1/18/22, 2:47 PM Business Statistics End Term Exam (Set 1)

Business Statistics End Term Exam (Set 1)

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In a perfectly symmetrical bell-shaped "normal" distribution 1 point

the arithmetic mean equals the median.

the median equals the mode.

the arithmetic mean equals the mode.

All of the above.

According to the empirical rule, if the data form a "bell-shaped" normal 2 points

distribution, ________ percent of the observations will be contained within

1 standard deviation around the arithmetic mean.

68.26

75.00

88.89

93.75

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1/18/22, 2:47 PM Business Statistics End Term Exam (Set 1)

The Tampa International Airport (TIA) has been criticized for the waiting 1 point

times associated with departing flights. While the critics acknowledge that
many flights have little or no waiting times, their complaints deal more
specifically with the longer waits attributed to some flights. The critics are
interested in showing, mathematically, exactly what the problems are.
Which type of distribution would best model the waiting times of the
departing flights at TIA?

uniform distribution

binomial distribution

normal distribution

exponential distribution

Log India Ltd. is in the business of logging operation wants to examine the 2 points

average unloading time of logs. Two methods are used for unloading. A
random sample of size 50 for the first method gives an average unloading
time X_1 of 20.5 minutes. A random sample of size 60 for the second
method yields an average unloading time X_2 of 17.6 minutes. We know
that the variance of the unloading times using the first method is 3, while
that for the second method is 4. At a significance level α of 0.05, what will
be the conclusion?

There is no difference in the mean unloading times for the two methods.

There is a difference in the mean unloading times for the two methods

The test statistics is 7.48 and hence the null hypothesis is accepted

The test statistics is 4.766 and hence the null hypothesis is rejected

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1/18/22, 2:47 PM Business Statistics End Term Exam (Set 1)

In a perfectly symmetrical distribution 1 point

the range equals the interquartile range.

the interquartile range equals the arithmetic mean.

the median equals the arithmetic mean.

the variance equals the standard deviation.

A catalog company that receives the majority of its orders by telephone 2 points

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 4.5 minutes will hang up before placing an order?

0.22313

0.48658

0.51342

0.77687

If we know that the length of time it takes a college student to find a 2 points

parking spot in the library parking lot follows a normal distribution with a
mean of 3.5 minutes and a standard deviation of 1 minute, find the
probability that a randomly selected college student will take between 2
and 4.5 minutes to find a parking spot in the library parking lot.

0.0919

0.2255

0.4938

0.7745

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1/18/22, 2:47 PM Business Statistics End Term Exam (Set 1)

Let X represent the amount of time it takes a student to park in the library 2 points

parking lot at the university. If we know that the distribution of parking

times can be modeled using an exponential distribution with a mean of 4
minutes, find the probability that it will take a randomly selected student
more than 10 minutes to park in the library lot.

0.917915

0.670320

0.329680

0.082085

The Central Limit Theorem is important in statistics because 1 point

for a large n, it says the population is approximately normal.

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

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

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

Selection of raffle tickets from a large bowl is an example of 1 point

sampling with replacement

sampling without replacement

subjective probability

None of the above

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1/18/22, 2:47 PM Business Statistics End Term Exam (Set 1)

When extreme values are present in a set of data, which of the following 1 point

descriptive summary measures are most appropriate?

CV and range

arithmetic mean and standard deviation

interquartile range and median

variance and interquartile range

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