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QMB 3200 (Economics) TEST 1 QUESTIONS CORRECTLY ANSWERED RATED A
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QMB 3200 (Economics) TEST 1 QUESTIONS CORRECTLY ANSWERED RATED A
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QMB 3200 (Economics) TEST 1 QUESTIONSCORRECTLY ANSWERED RATED A.
Which of the following is NOT true when assigning probabilities to each
of n experimental outcomes in a sample space?
a. 0 <_ P(Ei) <_ 1
b. P(E1) + P(E2) + ... + P(En) = 0
c. P(S) = 1 where S is the sample space
d. P(E1) + P(E2) + ... + P(En) = 1
✔✔b. P(E1) + P(E2) + ... + P(En) = 0
A binomial experiment is conducted in which 30 dishwashers are
randomly selected from a production plant and tested to determine
whether or not they function properly. Any specific dishwasher will work
properly with a probability of p = .98. What is the random variable in this
experiment?
a. the 30 dishwashers
b. one dishwasher and whether it works properly
c. the probability that the dishwasher works properly
d. the number that works properly form the 30 selected
✔✔d. the number that works properly form the 30 selected
The form of payment at a local retail store was recorded for a survey of
100 customers. The results are shown in the table below.
Payment Type / Probability
,Cash / .28
Check / .04
Major Credit Card / .52
Store Credit Card / .16
What is the probability that a randomly selected customer does not use a
type of credit card to make a purchase?
a. .32
b. .72
c. .68
d. .28
✔✔.32
A continuous random variable may assume
a. any value in an interval or collection of intervals
b. only integer values in an interval or collection of intervals
c. only fractional values in an interval or collection of intervals
d. only the positive integer values in an interval
✔✔a. any value in an interval or collection of intervals
What are elements?
✔✔the entities on which the data are collected
What are variables?
✔✔the characteristics of interest
, What is an observation?
✔✔the measurement collected on each variable of every element
If a data set has n elements then _______?
✔✔it contains n observations
What are categorical data?
✔✔data that are grouped by categories. They are sometimes referred to
as qualitative data. Categorical data can be demonstrated in either a non-
numeric or numeric manner
What are quantitative data?
✔✔data with numerical values
What are the four levels of measurement determined in data?
✔✔1. Nominal
2. Ordinal
3. Interval
4. Ratio
What is nominal data?
✔✔data that are labels or names
ex: type of property of your house, is it a condo, where do people live in
the US, there are 50 states, a brand name is a nominal variable
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