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MGMT 305 FIRST EXAM (Sample Exam)
Date: February 3, 2011
Part I MultipleChoice Questions:
Identify the letter of the choice that
best
completes the statement or answers the question. There are 20
multiplechoice questions. 2 points for each question.
____
1.
expected value and variance of a random variable
a.
both always nonnegative
b.
both can be negative
c.
can be negative and always nonnegative
d.
always nonnegative and
can be negative
____
2.
X is a normal random variable with mean 0 and variance 1, if p{X>x}=0.6, then we can say
a.
x<0
b.
x>0
c.
x=0
d.
cannot be determine
____
3.
z is a standard normal random variable, if p{z>b}=0.2. then p{z<=b}=
a.
0.8
b.
0.4
c.
0.6
d.
0.2
____
4.
Which of the following best describes the population mean and the sample mean?
a.
Population mean and sample mean both are random variables.
b.
Population mean is a random variable and sample mean is a fixed quantity
c.
Population mean is a fixed quantity and sample mean is a random variable.
d.
Population mean and sample mean both are fixed quantities.
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5.
In estimating the population mean, it is known that the necessary sample size is 200 in order to
provide a particular margin of error at 95% confidence level. With a 98% confidence level, what is
the minimum sample size that needs to be taken if the desired margin of error is doubled? ( chapter 
9)
a.
60
b.
71
c.
119
d.
142
____
6.
The
sample variance
of the data {2, 4, 6, 8, 10} is 10.
a.
The
sample standard deviation
of the data {1, 2, 3, 4, 5} is 5
b.
The
sample standard deviation
of the data {2, 4, 6, 8, 10} is 5
c.
The
sample variance
of the data {4, 8, 12, 16, 20} is 20
d.
The
sample variance
of the data {4, 8, 12, 16, 20} is 40
____
7.
The average price of personal computers manufactured by MNM Company is $1,200 with a standard
deviation of $200. Furthermore, it is known that the computer prices manufactured by MNM are
normally distributed. Computers with prices of more than $1,550 receive a discount. If 10 computers
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This note was uploaded on 02/04/2011 for the course MGMT 305 taught by Professor Priya during the Spring '08 term at Purdue UniversityWest Lafayette.
 Spring '08
 Priya

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