QMB 3200 MIDTERM EXAM 2024-2025
ACTUAL EXAM 2 VERSIONS (VERSION
A AND B) COMPLETE ACTUAL EXAM
QUESTIONS WITH DETAILED VERIFIED
ANSWERS
In computing the standard error of the mean, the finite population correction factor is not used when:
a. n ≥ 30
b. n/N ≤ 0.05
c. N/n ≤ 0.05
d. n/N > 0.05 - ANSWER b. n/N ≤ 0.05
A sample statistic, such as x bar , that estimates the value of the corresponding population parameter is
known as a:
a. population parameter
b. point estimator
c. Both a parameter and a population parameter are correct.
d. parameter - ANSWER b. point estimator
The standard deviation of xbar is referred to as the
a. standard error of the mean
b. standard x
c. sample standard mean
d. sample mean deviation - ANSWER a. standard error of the mean
,Which of the following is(are) point estimator(s)?
a. σ
b. μ
c. s
d. All of these ANSWERs are correct. - ANSWER c. s
A probability distribution for all possible values of a sample statistic is known as a
a. parameter
b. sample statistic
c. sampling distribution
d. simple random sample - ANSWER c. sampling distribution
A population has a mean of 180 and a standard deviation of 24. A sample of 64 observations will be
taken. The probability that the mean from that sample will be between 183 and 186 is
a. 0.8185
b. 0.1359
c. 0.4772
d. 0.3413 - ANSWER b. 0.1359
1. st. error: 24/sqrt(64) = 3
2. z value (upper): (186-180)/3 = 2
3. Norm.s.dist(1, true) = .9772
4. z value (lower): (183-180)/3= 1
5.Norm.s.dist(-1,true)= .8413
6. 0.9772-.8413=0.1359
The basis for using a normal probability distribution to approximate the sampling distribution of xbar
and pbar is:
, a. the empirical rule
b. the central limit theorem
c. Chebyshev's theorem
d. Bayes' theorem - ANSWER b. the central limit theorem
A finite population correction factor is needed in computing the standard deviation of the sampling
distribution of sample means:
a. whenever the sample size is less than 5% of the population size
b. whenever the population is infinite
c. whenever the sample size is more than 5% of the population size
d. The correction factor is not necessary if the population has a normal distribution - ANSWER c.
whenever the sample size is more than 5% of the population size
A sample of 66 observations will be taken from a process (an infinite population). The population
proportion equals 0.12. The probability that the sample proportion will be less than 0.1768 is
a. 0.4222
b. 0.0778
c. 0.9222
d. 0.0568 - ANSWER c. 0.9222
1. Mean of the sample proportions = 0.12
2. St. dev. of pbar = sqrt [ p(1-p) / n] = sqrt [ (0.12)(1-.12) / 66] = .04
μ = 0.12
σ = 0.04
3. standardize x to z = (x - μ) / σ = (0.1768-0.12) / 0.04 = 1.42
4. norm.s.dist(1.42,true) = 0.9222
A population has a mean of 53 and a standard deviation of 21. A sample of 49 observations will be taken.
The probability that the sample mean will be greater than 57.95 is
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