Stat 125 Hk Business Statistics Midterm Exam

STAT 125 HK Business Statistics Midterm Exam
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STAT 125 HK Business Statistics Midterm Exam
 
Question 1
The probability that house sales will increase in the next 6 months is estimated to be 0.25. The probability that the interest rates on housing loans will go up in the same period is estimated to be 0.74. The probability that house sales or interest rates will go up during the next 6 months is estimated to be 0.89. The probability that house sales will increase but interest rates will not during the next 6 months is:
  1. 0.065
  2. 0.15
  3. 0.51
  4. 0.89
 
 
Question 2
The process of using sample statistics to draw conclusions about true population parameters is called
  1. statistical inference.
  2. the scientific method.
  3. sampling.
  4. descriptive statistics.
 
 
Question 3
Which of the following is NOT a reason for obtaining data?
  1. Data are needed to formulate a statistical model.
  2. Data are needed to evaluate conformance to standards.
  3. Data are needed to measure performance of an ongoing production process.
  4. Data are needed to provide input to a study.
 
 
Question 4
A catalog company that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product. The length of time was found to be a random variable best approximated by an exponential distribution with a mean equal to 3 minutes. What proportion of customers having to hold more than 1.5 minutes will hang up before placing an order?
  1. 0.86466
  2. 0.60653
  3. 0.39347
  4. 0.13534
 
 
Question 5
Selection of raffle tickets from a large bowl is an example of
  1. sampling with replacement.
  2. sampling without replacement.
  3. subjective probability.
  4. None of the above.
 
 
Question 6
The width of each bar in a histogram corresponds to the...