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Fa01Ex1B

# Fa01Ex1B - COURSE MSCI 3710 Exam 1 Version B Fall 2001...

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COURSE: MSCI 3710 Print Name: Exam 1 Signature: Version B S.S.#: Fall 2001 Seat Number: Note: Whenever question(s) are connected you may be asked to assume a result (given a value) from the previous question but this result may or may not be correct. This is to prevent you from losing points on a second question because you made a mistake on a previous question. Instructions: n Please print your name, social security number, and seat number on this exam. Also, put your signature on this exam. l On your scantron PRINT your name, your version, and your seat number. To better protect your privacy also print your name on the backside of your scantron. l You have 80 minutes to complete this exam. The exam is open book, open notes, and open mind. You may use any type of calculator but please show all your work on the exam and mark all answers on the scantron. l Many of the questions follow the format of those in Adventures in Business Statistics. The remaining questions are either based on the Excel assignment or use an Adventures-like approach with problems nearly identical to those assigned in the textbook. The chapter numbers given in questions are only indicative. l Do not detach this exam. When you have completed the exam, please insert your scantron into the exam booklet and turn them into your instructor. l No cheating. l Good luck and we wish you well on the exam. 1

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Use the information given in the paragraph below to answer the next five questions. (Kvanli Chapter 8) Hourly wages in a retailing industry are normally distributed with a mean of \$14.50 and a standard deviation of \$2.20. A random sample of 40 workers was taken from a firm belonging to this industry. The sample average hourly wage was \$13.30. Test whether this company can be accused of paying lower wages, compared to the industry average. 1. What are the null hypothesis and alternative hypothesis for this test? A. Ho: μ = 14.50 Ha: μ 14.50 B. Ho: μ ≥ 14.50 Ha: μ < 14.50 * C. Ho: μ = 13.30 Ha: μ 13.30 D. Ho: μ > 13.30 Ha: μ 13.30 E. Ho: μ = 13.30 Ha: μ < 13.30 2. The appropriate test statistic for testing the hypothesis as defined in question #1 is A. t, because the sample size is small B. t because the sample standard deviation was calculated C. Z because the population standard deviation is known * D. Z because the sample variance was provided E. F because we do not know the equality of the variance 3. What is the calculated value of the test statistic? A. %- 0.55 B. 1.20 C. - 3.45 * D. 3.45 E. - 3.53 4. Assuming the calculated value of the test statistic is -1.00 , what are the decision and conclusion of the test at the significance level of 0.01 ? A. Fail to reject the null hypothesis, conclude there is evidence the company pays more than the industry average. B. Fail to reject the null hypothesis, conclude there is insufficient evidence the company’s
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Fa01Ex1B - COURSE MSCI 3710 Exam 1 Version B Fall 2001...

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