Exam1_sample_Spring_Version_2011__solutions

# Exam1_sample_Spring_ - MGMT 305 FIRST EXAM(Sample Exam Date February 3 2011 Part I Multiple-Choice Questions Identify the letter of the choice that

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MGMT 305 FIRST EXAM (Sample Exam) Date: February 3, 2011 Part I Multiple-Choice Questions: Identify the letter of the choice that best completes the statement or answers the question. There are 20 multiple-choice 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 University-West Lafayette.

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Exam1_sample_Spring_ - MGMT 305 FIRST EXAM(Sample Exam Date February 3 2011 Part I Multiple-Choice Questions Identify the letter of the choice that

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