Exam 1 Version B - Solution - Fall 2011 | ECON, Exams of Economics

Download Exam 1 Version B - Solution - Fall 2011 | ECON and more Exams Economics in PDF only on Docsity! & 10, 1. 12. 13. Ein Es%0 E370 Exam One Fall, 2010-11 Version B INSTRUCTIONS The only items allowed within your reach during an exam are calculators, the exam Paper, pencils, erasers, a highlighter pen and your tool cards, DONOT FILL IN YOUR STUDENT ID NUMBER. In spaces KLM, PRINT THE THREE DIGITS OF YOUR TEAM NUMBER. Bubble in the corresponding spaces beneath those numbers. Do not leave any spaces between numbers. WHOEVER PERFORMS #8 2,3 & 4 ABOVE CORRECTLY WILL RECEIVE ONE POINT CREDIT!!! Remember, a student is to avoid even the appearance of cheating. Keep your eyes on your exam or on the ceiling. If; any member of the teaching team observes questionable behavior on your Part, he or she has the Tight to confiscate your exam and ask you to leave the room. ANY talking between students will be interpreted as cheating and all Parties will fail the course, Absolutely ALL cell phones must be turned off and out of reach. ANY cell phone usage for any Purpose will be interpreted as cheating and the user will fail the course, Don't let yourself get stuck on one question. Get all the answers you are sure of, then go back to the ones you are not sure of. I believe that there is only one completely correct answer to each question on this test, Look for it and select it as your best choice, Stay caim and do your best! Center J108 BLUE £370 Exam 1B, Falk 2010-11, pg 2 The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example of A a statistic. B. @ parameter. Cc. inferential statistics. D. descriptive statistics. For which of the following data sets would you wish to construct a Pareto Diagram? A. Twelve causes of accidental deaths where ten of the causes comprise 41% of the deaths. B. The individual weights of 300 students presenting themselves at the health center last week. Cc. Political Party Affiliation for a field of four parties, two of which are dominant in proportion of affiliations. D. The ages of salespersons from a world-wide company that has recently experienced dramatic growth. The manager of the customer service division of a major ceil phone manufacturer routinely surveys customers who have purchased a new cell phone. The survey questions include: Did the customer previously own a cell phone, the brand of previously owned cell phones, how satisfied the customer was with a previously owned cell phone, the length of time the cell phone battery holds a charge in minutes, the per capita household income of the customer and the number of children in the household. The types of data generated by the responses to these questions in order of presentation are A Nominal, Ordinal, Nominal, Discrete, Discrete, Continuous B. Discrete, Ordinal, Ordinal, Discrete, Continuous, Discrete c. Nominal, Nominal, Ordinal, Continuous, Continuous, Discrete D. Ordinal, Nominal, Discrete, Discrete, Continuous, Discrete Pearson's second coefficient of skewness computed for annual income in a sample of 400 heads of households is 0.56. This suggests more than 200 heads of households have income lower than the mean. less than 200 heads of households have income lower than the mean. 200 heads of households have income equal to the mean. 224 heads of households have income higher than the mean. Samp £370 Exam 1B, Fall 2010-11, pg5 13. What is the correct variance of GMAT scores? A. 39.43 B. 37.46 c. 1554.73 D. 1476.99 The following is information of the number of away games won by the Hoosiers in a particular year and the number of away games won the next consecutive year with their respective probabilities. Use this information to answer the following FIVE questions. Number of away games won the following year Number of away games| 0 1 2 3 Total won the current year 0 0.15 | 0.05 oO 0.01 0.23 . a 0.09 4 0.09 0.02 2o4 |. 204 20 en 0.05 0.14 .ow. | of “tA (p? + 04 4.0% 3 7) 0.04 0.03 JON 0.09 22h Total ~AL | 0.20 0.08 \ : » ed 34 (ON 14. Assume that the Hoosiers won 2 away games in 2009. Given this information, what is the probability that they win 2 away games in 2010, to two decimals? A. 0.06 B. 0.09 c. 0.21 | D. 0.30 15. To the nearest integer, how many away games do the Hoosiers expect to win in any following year? A. 0 B. 1 c. 2 D. 3 16. What is the probability that the Hoosiers win two away games in any current year? A. 0.05 B. 0.20 c. 0.29 D. ‘There is insufficient information to answer this question. 17. Assume that the expected number of away games won in a current season is 0. What is the variance of the number of away games won in a current season, to two decimals? A. 1.39 B. 1.54 cC. 1.94 D. 2.36 18. Ifthe number of away games won in one year is independent of the number of away games won in the next consecutive year, to two decimals the probability in the shaded cell should be A. 0.01 UB. 0.03 Cc. 0.11 D. 0.27 £370 Exam 15, Fall 2010-11, pg 6 19. The Comer Grocery Store has determined that daily demand for cartons of beer on Friday is bell-shaped with a mean of 98 cartons and a variance of 49 squared cartons. If the supermarket begins each Friday with 105 cartons, what percentage of Fridays will the store have a beer surplus? . A about 16% B. about 32% TT Cc. about 68% \ D. about 84% A study to determine the relationship between the mortality rate (deaths per 100,000 people) and the education level (average number of years in school) for 58 U.S. cities yielded the following least squares line: Mortality’ = 1493.26 — m*Education, where m is a positive number. Use this information to answer the following TWO questions. 20. Ifthe average education level increases 2 years in one of the 58 cities studied, it is predicted that the mortality rate will A. be 1491.26 deaths per 100,000 people. x B. be 1493.26—-m*2 deaths per 100,000 people. Cc. be reduced by m+2 deaths per 100,000 people. D. be reduced by 2*m deaths per 100,000 people. a 21. Acity with 10 years of average education level has a mortality rate of 1493.26 deaths per 100,000 people. How much did this city contribute to the sum of squared error for the least squares line? me iO A 10%m yn 10 - B. 100*m? Cc. 100%m fa D. There is insufficient information to answer this question. 22, The amount of time (in seconds) needed to complete a critical task on an assembly line has a mean of 49 seconds and a standard deviation of three seconds. According to Chebyshev's Theorem at least 80% of on-task times are to the nearest whole second between L A. 42 and 56 seconds \ Ky B. 40 and 58 seconds _ A o= 4 C, 43 and 55 seconds Ae yy” D. 46 and 52 seconds XS ) o 23. 24, 25. 26. 27. E370 Exam 1B, Fall 2010-11, pg7 The Department of Economics is planning a survey of students taking 300-level classes in the Fall 2010, The procedure will be to obtain a sample of the 22 classes offered and then survey each student in the selected classes. This is an example of A. Systematic random sampling. B. Stratified random sampling. c. Cluster random sampling. D. Simple random sampling. A lab orders 100 rats a week for each of the 52 weeks in the year for experiments that the lab conducts. Prices for 100 rats follow this distribution: Price: $12.50 | $15.00 | $20.00 Probability: | 0.30 0.45 0.25 Gk Sg How much should the lab budget for next year's rat orders assuming this distribution does not change? : A. $823 B. $806 c. $269 D, $155 My friends’ dog, Uala (Hawaiian for “Sweet Potato”), has had a litter of two pups each year for the past 3 years, What is the variance of the ages of Uala’s pups?. , 74 “s A. 1 B. 2 c 3 D. 4 se Three years have passed and Uala has not had any more pups: How has the standard deviation of the age of Uala’s pups changed? The standard deviation has not changed. The standard deviation has increased by 3 years. The standard deviation has increased by a factor of 3 years. The standard deviation has changed by an amount that depends on the actual ages of Uala’s pups. pow> What is the difference between probability sampling and simple random sampling? Simple random sampling is a type of probability sampling. Probability sampling is a type of simple random sampling. In probability sampling each population item has an identical chance of being chosen. . There is no difference; they are one and the same thing. 5 OP