Question 1

A measure of central tendency that is important in business and economics used in compound interest,population growth,and total sales growth over time is the:

Accepted Answer

A)  arithmetic mean.
B)  median.
C)  mode.
D)  geometric mean. D

Question 2

For a sample of size 5,if x1 -  = -5,x2 - 
= 9,x3 - 
= -7,and x4 - 
= -2,then the sample standard deviation is:

Accepted Answer

A)  5.639
B)  6.782
C)  6.066
D)  6.305 D

Question 3

The median should always be preferred to the mean when the population or sample is skewed to the right or left.

Accepted Answer

A) True 
 B)False  False

Question 4

Suppose you have a set of data which has a bell-shaped histogram.Compare the interquartile range with the range from one standard deviation below the mean to one standard deviation above the mean.The interquartile range is smaller.

Accepted Answer

A) True 
 B)False

Question 5

The mode is the most useful measure of central tendency if the data is ordinal.

Accepted Answer

A) True 
 B)False

Question 6

Since the population is always larger than the sample,the population mean:

Accepted Answer

A)  is always larger than the sample mean.
B)  is always smaller than the sample mean.
C)  is always larger than or equal to or smaller than or equal to the sample mean.
D)  can be smaller than,or larger than,or equal to the sample mean.

Question 7

A box-and-whisker plot provides information about the shape of the distribution and the spread of the data.

Accepted Answer

A) True 
 B)False

Question 8

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The annual percentage returns on two stocks over a 7-year period were as follows:
 
-Compute an appropriate measure of dispersion for both stocks to measure the risk of these investment opportunities.Which stock is more volatile?

Accepted Answer

The answer of THE NEXT QUESTIONS ARE BASED ON THE...

Question 9

What conclusions can you draw about the relationship between the size of the sales force and gross sales?

Accepted Answer

The answer of What conclusions can you draw about the...

Question 10

The management at a small manufacturing plant has noticed that the price of steel has increased significantly over the past several years.Looking over their records,they find that over the four-year period,prices have increased by 40%.They expect this same trend in prices for next year.In budgeting for next year,by how much should they expect prices to increase?

Accepted Answer

The answer of The management at a small manufacturing plant...

Question 11

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
In a time study,conducted at a manufacturing plant,the length of time to complete a specified operation is measured for each on n = 40 workers.The mean and standard deviation are found to be 15.2 and 1.40,respectively.
-Describe the sample data using Chebyshev's Theorem.

Accepted Answer

The answer of THE NEXT QUESTIONS ARE BASED ON THE...

Question 12

Compute the mean,standard deviation and interquartile range for the following sample data: 12.2,15.9,8.1,19.2,13.7,7.2,12.2,10.9,5.4,and 16.8.

Accepted Answer

The answer of Compute the mean,standard deviation and interquartile range...

Question 13

For any distribution,the empirical rule estimates that approximately 95% of the observations will fall with two standard deviations of the mean.

Accepted Answer

A) True 
 B)False

Question 14

The measures used to describe sales data,survey data,or weights of newborn babies are called:

Accepted Answer

A)  mode and geometric mean.
B)  mean and median.
C)  percentiles and quartiles.
D)  both A and B

Question 15

Which measures of central location are not affected by extremely small or extremely large data values?

Accepted Answer

A)  arithmetic mean and median
B)  median and mode
C)  mode and arithmetic mean
D)  geometric mean and arithmetic mean

Question 16

A sample of eight retired persons receiving social security payments revealed the following monthly benefits: $985,$798,$1,210,$1,356,$1,087,$869,$987,and $1,045.How many observations are below the median?

Accepted Answer

A)  2
B)  3
C)  4
D)  4.5

Question 17

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The number of students eating breakfast at the school dining commons was recorded over 110 days last semester.These data are presented below.
 
-What is the estimated standard deviation for this data?

Accepted Answer

The answer of THE NEXT QUESTIONS ARE BASED ON THE...

Question 18

For any symmetrical distribution,the standard deviation is equal to the variance.

Accepted Answer

A) True 
 B)False

Question 19

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Some people would argue that the trend of consumers toward purchasing large sport utility vehicles (SUVs)has been detrimental to the environment.The following data show the vehicle weight X,measured in tons,and the corresponding fuel efficiency Y,measured by the average miles per gallon (mpg),in the form of (x,y)pairs for 10 vehicles: (1.9,26.5),(2,23.2),(2.4,22.1),(1.8,26),(2.4,22.9),(2.1,21.5),(1.8,25.3),(2.5,19.3),(1.8,27.4),and (1.6,27.6).
-Prepare a scatter plot of this data.

Accepted Answer

The answer of THE NEXT QUESTIONS ARE BASED ON THE...

Question 20

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The number of students eating breakfast at the school dining commons was recorded over 110 days last semester.These data are presented below.
 
-What is the estimated mean number of students showing up for breakfast?

Accepted Answer

The answer of THE NEXT QUESTIONS ARE BASED ON THE...

Exam 2: Describing Data: Numerical

A measure of central tendency that is important in business and economics used in compound interest,population growth,and total sales growth over time is the:

For a sample of size 5,if x₁- = -5,x₂ - = 9,x₃ - = -7,and x₄ - = -2,then the sample standard deviation is:

The median should always be preferred to the mean when the population or sample is skewed to the right or left.

Suppose you have a set of data which has a bell-shaped histogram.Compare the interquartile range with the range from one standard deviation below the mean to one standard deviation above the mean.The interquartile range is smaller.

The mode is the most useful measure of central tendency if the data is ordinal.

Since the population is always larger than the sample,the population mean:

A box-and-whisker plot provides information about the shape of the distribution and the spread of the data.

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: The annual percentage returns on two stocks over a 7-year period were as follows: -Compute an appropriate measure of dispersion for both stocks to measure the risk of these investment opportunities.Which stock is more volatile?

What conclusions can you draw about the relationship between the size of the sales force and gross sales?

Compute the mean,standard deviation and interquartile range for the following sample data: 12.2,15.9,8.1,19.2,13.7,7.2,12.2,10.9,5.4,and 16.8.

For any distribution,the empirical rule estimates that approximately 95% of the observations will fall with two standard deviations of the mean.

The measures used to describe sales data,survey data,or weights of newborn babies are called:

Which measures of central location are not affected by extremely small or extremely large data values?

A sample of eight retired persons receiving social security payments revealed the following monthly benefits: $985,$798,$1,210,$1,356,$1,087,$869,$987,and $1,045.How many observations are below the median?

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: The number of students eating breakfast at the school dining commons was recorded over 110 days last semester.These data are presented below. -What is the estimated standard deviation for this data?

For any symmetrical distribution,the standard deviation is equal to the variance.

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: The number of students eating breakfast at the school dining commons was recorded over 110 days last semester.These data are presented below. -What is the estimated mean number of students showing up for breakfast?

Exam 2: Describing Data: Numerical

A measure of central tendency that is important in business and economics used in compound interest,population growth,and total sales growth over time is the:

For a sample of size 5,if x1 - = -5,x2 - = 9,x3 - = -7,and x4 - = -2,then the sample standard deviation is:

The median should always be preferred to the mean when the population or sample is skewed to the right or left.

Suppose you have a set of data which has a bell-shaped histogram.Compare the interquartile range with the range from one standard deviation below the mean to one standard deviation above the mean.The interquartile range is smaller.

The mode is the most useful measure of central tendency if the data is ordinal.

Since the population is always larger than the sample,the population mean:

A box-and-whisker plot provides information about the shape of the distribution and the spread of the data.

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: The annual percentage returns on two stocks over a 7-year period were as follows: -Compute an appropriate measure of dispersion for both stocks to measure the risk of these investment opportunities.Which stock is more volatile?

What conclusions can you draw about the relationship between the size of the sales force and gross sales?

Compute the mean,standard deviation and interquartile range for the following sample data: 12.2,15.9,8.1,19.2,13.7,7.2,12.2,10.9,5.4,and 16.8.

For any distribution,the empirical rule estimates that approximately 95% of the observations will fall with two standard deviations of the mean.

The measures used to describe sales data,survey data,or weights of newborn babies are called:

Which measures of central location are not affected by extremely small or extremely large data values?

A sample of eight retired persons receiving social security payments revealed the following monthly benefits: $985,$798,$1,210,$1,356,$1,087,$869,$987,and $1,045.How many observations are below the median?

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: The number of students eating breakfast at the school dining commons was recorded over 110 days last semester.These data are presented below. -What is the estimated standard deviation for this data?

For any symmetrical distribution,the standard deviation is equal to the variance.

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: The number of students eating breakfast at the school dining commons was recorded over 110 days last semester.These data are presented below. -What is the estimated mean number of students showing up for breakfast?

For a sample of size 5,if x₁- = -5,x₂ - = 9,x₃ - = -7,and x₄ - = -2,then the sample standard deviation is: