A+ Answers

which of the following is the commonly used significance level for a, in most business applications?

0.5      

0.25      

0.05      

0.0005      

If the confidence coefficient is 0.9, ________.  

we expect that 9 samples out of 100 will support the null hypothesis

we expect that 90 out of 100 samples will support the null hypothesis

we expect that 10 samples out of 100 will support the null hypothesis

we expect that all 100 samples will support the null hypothesis

To determine if there was a statistically significant difference in the means of two independent groups, which statistical tool would one be most likely to employ to assess the significance of any observed difference?

paired samples t-test    

chi-square test for independence   

Levene's test for homogeneity of variances  

independent samples t-test    

To assess the effect of an intervention such as the productivity of an employee before and after a training class, one would conduct a(n) ________.

independent samples t-test    

ANOVA      

paired samples t-test    

F-test      

An online retailer wanted to see if purchasing patterns were different between male consumers and female consumers. Males were found to have spent a mean of $85 per month on online purchases, whereas females were found to have spent a mean of $78 per month. An independent samples t-test was conducted to assess the observed difference between the two groups of consumers. A two-tailed test was applied. The value of the t-Test Statistic for the observed differences was -4.7, where the p-value is less than 0.000What conclusion can be made about the observed difference?

There is a statistically significant difference between the two groups of consumers.

There is statistically no significant difference between the two groups of consumers.

The independent samples t-test is not the appropriate hypothesis-testing procedure.

There is not sufficient information to conclude.  

The t-Test Statistic has a t distribution with ________ degrees of freedom.

n      

n + 1      

n - 2      

n - 1      

The hypothesized sampling distribution of the test statistic is divided into ________ parts.

four      

two      

six      

three      

In the construction of decision trees, which of the following shapes represents a state of nature node?

square      

circle      

diamond      

triangle      

In the construction of decision trees, which of the following shapes represents a decision node?

square      

circle      

diamond      

triangle      

A market research study is being conducted to determine if a product modification will be well received by the public. A total of 1,000 consumers are questioned regarding this product.

The table below provides information regarding this sample.

  Positive Neutral  Negative

Male  240  60  100

Female  260  220  120

What is the probability that a randomly selected person would be a female who had a positive reaction?

0.25      

0.26      

0.455      

0.84      

The probability that a typical tomato seed will germinate is 60%. A seed company has developed a hybrid tomato that they claim has an 85% probability of germination. If a gardener plants the new hybrid tomato in batches of 12, what is the probability that 10 or more seeds will germinate in a batch?

0.064      

0.083      

0.264      

0.736      

Historical data indicates that only If a binomial process is assumed, then in a sample of 20 cable customers, what is the probability that no more than 3 customers would be willing to switch their cable?

0.85      

0.15      

0.2      

0.411      

Lock combinations are made using 3 digits followed by How many different lock combinations can be made if repetition of digits is allowed?

6      

260      

6,760      

676,000      

In One thousand investors were asked how often they tracked their investments. The table below shows their responses. What is the probability that an investor tracks the portfolio weekly?

   How often tracked?

Response     

Daily   235   

Weekly  278    

Monthly  292    

Few times a year 136     

Do not track 59    

0.235      

0.278      

0.513      

0.722      

In hypothesis testing, the null and the alternative hypotheses are ________.

not mutually exclusive    

mutually exclusive     

always false     

always true     

If we fail to reject the null hypothesis, ________.  

we have found evidence to support the alternative hypothesis

the null hypothesis is proved to be true   

we have only failed to find evidence to support the alternative hypothesis

the hypothesis test is inconclusive   

The probability of a Type II error is ________.  

one minus the probability of Type I error  

the result of the hypothesis test itself   

also specified by the investigator   

not specified by the investigator but computed using the power of the test

After choosing a suburban street at random, employees go door-to-door to every fifth house to ask for permission to view their laundry detergent supply. What sampling method is being used for this sampling plan?

simple random sampling    

systematic sampling    

continuous sampling    

subjective sampling    

A major consumer products company wants to measure the quality of the packaging of their products on the store shelves. Five large cities are chosen in different parts of the country. What sampling method is being used for this sampling plan?

simple random sampling    

continuous sampling    

subjective sampling    

stratified sampling     

All of the following are true about the sampling distribution of the mean except ________.

the population standard deviation can be determined when a large sample size is used

the standard deviation of this distribution is called the standard error of the mean

when larger sample sizes are used for this distribution, the sampling error is less

this distribution approaches the normal distribution if the sample size is large enough

Find the standard error of the mean when the population standard deviation is 4.1 and a sample of size 30 is taken.

7.32      

0.08      

1.34      

0.75      

Expected monetary value (EMV) is   

the average or expected monetary outcome of a decision if it can be repeated a large number of times.

the average or expected value of the decision, if you know what would happen ahead of time.

the average or expected value of information if it were completely accurate.

the amount you would lose by not picking the best alternative.

Which of the following is true about the expected value of perfect information?

It is the amount you would pay for any sample study.

It is calculated as EMV minus EOL.   

It is calculated as expected value with perfect information minus maximum EMV.

It is the amount charged for marketing research.  

The expected value of sample information (EVSI) can be used to

establish a maximum amount to spend on additional information.

calculate conditional probabilities.   

establish risk avoidance.    

provide points on a utility curve.   

when conducting a test of hypothesis, if we elect to use alpha (a) of .05 and the results of our analysis indicate that the null hypothesis should be rejected, which of the following is true?

the p-value is greater than .05   

the p-value is less than .05    

the p-value is greater than +1.96   

the p-value is less than -1.96