Which type of test finds the following:
(unbounded, UCL)
lower/left
A set of all items of interest are called the what?
population
What symbol represents the population size?
N
Only some of the items of interest are in the what?
sample
What symbol represent the sample size?
n
Does the fo...
Business Stats Exam #1
Which type of test finds the following:
(unbounded, UCL)
lower/left
A set of all items of interest are called the what?
population
What symbol represents the population size?
N
Only some of the items of interest are in the what?
sample
What symbol represent the sample size?
n
Does the following statement describe a population or a sample?
"Indefinitely large"
population
Does the following statement describe a population or a sample?
"finite"
sample
This is the numerical quantity that describes a population.
parameter
This is the numerical quantity that describes a sample.
statistic
Is µ a parameter or a statistic?
parameter
,Is s a parameter or a statistic?
statistic
Is p a parameter or a statistic?
statistic
Is sigma a parameter or a statistic?
parameter
Is p hat a parameter or a statistic?
statistic
What is another term or symbol that is interchangeable with p hat?
p bar
Do Greek letters represent parameters or statistics?
parameters
Do Roman letters represent parameters or statistics?
statistics
Suppose a market analyst wants to understand the characteristics of consumers who buy a particular
product. Which of the following could be a statistic?
A. the average age of the consumers
B. the number of the consumers who are married
C. the proportion of 100 surveyed customers who said they purchased the product
D. none of the above
the proportion of 100 surveyed customers who said they purchased the product
How do we calculate p?
x/N
x = number of items in question
N = population size
How do we calculate p hat?
, x/n
x = number of items in question
n = sample size
The difference between the value of the statistic and the value of the parameter it estimates is called
what?
sampling error
This occurs due to the random selection of SOME but not all of the items in the population.
sampling error
Sampling distribution is also a _____ distribution.
probability
What does a sample distribution describe?
sample statistic
Does the following term describe a parameter or a statistic?
"constant"
parameter
Does the following term describe a parameter or a statistic?
"random variable"
statistic
Every random variable can be described by a _____ distribution.
probability
The probability distribution that describes a statistic is called a what?
sampling distribution
Identifies all possible values for a statistic and assigns likelihood to those values.
sampling distribution
Under all circumstances, µ of the sample is equal to what?
µ of the population
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