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1. Which of the following...

1. Which of the following statements is TRUE?

There is some loss of information when raw data is tallied into a stem-and-leaf display.

For a stem-and-leaf display, the leaf for the value 98 is 9.

The stem in a stem-and-leaf display is the leading digit.

For a stem-and-leaf display, the stem for the value 67 is 7.

2. Three persons earn $8 an hour, six earn $9 an hour, and one earns $12 an hour. The weighted mean hourly wage is:

$9.

$9.67.

$10.67.

$11.

3. According to which classification or type of probability are the events equally likely?

Classical

Relative frequency

Subjective

Mutually exclusive

4. A study determines that 60% of the voters in a town intend to vote for the incumbent mayor. If a sample of 8 people is selected, using the binomial formula, what is the approximate probability that 6 of the 8 people surveyed intend to vote for the incumbent?

0.47

1.28

0.6

0.21

5. What is a listing of all possible outcomes of an experiment and their corresponding probability of occurrence called?

Random variable

Probability distribution

Subjective probability

Frequency distribution

6. What kind of distributions are the binomial and Poisson distributions?

Discrete

Continuous

Both discrete and continuous

Neither discrete or continuous

7. Which of the following is NOT true regarding the normal distribution?

Mean, median and mode are all equal.

It has a single peak.

It is symmetrical.

The points of the curve meet the X-axis at z = –3 and z = 3.

8. The mean of a normally distributed group of weekly incomes of a large group of executives is $1,000 and the standard deviation is $100. What is the z-score for an income of $1,100?

1.00

2.00

1.683

-0.90

9. Which of the following is NOT a component of the decision-making process?

Alternatives

Payoff

States of nature

Seasonal indexes

10. Applying probabilities to a payoff table results in:

expected opportunity loss.

expected monetary value.

expected value of perfect information.

decision tree.

There is some loss of information when raw data is tallied into a stem-and-leaf display.

For a stem-and-leaf display, the leaf for the value 98 is 9.

The stem in a stem-and-leaf display is the leading digit.

For a stem-and-leaf display, the stem for the value 67 is 7.

2. Three persons earn $8 an hour, six earn $9 an hour, and one earns $12 an hour. The weighted mean hourly wage is:

$9.

$9.67.

$10.67.

$11.

3. According to which classification or type of probability are the events equally likely?

Classical

Relative frequency

Subjective

Mutually exclusive

4. A study determines that 60% of the voters in a town intend to vote for the incumbent mayor. If a sample of 8 people is selected, using the binomial formula, what is the approximate probability that 6 of the 8 people surveyed intend to vote for the incumbent?

0.47

1.28

0.6

0.21

5. What is a listing of all possible outcomes of an experiment and their corresponding probability of occurrence called?

Random variable

Probability distribution

Subjective probability

Frequency distribution

6. What kind of distributions are the binomial and Poisson distributions?

Discrete

Continuous

Both discrete and continuous

Neither discrete or continuous

7. Which of the following is NOT true regarding the normal distribution?

Mean, median and mode are all equal.

It has a single peak.

It is symmetrical.

The points of the curve meet the X-axis at z = –3 and z = 3.

8. The mean of a normally distributed group of weekly incomes of a large group of executives is $1,000 and the standard deviation is $100. What is the z-score for an income of $1,100?

1.00

2.00

1.683

-0.90

9. Which of the following is NOT a component of the decision-making process?

Alternatives

Payoff

States of nature

Seasonal indexes

10. Applying probabilities to a payoff table results in:

expected opportunity loss.

expected monetary value.

expected value of perfect information.

decision tree.

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