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Stat 125-Hk. Business Statistics Midterm Exam

  • Date Submitted: 09/05/2015 02:26 AM
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STAT 125-HK. Business Statistics Midterm Exam
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STAT 125-HK. Business Statistics Midterm Exam

  Question 1 2 points Save
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:
a. 0.065
b. 0.15
c. 0.51
d. 0.89

  Question 2 2 points Save
The process of using sample statistics to draw conclusions about true population parameters is called
a. statistical inference.
b. the scientific method.
c. sampling.
d. descriptive statistics.

  Question 3 2 points Save
Which of the following is NOT a reason for obtaining data?
a. Data are needed to formulate a statistical model.
b. Data are needed to evaluate conformance to standards.
c. Data are needed to measure performance of an ongoing production process.
d. Data are needed to provide input to a study.

  Question 4 2 points Save
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?
a. 0.86466
b. 0.60653
c. 0.39347
d. 0.13534

  Question 5 2...


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