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Statistics
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Basic Business Statistics
Exam 7: Sampling and Sampling Distributions
Path 4
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Question 101
True/False
A sample of size 25 provides a sample variance of 400.The standard error,in this case equal to 4,is best described as the estimate of the standard deviation of means calculated from samples of size 25.
Question 102
Short Answer
TABLE 7-5 According to a survey,only 15% of customers who visited the website of a major retail store made a purchase.Random samples of size 50 are selected. -Referring to Table 7-5,what proportion of the samples will have less than 15% of customers who will make a purchase after visiting the website?
Question 103
Essay
TABLE 7-5 According to a survey,only 15% of customers who visited the website of a major retail store made a purchase.Random samples of size 50 are selected. -A study at a college in the west coast reveals that,historically,45% of the students are minority students.If a random sample of size 75 is selected,the probability is ________ that between 30% and 50% of the students in the sample will be minority students.
Question 104
Multiple Choice
The owner of a fish market has an assistant who has determined that the weights of catfish are normally distributed,with mean of 3.2 pounds and standard deviation of 0.8 pound.What percentage of samples of 4 fish will have sample means between 3.0 and 4.0 pounds?
Question 105
True/False
The sample mean is an unbiased estimate of the population mean.
Question 106
Essay
Assume that house prices in a neighborhood are normally distributed with a standard deviation of $20,000.A random sample of 16 observations is taken.What is the probability that the sample mean differs from the population mean by more than $5,000?
Question 107
True/False
When dealing with human surveys,we are usually interested in sampling with replacement.
Question 108
Multiple Choice
The Central Limit Theorem is important in statistics because
Question 109
True/False
If the amount of gasoline purchased per car at a large service station has a population mean of 15 gallons and a population standard deviation of 4 gallons,then 99.73% of all cars will purchase between 3 and 27 gallons.