable is significant?

0.94

0.10

0.05

0.01

Q7. The histogram below displays the distribution of income among households in

the United States in 2001. Suppose a researcher takes a random sample of 60

households and calculates average household income in the sample. Suppose 99

other researchers conduct identical studies, each independently collecting a

random sample of 60 households and computing the average household income

in that sample. Which of the following best describes the distribution of the 100

different average household incomes calculated by the researchers?

Symmetric with one peak

Symmetric with two peaks

Skewed left

Skewed right

multicollinearity?

A strong nonlinear relationship between the dependent variable and one or

more independent variables

A strong heteroskedastic relationship between the dependent variable and

one or more independent variables

None of the above

breeds the experimental fruit “kiwana.” The company is studying the effects of a

new fertilizer on the number of kiwanas per bunch grown on kiwana trees. The

regression analysis below relates the number of kiwanas per bunch to the

independent dummy variable “fertilizer.” Based on the regression, which of the

following statements may be concluded?

On average, the use of the new fertilizer increases the number of kiwanas per

bunch by 5.25.

The independent dummy variable “fertilizer” is significant at the 0.01 level.

Variation in the independent dummy variable “fertilizer” explains around

53% of the variation in the number of kiwanas per bunch.

None of the above.

Q10. A researcher wants to collect data about the study habits of sophomores at

Harmond University. From the sophomore class of 2,300 students, she wants to

collect a sample of 70 students. Which of the following sampling methods will yield

the most representative sample?

numbers from that list

Randomly selecting 70 sophomores entering the university’s main library on

a randomly selected evening

Selecting the 70 sophomores whose grade point averages (GPA) fall closest to

the mean GPA of the sophomore class

Randomly selecting 70 sophomores who are members of college fraternities

Q11. The table below displays data on defect rates at a compact disk (CD) pressing

facility. The table includes data on the distribution of CDs that have content errors

(missing and/or wrong content), and on the distribution of CDs that have labeling

errors. What is the conditional probability that a CD has no content errors, given

that has a labeling error?

97.02%

1.98%

98.00%

None of the above

Q12. The WH meat-packing company must decide whether or not to recall one

week’s production of kielbasa due to possible contamination. An outbreak of non-

fatal food poisoning may be linked to WH. If so, WH may face a lawsuit. The tree

below summarizes the decision. What is the expected monetary value of the cost

of not issuing a recall?

$80,000

$120,000

$800,000

$0

the site are invited to click on one of two buttons in order to register that they

“agree” or “disagree” with the following statement: “Funding for space exploration

should be left entirely to the private sector.” If bizneznuz.com wants to accurately

measure its online readership’s support for government-funded space

exploration, this poll will deliver a biased and unrepresentative response because:

All respondents have internet access.

bizneznuz.com targets mainly the business community.

All of the above.

Q14. A telemarketing company wants to find out if people are more likely to

answer the phone between 8 p.m. and 9 p.m. than between 7 p.m. and 8 p.m. Out

of 96 calls between 7 p.m. and 8 p.m., 72 were answered. Out of 105 calls between

8 p.m. and 9 p.m., 90 were answered. Using a one-sided hypothesis test with a 90%

confidence level, which of the following statements do these data support?

There is not sufficient evidence that the proportion of people who answer the

phone between 8 p.m. and 9 p.m. is greater than the proportion who answer

the phone between 7 p.m. and 8 p.m.

People are more likely to answer the phone between 8 p.m. and 9 p.m.

Telemarketers should not call at all during the evenings.

People are more likely to answer the phone between 7 p.m. and 8 p.m

Q15. The average height of American women is distributed normally, with a mean

of 63.5 inches and a standard deviation of 2.5 inches. Approximately what

percentage of American women are taller than 58.5 inches, but shorter than 68.5

inches?

50%

68%

84%

95%

Q16. The data in the Excel spreadsheet linked below gives the average monthly

price of gold (in dollars per ounce) for the years 1980 to 1983. Which of the

following statistics measures gold price variation in the same units as gold price

itself (i.e., dollars per ounce)?

The variance

The coefficient of variation

None of the above

problem in the automated accounting software is suspected, a random sample of

38 accounts reveals a sample mean of $143.55 and a sample standard deviation of

$38.29. After running a two-sided hypothesis test of the hypothesis that the

average accounts receivable has changed, what is the best conclusion (using a 95%

confidence level)?

There is not sufficient evidence that the average accounts receivable has

changed.

The average accounts receivable is still $132.54.

The average accounts receivable has changed.

The average accounts receivable is at least $143.55.

Q18. The table below displays a week’s worth of data on daily sales at the Crank It

Louder Music Store. Over that time period, what was the median daily level of

sales?

$1,643.23

$3,489.79

$3,130.46

$800.12

Q19. Market researcher Ally Nathan is studying the relationships among price,

type (classical or steel string), and consumer demand for acoustic guitars. She

wants to find the relationship between demand and price, controlling for type. To

determine this relationship, what should she do?

independent variable price and observe the coefficient on price.

Run a simple regression of the dependent variable demand on the

independent variable type and observe the coefficient on type.

Run a multiple regression of the dependent variable demand on the

independent variables price and type and observe the coefficient on price.

Run a multiple regression of the dependent variable demand on the

independent variables price and type and observe the coefficient on type.

Its mean and its standard deviation

Its mean and its mode

Its mean and its median

None of the above

trillions of BTUs to the independent variable “US Gross Domestic Product (GDP)

in trillions of dollars.” The coefficient on the independent variable tells us that

increased by 3,786 trillion BTUs.

for every additional dollar of GDP, average energy consumption increased by

3,786 trillion BTUs.

for every additional trillion dollars of GDP, average energy consumption

increased by 3,786 BTUs.

for every additional trillion BTUs of energy consumption, average GDP

increased by $3,786 trillion.

Q22. Which of the following correctly ranks from smallest to largest the measures

of central tendency of the data displayed in the histogram below?

Mode < mean < median

Median < mode < mean

Mode < median < mean

Not enough information to determine the answer

Q23. The WH meat-packing company must decide whether or not to recall one

week’s production of kielbasa due to possible contamination. An outbreak of non-

fatal food poisoning may be linked to WH. If so, WH may face a lawsuit. The tree

below summarizes the decision. The EMV of the cost of not issuing a recall is

$80,000. Based on EMV, WH should not issue a recall. If WH chooses to recall,

which of the following best describes the WH’s attitude towards this decision?

Risk averse

Risk neutral

Risk seeking

Chicken

Q24. The table below displays a week’s worth of data on daily sales at the Crank It

Louder Music Store. Over that time period, what was the mean daily level of sales?

$3,489.79

$4,071.42

$1,643.23

$2,829.92

taxes on dividend income. What is the 95% confidence interval for the proportion

of people who favor an elimination of taxes on dividend income?

[40.9%, 55.1%]

[47.5%, 48.5%]

[42.0%, 54.0%]

Not enough information to determine the answer

trillions of BTUs to the independent variable “US Gross Domestic Product (GDP)

in trillions of dollars.” Which of the following statements is true?

The x-intercept of the regression line is $62,695 trillion.

In the event that a thermonuclear war completely halts all economic activity

and the US GDP drops to zero, energy consumption will sink to 62,695 trillion

BTUs.

None of the above.

Q27. The WH meat-packing company must decide whether or not to recall one

week’s production of kielbasa due to possible contamination. An outbreak of non-

fatal food poisoning may be linked to WH. If so, WH may face a lawsuit. The tree

below summarizes the decision. The EMV of the cost of not issuing a recall is

$80,000. Based on EMV, WH should not issue a recall. An estimated value of a

reputation loss is included in the outcome estimate of the lawsuit. If WH is

implicated, the firm may face a reputation loss even if no lawsuit is filed. For what

values of that reputation loss would issuing the recall be preferable, in terms of

EMV?

Lower than $500,000

Lower than $44,444

None of the above

Q28. The histogram below displays the age distribution of the world’s billionaires

as reported by Forbes Magazine in 2001. What is the best way to describe this

distribution?

Approximately normal

Strongly skewed to the right

Bimodal

Approximately uniform

Their mean score on the final exam is 75, with standard deviation 8. What is the

95% confidence interval for the average class score on the final?

[66.6, 83.4]

[67.6, 82.4]

[68.6, 81.4]

[71.7, 78.3]

Q30. The table below displays data on defect rates at a compact disk (CD) pressing

facility. The table includes data on the distribution of CDs that have content errors

(missing and/or wrong content), and on the distribution of CDs that have labeling

errors. What is the probability that a randomly selected CD has a content error?

1.00%

0.98%

0.02%

None of the above

trillions of BTUs to the independent variable “US Gross Domestic Product (GDP)

in trillions of dollars.” How much of the variation in energy consumption can be

explained by variation in the gross domestic product?

About 94%

About 97%

About 99.99%

Almost none of the variation in energy consumption can be explained by

variation in GDP.

Q32. When comparing two regression analyses that have a different number of

independent variables, which of the following should be used to compare the

explanatory power of the two regressions?

Adjusted R-squared

R-squared

The correlation coefficient (“Multiple R”)

None of the above

Q33. In a public opinion poll, 48% of 189 respondents favor an elimination of taxes

on dividend income. How many respondents would be needed to calculate a 95%

confidence interval (for the proportion of people who favor an elimination of taxes

on dividend income) that has a total width no greater than 4% (i.e., the estimate

must be within +/- 2% of the true population proportion)?

2,398

600

1,689

Not enough information to determine the answer

Q34. The scatter diagram below displays the relationship between age and net

worth (in US$ billions) for the world’s 20 wealthiest people as reported by Forbes

Magazine in 2001. If 45-year-old Bill Gates, the world’s wealthiest person, is

considered an outlier and removed from the data set, what will be the effect on

this relationship?

The value of the correlation coefficient will decrease.

The value of the correlation coefficient will increase.

The value of the correlation coefficient will stay about the same.

The correlation will become perfectly linear.

Q35. The data in the Excel spreadsheet linked below gives the net worth (in US$

billions) and ages of the world’s billionaires as reported by Forbes Magazine in

2001. What is the correlation coefficient between age and net worth?

About 0.00

Greater than 0.5

Less than -0.5

Not enough information to determine the answer

government’s economic leadership. In the previous month, the proportion of

participants registering strong disapproval was 65%. At the 95% confidence level

and using a two-sided test, which of the following statements do these data

support?

registering strong disapproval has changed.

The proportion of participants registering strong disapproval has increased.

The proportion of participants registering strong disapproval has stayed the

same.

None of the above.

problem in the automated accounting software is suspected, a random sample of

38 accounts reveals a sample mean of $143.55 and a sample standard deviation of

$38.29. In a two-sided hypothesis test to see if the average accounts receivable has

changed, what is the best formulation of the null hypothesis?

The average accounts receivable is $143.55.

The average accounts receivable is no longer $132.54.

None of the above.

the difference between the actual value and the predicted value of the

dependent variable.

the difference between the actual value and the predicted value of the

independent variable.

the proportion of the variation in the independent variable that remains

unexplained by the variation in the dependent variable.

the proportion of the variation in the dependent variable that remains

unexplained by the variation in the independent variable.

Q39. The WH meat-packing company must decide whether or not to recall one

week’s production of kielbasa due to possible contamination. An outbreak of non-

fatal food poisoning may be linked to WH. If so, WH may face a lawsuit. The tree

below summarizes the decision. The EMV of the cost of not issuing a recall is

$80,000. Suppose there were a way to know for certain whether WH would be

implicated or not. What would be the value of this perfect information?

$68,000

$12,000

$80,000

None of the above

a random sample of 50 stores in a large retail chain. In the sample, the mean

number of microwaves sold per store last week was 19, with standard deviation

2. What is the 95% confidence interval for the mean number of microwaves sold

at a retail store in the chain last week?

[18.45, 19.55]

[17.00, 21.00]

[15.00, 23.00]

[18.27, 19.73]

Q41. The regression analysis below relates US annual energy consumption in

trillions of BTUs to the independent variables “US Gross Domestic Product (GDP)

in trillions of dollars” and “average gas mileage of all passenger cars in miles per

gallon (mpg).” The coefficient for the independent variable “average car gas

mileage (mpg),” -70.50, describes

the relationship between energy consumption and average car gas mileage,

controlling for GDP.

the relationship between energy consumption and average car gas mileage,

not controlling for GDP.

the relationship between average car gas mileage and GDP, controlling for

energy consumption.

the relationship between average car gas mileage and GDP, not controlling

for energy consumption.

trillions of BTUs to the independent variables “US Gross Domestic Product (GDP)

in trillions of dollars” and “average gas mileage of all passenger cars in miles per

gallon (mpg).” Which of the two independent variables is significant at the 0.01

level?

GDP only

Average car gas mileage only

Both independent variables

Neither independent variable

Q43. When calculating a confidence interval for a mean, which of the following will

increase the width of the confidence interval?

Increasing the sample size

Decreasing the sample mean

Increasing the sample mean

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