Final Exam Study Guide

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QNT/561 Final Examination Study Guide

This study guide will prepare you for the Final Examination you will complete in the final week. It contains practice questions, which are related to each week’s objectives. In addition, refer to each week’s readings and your student guide as study references for the Final Examination.

Week One: Descriptive Statistics and Probability Distributions

Objective: Compute descriptive statistics for given data sets.

1. In 1995, the cost of unleaded gasoline was $0.95 per gallon. In 2010, the same type of gasoline costs $3.00 per gallon. To determine the amount of change, we have to use the a. moving average technique

b. geometric mean of 2 years
c. geometric mean rate of increase
d. weighted mean of the 2 years

Objective: Apply probability concepts related to discrete and continuous probability distributions.

2. Which of the following is a major difference between the binomial and the hypergeometric distributions? a. The sum of the outcomes can be greater than 1 for the hypergeometric. b. The probability of a success changes from trial to trial in the hypergeometric distribution. c. The number of trials changes in the hypergeometric distribution. d. The outcomes cannot be whole numbers in the hypergeometric distribution.

3. In which of the following distributions is the probability of a success usually small? a. Binomial
b. Poisson
c. Hypergeometric
d. Normal

Week Two: Research and Sampling Designs

Objective: Apply the central limit theorem to sample means.

4. The mean of all the sample means and the population mean will a. always be equal
b. always be normally distributed
c. characterized by the standard error of the mean
d. none of these

Objective: Construct confidence intervals for a mean.

5. What would happen to the width of the confidence interval if the level of confidence is lowered from 95% to 90%? a. Increase
b. Double
c. No change
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