Question 1

Below is a histogram of salaries (in $) for a sample of marketing managers. Comment on the shape of the distribution.

Accepted Answer

The distribution is unimodal and skewed to the right.

Question 2

Consider the following to answer the question(s) below:
The table below shows closing share prices for a small sample of companies.
  
-The standard deviation in closing share prices is

Accepted Answer

A)  $31.43 
B)  $44.65 
C)  $56.99 
D)  $62.19 
E)  $75.77 
A)  $31.43 
B)  $44.65 
C)  $56.99 
D)  $62.19 
E)  $75.77 A

Question 3

Below is a time series graph for monthly closing price of 3M Dental Products stock (beginning June 2005).   a. Are the closing prices for shares of 3M Dental Products from June 2005 through August 2007 stationary? Explain.
b. Would a histogram provide a good summary of these stock prices? Explain.

Accepted Answer

a. No, an upward trend is evident.
b. No, because these data are not stationary.

Question 4

Consider the following to answer the question(s) below:
The table below shows closing share prices for a small sample of companies.
  
-The z score for the share price for Matsushita Electronic Components is

Accepted Answer

A)  1.24 
B)  2.34 
C)  -2.34 
D)  -3.00 
E)  -1.24 
A)  1.24 
B)  2.34 
C)  -2.34 
D)  -3.00 
E)  -1.24

Question 5

The boxplots show monthly sales revenue figures ($ thousands) for a discount office supply company with locations in three different regions in Canada. (Atlantic, Central and West).   a. Which region has the highest median sales revenue?
b. Which region has the lowest median sales revenue?
c. Which region has the most variable sales revenue values? Explain.

Accepted Answer

a. Atlantic.
b. Cent

Question 6

Consider the following to answer the question(s) below:
The table below shows closing share prices for a small sample of companies.
  
-The mean closing share price is

Accepted Answer

A)  $31.23 
B)  $44.65 
C)  $56.99 
D)  $62.19 
E)  $75.77 
A)  $31.23 
B)  $44.65 
C)  $56.99 
D)  $62.19 
E)  $75.77

Question 7

The advantage of using the interquartile range versus the range as a measure of variation is

Accepted Answer

A)  It is easier to compute. 
B)  It uses all the data when computed. 
C)  It always gives a closer measure of the true variation. 
D)  It is the more powerful measure of spread. 
E)  It is less affected by unusual or extreme observations in the data. 
A)  It is easier to compute. 
B)  It uses all the data when computed. 
C)  It always gives a closer measure of the true variation. 
D)  It is the more powerful measure of spread. 
E)  It is less affected by unusual or extreme observations in the data.

Question 8

Below is the five-number summary of salaries (in $) for a sample of marketing managers.
   a. Would you expect the mean salary for this sample of marketing managers to be higher or lower than the median? Explain.
b. Which would be a more appropriate measure of central tendency for these data, the mean or median? Explain.
c. Calculate the range.
d. Calculate the IQR.

Accepted Answer

a. We would expect the mean salary to be

Question 9

The asking price for homes on the real estate market in Winnipeg has a mean value of $286,455 and a standard deviation of $11,200. The mean and standard deviation in asking price for homes in Moncton are $188,468 and $8,230, respectively. Recently, one home sold in each city where the asking price for each home was $225,000. Based on these data, what conclusions can be drawn?

Accepted Answer

A)  The two homes have the same z-score. 
B)  The distribution of the asking prices is symmetric in both cities. 
C)  The home sold in Winnipeg is relatively further from its mean than the home sold in Moncton. 
D)  The asking price of homes in Moncton is less variable than those in Winnipeg. 
E)  The z-score for Winnipeg is higher than that of Moncton. 
A)  The two homes have the same z-score. 
B)  The distribution of the asking prices is symmetric in both cities. 
C)  The home sold in Winnipeg is relatively further from its mean than the home sold in Moncton. 
D)  The asking price of homes in Moncton is less variable than those in Winnipeg. 
E)  The z-score for Winnipeg is higher than that of Moncton.

Question 10

Below is the five-number summary of salaries (in $) for a sample of marketing managers.
   Suppose the marketing manager who was earning $129,420 got a raise and is now earning $140,000. Indicate how this change would affect the following summary statistics (increase, decrease, or stay about the same).
a. Mean
b. Median
c. Range
d. IQR
e. Standard deviation

Accepted Answer

a. Increase
b. Stay

Question 11

Below is the five number summary of the hourly wages ($) for sales managers.
   Suppose there had been an error and that the lowest hourly wage for sales managers was $18.50 instead of $20.94. Indicate how this change would affect the following summary statistics (increase, decrease, or stay about the same).
a. Mean
b. Median
c. Range
d. IQR
e. Standard deviation

Accepted Answer

a. Decrease
b. Stay

Question 12

Consider the following to answer the question(s) below:
Below is a histogram and the five number salary for salaries (in $) for a sample of marketing managers.    
-The shape of this distribution is

Accepted Answer

A)  symmetric 
B)  bimodal 
C)  right-skewed 
D)  left-skewed 
E)  normal 
A)  symmetric 
B)  bimodal 
C)  right-skewed 
D)  left-skewed 
E)  normal

Question 13

Below is a time series graph for monthly closing stock prices of 3M Dental Products. Which of the following statements is true?

Accepted Answer

A)  The data are stationary. 
B)  The data show an upward trend. 
C)  A histogram would provide a good representation of these data. 
D)  The data show a downward trend. 
E)  A boxplot would provide a good representation of this data. 
A)  The data are stationary. 
B)  The data show an upward trend. 
C)  A histogram would provide a good representation of these data. 
D)  The data show a downward trend. 
E)  A boxplot would provide a good representation of this data.

Question 14

The table below shows closing share prices (on the first trading day of August, 2007) for a small sample of companies.
   a. Calculate the mean.
b. Calculate the standard deviation.
c. Standardize the share price for Matsushita Electronic Components (find the z score). Interpret its meaning.

Accepted Answer

a. $56.99
b. $31.43

Question 15

Consider the following to answer the question(s) below:
Below is a histogram and the five number salary for salaries (in $) for a sample of marketing managers.    
-Do the data contain any outliers as determined by a boxplot?

Accepted Answer

A)  only at the upper end 
B)  only at the lower end 
C)  at the upper and the lower ends 
D)  There are no outliers. 
E)  It cannot be determined. 
A)  only at the upper end 
B)  only at the lower end 
C)  at the upper and the lower ends 
D)  There are no outliers. 
E)  It cannot be determined.

Question 16

Consider the following to answer the question(s) below:
The boxplots below show monthly sales revenue figures ($ thousands) for a discount office supply company with locations in three different regions of Canada. (Atlantic, Central and West).  
-Which of the following statements is false?

Accepted Answer

A)  The West has the most variable sales revenues. 
B)  The West has the largest IQR. 
C)  The Central region has the smallest IQR. 
D)  The Atlantic region has the most variable sales revenues. 
E)  The Central region has the least variable sales revenues. 
A)  The West has the most variable sales revenues. 
B)  The West has the largest IQR. 
C)  The Central region has the smallest IQR. 
D)  The Atlantic region has the most variable sales revenues. 
E)  The Central region has the least variable sales revenues.

Question 17

The table below shows data on total assets ($ million) for a sample of a bank's branches.
   For the data on total assets ($ million) for the sample provided:
a. Calculate the mean.
b. Calculate the standard deviation.
c. Standardize the asset value of the third branch (find the z score). Interpret its meaning.

Accepted Answer

a. $80.25 (million)
b. $11.27

Question 18

Which of the following best describes the difference between stem-and-leaf diagrams and histograms?

Accepted Answer

A)  There is no difference. 
B)  The histogram shows the shape and spread but not the centre. 
C)  The histogram shows the shape, centre, and spread of the distribution while the stem-and-leaf does not. 
D)  The stem-and-leaf diagram shows less information than a histogram. 
E)  The stem-and-leaf diagram shows more information by showing the individual values. 
A)  There is no difference. 
B)  The histogram shows the shape and spread but not the centre. 
C)  The histogram shows the shape, centre, and spread of the distribution while the stem-and-leaf does not. 
D)  The stem-and-leaf diagram shows less information than a histogram. 
E)  The stem-and-leaf diagram shows more information by showing the individual values.

Question 19

Data were collected on the hourly wage ($) for two types of marketing managers: (1) advertising / promotion managers and (2) sales managers. The results were used to create the histograms below.   a. Describe the hourly wage distribution for advertising/promotion managers.
b. Describe the hourly wage distribution for sales managers.
c. Compare the hourly wages for the two types of marketing managers based on the histograms.

Accepted Answer

a. Unimodal and right-skewed
b

Question 20

A sample of families with children at a local school is found to have a mean of 3.2 members per family. The mode number of family members is 2 and the median number is 2.0. Based on this information, which statement is true?

Accepted Answer

A)  The population mean is greater than 3.2. 
B)  The distribution is symmetric. 
C)  The distribution is right-skewed. 
D)  The distribution is left-skewed. 
E)  The distribution is bell-shaped. 
A)  The population mean is greater than 3.2. 
B)  The distribution is symmetric. 
C)  The distribution is right-skewed. 
D)  The distribution is left-skewed. 
E)  The distribution is bell-shaped.

Below is a histogram of salaries (in $) for a sample of marketing managers. Comment on the shape of the distribution.

Consider the following to answer the question(s) below: The table below shows closing share prices for a small sample of companies. -The standard deviation in closing share prices is

Below is a time series graph for monthly closing price of 3M Dental Products stock (beginning June 2005). a. Are the closing prices for shares of 3M Dental Products from June 2005 through August 2007 stationary? Explain. b. Would a histogram provide a good summary of these stock prices? Explain.

Consider the following to answer the question(s) below: The table below shows closing share prices for a small sample of companies. -The z score for the share price for Matsushita Electronic Components is

Consider the following to answer the question(s) below: The table below shows closing share prices for a small sample of companies. -The mean closing share price is

The advantage of using the interquartile range versus the range as a measure of variation is

Consider the following to answer the question(s) below: Below is a histogram and the five number salary for salaries (in $) for a sample of marketing managers. -The shape of this distribution is

Below is a time series graph for monthly closing stock prices of 3M Dental Products. Which of the following statements is true?

The table below shows closing share prices (on the first trading day of August, 2007) for a small sample of companies. a. Calculate the mean. b. Calculate the standard deviation. c. Standardize the share price for Matsushita Electronic Components (find the z score). Interpret its meaning.

Consider the following to answer the question(s) below: Below is a histogram and the five number salary for salaries (in $) for a sample of marketing managers. -Do the data contain any outliers as determined by a boxplot?

Consider the following to answer the question(s) below: The boxplots below show monthly sales revenue figures ($ thousands) for a discount office supply company with locations in three different regions of Canada. (Atlantic, Central and West). -Which of the following statements is false?

Which of the following best describes the difference between stem-and-leaf diagrams and histograms?

A sample of families with children at a local school is found to have a mean of 3.2 members per family. The mode number of family members is 2 and the median number is 2.0. Based on this information, which statement is true?

Data

Surveys and Sampling

Displaying and Describing Categorical Data

Scatterplots, Association, and Correlation

Introduction to Linear Regression

Randomness and Probability

Random Variables and Probability Distributions

Sampling Distributions

Confidence Intervals for Proportions

Testing Hypotheses About Proportions

Confidence Intervals and Hypothesis Tests for Means

Comparing Two Means

Design of Experiments and Analysis of Variance Anova

Inference for Counts: Chi-Square Tests

Nonparametric Methods

Inference for Regression

Understanding Regression Residuals

Multiple Regression

Building Multiple Regression Models

Time Series Analysis

Decision Making and Risk

Quality Control

Exploring and Collecting Data

Understanding Probability Distributions and Statistical Inference

Exploring Relationships Among Variables

Using Statistics for Decision Making

Filters

Exam 5: Displaying and Describing Quantitative Data

Below is a histogram of salaries (in $) for a sample of marketing managers. Comment on the shape of the distribution.

Consider the following to answer the question(s) below: The table below shows closing share prices for a small sample of companies. -The standard deviation in closing share prices is

Below is a time series graph for monthly closing price of 3M Dental Products stock (beginning June 2005). a. Are the closing prices for shares of 3M Dental Products from June 2005 through August 2007 stationary? Explain. b. Would a histogram provide a good summary of these stock prices? Explain.

Consider the following to answer the question(s) below: The table below shows closing share prices for a small sample of companies. -The z score for the share price for Matsushita Electronic Components is

Consider the following to answer the question(s) below: The table below shows closing share prices for a small sample of companies. -The mean closing share price is

The advantage of using the interquartile range versus the range as a measure of variation is

Consider the following to answer the question(s) below: Below is a histogram and the five number salary for salaries (in $) for a sample of marketing managers. -The shape of this distribution is

Below is a time series graph for monthly closing stock prices of 3M Dental Products. Which of the following statements is true?

The table below shows closing share prices (on the first trading day of August, 2007) for a small sample of companies. a. Calculate the mean. b. Calculate the standard deviation. c. Standardize the share price for Matsushita Electronic Components (find the z score). Interpret its meaning.

Consider the following to answer the question(s) below: Below is a histogram and the five number salary for salaries (in $) for a sample of marketing managers. -Do the data contain any outliers as determined by a boxplot?

Consider the following to answer the question(s) below: The boxplots below show monthly sales revenue figures ($ thousands) for a discount office supply company with locations in three different regions of Canada. (Atlantic, Central and West). -Which of the following statements is false?

Which of the following best describes the difference between stem-and-leaf diagrams and histograms?

A sample of families with children at a local school is found to have a mean of 3.2 members per family. The mode number of family members is 2 and the median number is 2.0. Based on this information, which statement is true?

Data

Surveys and Sampling

Displaying and Describing Categorical Data

Scatterplots, Association, and Correlation

Introduction to Linear Regression

Randomness and Probability

Random Variables and Probability Distributions

Sampling Distributions

Confidence Intervals for Proportions

Testing Hypotheses About Proportions

Confidence Intervals and Hypothesis Tests for Means

Comparing Two Means

Design of Experiments and Analysis of Variance Anova

Inference for Counts: Chi-Square Tests

Nonparametric Methods

Inference for Regression

Understanding Regression Residuals

Multiple Regression

Building Multiple Regression Models

Time Series Analysis

Decision Making and Risk

Quality Control

Exploring and Collecting Data

Understanding Probability Distributions and Statistical Inference

Exploring Relationships Among Variables

Using Statistics for Decision Making

Filters