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QMB 3200 (Economics) FINAL EXAM STUDY QUESTIONS CORRECTLY ANSWERED.
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QMB 3200 (Economics) FINAL EXAM STUDY QUESTIONS CORRECTLY ANSWERED.
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QMB 3200 (Economics) FINAL EXAM STUDYQUESTIONS CORRECTLY ANSWERED.
The medical director of a company looks at the medical records of all 50
employees and finds that the mean systolic blood pressure for these
employees is 126.07. The value of 126.07 is:
Verified Answer -a parameter
The sample statistic characteristic s is the point estimator of:
Verified Answer -σ
Which of the following is a point estimator?
Verified Answer -s
The value of the _____ is used to estimate the value of the population
parameter.
Verified Answer -sample statistic
The sample mean is the point estimator of:
Verified Answer -μ
Sample statistics, such as x̅ , s, or p̅, that provide the point estimate of the
population parameter are known as:
Verified Answer -point estimators
The population we want to make inferences about is called the:
Verified Answer -target population
,A random sample of 12 four-year-old red pine trees was selected and the
diameter (in inches) of each tree's main stem was measured. The resulting
observations are as follows:
11.3, 10.7, 12.4, 15.2, 10.1, 12.1 , 16.2, 10.5, 11.4, 11.0, 10.7, and 12.0
Find the point estimate that can be used to estimate the true population
mean.
Verified Answer -x̅ = 11.97
The distribution of values taken by a statistic in all possible samples of the
same size from the same population is called a:
Verified Answer -sampling distribution.
The distribution of values taken by a statistic in all possible samples of the
same size from the same population is the sampling distribution of:
Verified Answer -the sample.
The fact that the sampling distribution of sample means can be
approximated by a normal probability distribution whenever the sample
size becomes large is based on the:
Verified Answer -central limit theorem.
A sample of 92 observations is taken from an infinite population. The
sampling distribution of is approximately:
Verified Answer -normal because of the central limit theorem.
In a recent Gallup Poll, the decision was made to increase the size of its
random sample of voters from 1500 people to about 4000 people. The
, purpose of this increase is to:
Verified Answer -reduce the standard error of the estimate.
As the sample size increases, the standard error of the mean
Verified Answer -decreases.
Which of the following statements regarding the sampling distribution of
sample means is incorrect?
a. The standard deviation of the sampling distribution is the standard
deviation of the population.
b. The sampling distribution is found by taking repeated samples of the
same size from the population of interest and computing the mean of each
sample.
c. The mean of the sampling distribution is the mean of the population.
d. The sampling distribution is approximately normal when the population
is normal or the sample size is sufficiently large.
Verified Answer -The standard deviation of the sampling distribution is the
standard deviation of the population.
The central limit theorem is important in Statistics because it:
Verified Answer -enables reasonably accurate probabilities to be
determined for events involving the sample average when the sample size
is large regardless of the distribution of the variable.
In computing the standard error of the mean, the finite population
correction factor is used when:
Verified Answer -n/N > .05
A simple random sample of 100 observations was taken from a large
population. The sample mean and the standard deviation were determined
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