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Unformatted text preview: success in economics, data were collected for 8
business students. Scores on a calculus placement test are given with economics final exam
scores. The data are below: It can be shown that for these data:
2 = 545.875,
Calculate the sample covariance.
A. 17.59
B. 7.93
C. 2.00
D. 33.93
E. 20.11 = 17.75, = 70.38, = 140.75 AACSB: Analytical Studies
Bloom's: Application
Difficulty: Hard
Topic: Covariance 1234 2 = 237.50, Chapter 01  An Introduction to Business Statistics 149. In a study of the factors that affect success in economics, data were collected for 8
business students. Scores on a calculus placement test are given with economics final exam
scores. The data are below: It can be shown that for these data: = 17.75, = 70.38, = 545.875,
= 140.75
Calculate the sample correlation coefficient.
A. 0.15
B. 0.11
C. 0.39
D. 0.39
E. 0.11
r = sxy/(sx * sy) = 20.11 / 51.44 = 0.39 AACSB: Analytical Studies
Bloom's: Application
Difficulty: Hard
Topic: Correlation 1235 = 237.50, Chapter 01  An Introduction to Business Statistics 150. In a study of employee stock ownership plans, data was collected at seven companies on
satisfaction with the plan and the amount of organization commitment. It can be shown that for these data: , , ,
Calculate the sample covariance.
A. 0.3164
B. 0.2711
C. 0.3717
D. 0.3250
E. 0.3810 AACSB: Analytical Studies
Bloom's: Application
Difficulty: Hard
Topic: Covariance Chapter 04
Probability
True / False Questions 1. A contingency table is a tabular summary of probabilities concerning two sets of
complementary events.
True False 1236 Chapter 01  An Introduction to Business Statistics 2. An event is a collection of sample space outcomes.
True False 3. Two events are independent if the probability of one event is influenced by whether or not
the other event occurs.
True False 4. Mutually exclusive events have a nonempty intersection.
True False 5. A subjective probability is a probability assessment that is based on experience, intuitive
judgment, or expertise.
True False 6. The probability of an event is the sum of the probabilities of the sample space outcomes
that correspond to the event.
True False 7. If events A and B are mutually exclusive, then P(AB) is always equal to zero.
True False 1237 Chapter 01  An Introduction to Business Statistics 8. If events A and B are independent, then P(AB) is always equal to zero.
True False 9. If events A and B are mutually exclusive, then P(A
True False B) is always equal to zero. 10. Events that have no sample space outcomes in common, and, therefore cannot occur
simultaneously are referred to as independent events.
True False Multiple Choice Questions 11. Two mutually exclusive events having positive probabilities are ______________
dependent.
A. Always
B. Sometimes
C. Never 12. ___________________ is a measure of the chance that an uncertain event will occur.
A. Random experiment
B. Sample Space
C. Probability
D. A complement
E. A population 1238 Chapter 01  An Introduction to Business Statistics 13. A manager has just received the expense checks for six of her employees. She randomly
distributes the checks to the six employees. What is the probability that exactly five of them
will receive the correct checks (checks with the correct names)?
A. 1
B. ½
C. 1/6
D. 0
E. 1/3 14. In which of the following are the two events A and B, always independent?
A. A and B are mutually exclusive.
B. The probability of event A is not influenced by the probability of event B.
C. The intersection of A and B is zero.
D. P(AB) = P(A).
E. B and D. 15. If two events are independent, we can _____ their probabilities to determine the
intersection probability.
A. Divide
B. Add
C. Multiply
D. Subtract 16. Events that have no sample space outcomes in common, and therefore, cannot occur
simultaneously are:
A. Independent
B. Mutually Exclusive
C. Intersections
D. Unions 1239 Chapter 01  An Introduction to Business Statistics 17. If events A and B are independent, then the probability of simultaneous occurrence of
event A and event B can be found with:
A. P(A)•P(B)
B. P(A)•P(AB)
C. P(B)•P(AB))
D. All of the above are correct 18. The set of all possible experimental outcomes is called a(n):
A. Sample space
B. Event
C. Experiment
D. Probability 19. A ____________ is the probability that one event will occur given that we know that
another event already has occurred.
A. Sample space outcome
B. Subjective Probability
C. Complement of events
D. Longrun relative frequency
E. Conditional probability 20. The _______ of two events X and Y is another event that consists of the sample space
outcomes belonging to either event X or event Y or both event X and Y.
A. Complement
B. Union
C. Intersection
D. Conditional probability 21. If P(A) > 0 and P(B) > 0 and events A and B are independent, then:
A. P(A) = P(B)
B. P((AB)) = P(A)
C. P(A B) = 0
D. P(A B) = P(A) P(B A) 1240 Chapter 01  An Introduction to Business Statistics 22. P(A B) = P(A) + P(B)  P(A B) represents the formu...
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This document was uploaded on 01/20/2014.
 Winter '14

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