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# MGT 218 : Study Guides for Final Exam MGT 218

Marketplace > Marshall University > Business > MGT 218 > MGT 218 Study Guides for Final Exam
Winn
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Final Exam
COURSE
Introductory Statistics
PROF.
TYPE
Study Guide
PAGES
12
WORDS
CONCEPTS
Statistics
KARMA
50 ?

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This 12 page Study Guide was uploaded by Winn on Wednesday April 27, 2016. The Study Guide belongs to MGT 218 at Marshall University taught by in Spring 2016. Since its upload, it has received 70 views. For similar materials see Introductory Statistics in Business at Marshall University.

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Date Created: 04/27/16
MGT 218 : Study Guides : Final Exam of Introductory Statistics 1) A sample of 400 Regina households is selected and several variables are recorded. Which of the following statements is correct? a)Total household income (in \$) is interval level data. b)Socioeconomic status (recorded as “low income”, “middle income”, or “high income” is nominal level data. c)The number of people living in a household is a discrete variable. d)The primary language spoken in the household is ordinal level data. e)None of the above. 3.We have seen that outliers can produce problematic results. Rank the following measures in order or “least affected by outliers” to “most affected by outliers”. a)mean, median, range b)median, mean, range c)range, median, mean d)median, range, mean e)range, mean, median 4. Consider the result of a fictional Stat 100 final exam taken by 120 students, as given in the following relative frequency distribution: Less than Grade 50 50-59 60-69 70-79 80-89 90-100 Cumulative Frequency 15% 10% 30% 25% 15% 5% How many students received at least a 70 on this exam? a)54 b)45 c)25 d)30 e)66 5.According to the empirical rule, approximately what percentage of normally distributed data lies within one standard deviation of the mean? a)59% b)68% c)72% d)95% e)99.7% Note: Questions #6-#8 are based on the following sample of ages (in months) of 18 children at a 36, 42, 18, 32, 22, 22, 25, 29, 30, 31, 19, 24, 35, 29, day care: 26, 36, 24, 28 6.The median age of the children is... a)29 b)28.2 c)30.5 d)28.5 e)31 7.The interquartile range for this data set is... a)8 b)12 c)16 d)20 e)24 8.The standard deviation of the age of children is... a)41.24 b)11.33 c)10.20 d)6.42 e)6.24 Note: Questions #9-#12 are based on the following grouped frequency table of the income, x, of 30 employees at a local small business (in \$1000s). Income \$26<x#\$28 \$28<x#\$30 \$30<x#\$32 \$32<x#\$34 \$34<x#\$36 Frequency 2 11 8 5 4 9.The relative cumulative frequency of the \$28<x#\$30 class is a)11 b)0.43 c)0.06 d)13 e)0.7 10.The class that contains the 80 thpercentile is: a)\$26<x#\$28 b)\$28<x#\$30 c)\$30<x#\$32 d)\$32<x#\$34 e)\$34<x#\$36 11.Using class-midpoints as representative values, we can estimate the mean for this data as: a)\$30,870 b)\$29,790 c)\$31,000 d)\$30,500 e)\$31,340 12.If the boss’ income (the “31 semployee”) is \$250,000, the mean income for all 31 workers is approximately equal to a)\$8,000 b)\$30,000 c)\$38,000 d)\$140,000 e)\$220,000 Note: Questions #13-#17 are based on the following information: The cholesterol content of large chicken eggs is normally distributed with a mean of 200 milligrams and standard deviation 15 milligrams. 13.What proportion of these eggs have cholesterol content above 205 milligrams? a)0.2004 b)0.6293 c)0.7250 d)0.3300 e)0.3707 14.What is the probability that the mean cholesterol content of a random sample of 25 of these eggs is less than 205 milligrams? a)0.6293 b)0.9525 c)0.5793 d)1.67 e)0.0475 15.In sixty-seven percent of the eggs, the cholesterol content is less than a certain value “C”. Find the value of “C”. a)0.33 b)206.6 c)210 d)0.44 e)193.4 16.To test if the claimed 200 mg value is reasonable, a sample of 60 large eggs is analyzed. Their average cholesterol content is 196 mg. What is the P-value based on this sample? a)0.0197 b)0.5239 c)0.0524 d)0.0317 e)0.9803 17.We wish to estimate the cholesterol content in duck eggs. How large a sample should be selected if we can assume that F=15 mg also holds for duck eggs, and we wish our estimate to be correct within 5 mg with 99% confidence? a)8 b)99 c)35 d)75 e)60 18. The following data lists eight different investment amounts (X) and the amount of interest they earned (Y): X \$1000 \$2000 \$3000 \$10000 \$500 \$5000 Y \$50 \$100 \$150 \$500 \$25 \$250 What is the best estimate for the regression coefficient r between X and Y? a)r will be positive and close to zero b)r will be positive and close to one c)r will be exactly one d)r will be larger than one e) r will be negative 19.In a study of possible correlation between the height in cm (X) and weight in kg (Y) of chimpanzees, a sample of 40 animals produces a correlation coefficient of r=+0.813 and a regression line with equation . What is the expected weight of an 80 cm tall chimpanzee? a)46.7 kg b)177.9 kg c)24.0 kg d)34.8 kg e)57.1 kg 20.The following table lists the number of days that five houses had been up for sale, as well as their selling price. X (days) 45 12 3 17 32 Y (1000\$) 275 401 420 212 365 Calculate the correlation coefficient r between the number of days (X) and the selling price (Y) for this sample. a)- 0.465 b)- 0.219 c)+ 0.219 d)+ 0.512 e)+ 0.897 21.The Vitamin C content of a particular brand of vitamin supplement pills is normally distributed with mean 490 mg and standard deviation 12 mg. What is the probability that a randomly selected pill contains at least 500 mg of Vitamin C? a)0.7967 b)0.8333 c)0.0525 d)0.1123 e)0.2033 Note: Questions #22-#25 are based on the following information: The fine print on an instant lottery ticket claims that one in nine tickets win a prize. 22.What is the probability that you win at least once if you purchase five tickets? a)0.4451 b)0.7919 c)0.1778 d)0.5549 e)0.3468 23.What is the probability that you win at least twice if you purchase ten tickets? a)0.0907 b)0.3849 c)0.2165 d)0.3072 e)0.5013 24.What is the approximate probability that you win more than 120 times if you purchase 900 tickets? a)0.5310 b)0.2408 c)0.0150 d)0.0012 e)0.9988 25.Of all awarded prizes, 10% are worth \$1000, 20% are worth \$100, and 70% are worth \$10. Find the expected winnings if you purchase a single ticket. a)\$127 b)\$370 c)\$1.41 d)\$14.11 e)\$42.33 26.At a large university, the probability that a student takes calculus and statistics in the same semester is 0.0125. The probability that a student takes statistics is 0.125. Find the probability that a student is taking calculus, given that he or she is taking statistics. a)0.1 b)0.1125 c)0.0016 d)0.1375 e)0.4800 27. Suppose the respective probabilities are 0.7, 0.2, and 0.1 that a person applying for a driver’s licence in Saskatchewan will require 1, 2, or 3 attempts in order to obtain a license. Let X be a random variable, the number of attempts in order to obtain a license. Find the mean (expected value) of X. a)0.63 b)2 c)1 d)1.4 e)1.33 28. If P(-2<Z<k)=.6 , where Z is a standard normal random variable, then k is... a)0.5773 b)0.195 c)0.73 d)0.55 e)-0.40 29.If you wanted to estimate the true percentage of all voters in Canada who are in favor of abolition of the senate, and if you wanted your maximum error of estimate to be 6% with a confidence level of 95%, what would the required sample size be? a)267 b)1068 c)131 d)4272 e)851 30.If F0=3 for the sampling distribution of random samples of size 81 from a large population, what sample size (drawn from the same population) would have F =2.7? a)27 b)100 c)108 d)73 e)90 31.A sample of 40 cows is drawn to estimate the mean weight of a large herd of cattle. If the standard deviation of the sample is 96 kg, what is the maximum error in a 90% confidence interval estimate? a)25 kg b)158 kg c)58 kg d)30 kg e)1.645 kg 32.The P-value for a right-tailed test is P=0.042. Which of the following is INCORRECT? a)The P-value for a two-tailed test based on the same sample would be P=0.084 b)The P-value for a left-tailed test based on the same sample would be P=- 0.042 c)The z-score test statistic is approximately z=1.73 d)We would reject H0 at "=0.05, but not at "=0.01 e)We would reject H0 at "=0.1, but not at "=0.04 33.To compare the average amount of time that Canadians and Americans spend commuting, a researcher collects a sample of 50 Canadians and 60 Americans. The Canadians spend an average of 4.6 hours a week commuting, with standard deviation 2.9 hours. The mean and standard deviation for the sample of Americans is 5.2 hours and 1.3 hours, respectively. The standard error of the difference of sample means is a)2.314 b)1.023 c)0.443 d)0.196 e)Cannot be computed as the sample sizes are different. 34.Which of the following statements about hypothesis tests is INCORRECT? a)H0 must always include equality. b)In a one-tailed test, H1 involves either “>” or “<“, but not “…”. c)If the test statistic lies in the rejection region, we reject the claim. d)The claim can be either H0 or H1. e)The critical value indicates the start of the rejection region. 35.A researcher wishes to compare the proportion of men and women who voted in the last federal election. Which of the following conclusion could NOT be drawn as the result of any hypothesis test. “At the given level of significance, we have evidence...” a)“... that the proportion of men who voted is larger than the proportion of women who voted.” b)“... that the proportion of men who voted differs from the proportion of women who voted.” c)“... that the proportion of men who voted does not differ from the proportion of women who voted.” d)“... that the proportion of men who voted is smaller than the proportion of women who voted.” e)None of the above (each statement a-d is a possible conclusion). Multiple Choice: 10 1C 3B 4A 5B 6D 7A 8D 9B D 20 11A 12C 13E 14B 15B 16A 17E 18C 19A A 21E 22A 23D 24C 25D 26A 27D 28B 29A 30 B 31A 32B 33C 34C 35C

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