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Q:
Pinky Bauer, Chief Financial Officer of Harrison Haulers, Inc., suspects irregularities in the payroll system, and orders an inspection of a random sample of vouchers issued since January 1, 2006. A sample of ten vouchers is randomly selected, without replacement, from the population of 2,000 vouchers. Each voucher in the sample is examined for errors and the number of vouchers in the sample with errors is denoted by x. If 20% of the population of vouchers contains errors, the standard deviation of x is ______.
a) 1.26
b) 1.60
c) 14.14
d) 3.16
e) 0.00
Q:
Pinky Bauer, Chief Financial Officer of Harrison Haulers, Inc., suspects irregularities in the payroll system, and orders an inspection of a random sample of vouchers issued since January 1, 2006. A sample of ten vouchers is randomly selected, without replacement, from the population of 2,000 vouchers. Each voucher in the sample is examined for errors and the number of vouchers in the sample with errors is denoted by x. If 20% of the population of vouchers contains errors, the mean value of x is __________.
a) 400
b) 2
c) 200
d) 5
e) 1
Q:
Pinky Bauer, Chief Financial Officer of Harrison Haulers, Inc., suspects irregularities in the payroll system, and orders an inspection of a random sample of vouchers issued since January 1, 2006. A sample of ten vouchers is randomly selected, without replacement, from the population of 2,000 vouchers. Each voucher in the sample is examined for errors and the number of vouchers in the sample with errors is denoted by x. If 20% of the population of vouchers contain errors, P(x>0) is _______________.
a) 0.8171
b) 0.1074
c) 0.8926
d) 0.3020
e) 1.0000
Q:
Pinky Bauer, Chief Financial Officer of Harrison Haulers, Inc., suspects irregularities in the payroll system, and orders an inspection of a random sample of vouchers issued since January 1, 2006. A sample of ten vouchers is randomly selected, without replacement, from the population of 2,000 vouchers. Each voucher in the sample is examined for errors and the number of vouchers in the sample with errors is denoted by x. If 20% of the population of vouchers contain errors, P(x = 0) is _______________.
a) 0.8171
b) 0.1074
c) 0.8926
d) 0.3020
e) 0.2000
Q:
A student randomly guesses the answers to a five question true/false test. If there is a 50% chance of guessing correctly on each question, what is the probability that the student misses no questions?
a) 0.000
b) 0.200
c) 0.500
d) 0.031
e) 1.000
Q:
A student randomly guesses the answers to a five question true/false test. If there is a 50% chance of guessing correctly on each question, what is the probability that the student misses exactly 1 question?
a) 0.200
b) 0.031
c) 0.156
d) 0.073
e) 0.001
Q:
During a recent sporting event, a quarter is tossed to determine which team picks the starting side. Suppose the referee says the coin will be tossed 3 times and the best two out of three wins If team A calls "˜heads', what is the probability that exactly two heads are observed in three tosses?
a) .313
b) .375
c) .625
d) .875
e) .500
Q:
Twenty five individuals are randomly selected out of 100 shoppers leaving a local bedding store. Each shopper was asked if they made a purchase during their visit. Each of the shoppers has the same probability of answering "˜yes' to having made a purchase. The probability that exactly four of the twenty-five shoppers made a purchase could best be found by _______.
a) using the normal distribution
b) using the binomial distribution
c) using the Poisson distribution
d) using the exponential distribution
e) using the uniform distribution
Q:
If x is a binomial random variable withn=10 andp=0.8, what is the probability that x is equal to 4?
a) .0055
b) .0063
c) .124
d) .232
e) .994
Q:
If x is a binomial random variable withn=10 andp=0.8, the standard deviation of x is _________.
a) 8.0
b) 1.26
c) 1.60
d) 64.0
e) 10
Q:
If x is a binomial random variable withn=10 andp=0.8, the mean value of x is _____.
a) 6
b) 4.8
c) 3.2
d) 8
e) 48
Q:
The following graph is a binomial distribution withn = 6.This graph reveals that ____________.a) p = 0.5b) p = 1.0c) p = 0d) p < 0.5e) p = 1.5
Q:
The following graph is a binomial distribution withn = 6.This graph reveals that ____________.a) p > 0.5b) p = 1.0c) p = 0d) p < 0.5e) p = 1.5
Q:
The following graph is a binomial distribution withn = 6.This graph reveals that ____________.a) p > 0.5b) p = 1.0c) p = 0d) p < 0.5e) p = 1.5
Q:
If x has a binomial distribution with p = .5, then the distribution of x is ________.
a) skewed to the right
b) skewed to the left
c) symmetric
d) a Poisson distribution
e) a hypergeometric distribution
Q:
A market research team compiled the following discrete probability distribution for families residing in Randolph County. In this distribution, x represents the number of evenings the family dines outside their home during a week. x
P(x) 0
0.30 1
0.50 2
0.10 3
0.10 The standard deviation of x is _______________.
a) 1.00
b) 2.00
c) 0.80
d) 0.89
e) 1.09
Q:
A market research team compiled the following discrete probability distribution for families residing in Randolph County. In this distribution, x represents the number of evenings the family dines outside their home during a week. x
P(x) 0
0.30 1
0.50 2
0.10 3
0.10 The mean (average) value of x is _______________.
a) 1.0
b) 1.5
c) 2.0
d) 2.5
e) 3.0
Q:
A market research team compiled the following discrete probability distribution. In this distribution, x represents the number of automobiles owned by a family. x
P(x) 0
0.10 1
0.10 2
0.50 3
0.30 Which of the following statements is true?
a) This distribution is skewed to the right.
b) This is a binomial distribution.
c) This is a normal distribution.
d) This distribution is skewed to the left.
e) This distribution is bimodal.
Q:
A market research team compiled the following discrete probability distribution on the number of sodas the average adult drinks each day. In this distribution, x represents the number of sodas which an adult drinks. x
P(x) 0
0.30 1
0.10 2
0.50 3
0.10 The standard deviation of x is _______________.
a) 1.04
b) 0.89
c) 1.40
d) .506
e) .588
Q:
A market research team compiled the following discrete probability distribution on the number of sodas the average adult drinks each day. In this distribution, x represents the number of sodas which an adult drinks. x
P(x) 0
0.30 1
0.10 2
0.50 3
0.10 The mean (average) value of x is _______________.
a) 1.4
b) 1.75
c) 2.10
d) 2.55
e) 3.02
Q:
You are offered an investment opportunity. Its outcomes and probabilities are presented in the following table. x
P(x) -$1,000
.40 $0
.20 +$1,000
.40 Which of the following statements is true?
a) This distribution is skewed to the right.
b) This is a binomial distribution.
c) This distribution is symmetric.
d) This distribution is skewed to the left.
e) This is a Poisson distribution
Q:
A recent analysis of the number of rainy days per month found the following outcomes and probabilities. Number of Raining Days (x)
P(x) 3
.40 4
.20 5
.40 The standard deviation of this distribution is _____________.
a) .800
b) .894
c) .400
d) 4.00
e) .457
Q:
A recent analysis of the number of rainy days per month found the following outcomes and probabilities. Number of Raining Days (x)
P(x) 3
.40 4
.20 5
.40 The mean of this distribution is _____________.
a) 2
b) 3
c) 4
d) 5
e) <1
Q:
In American Roulette, there are two zeroes and 36 non-zero numbers (18 red and 18 black). If a player bets 1 unit on red, his chance of winning 1 unit is therefore 18/38 and his chance of losing 1 unit (or winning -1) is 20/38. Let x be the player profit per game. The mean (average) value of x is approximately_______________.
a) 0.0526
b) -0.0526
c) 1
d) -1
e) 0
Q:
The speed at which a jet plane can fly is an example of _________.
a) neither discrete nor continuous random variable
b) both discrete and continuous random variable
c) a continuous random variable
d) a discrete random variable
e) a constant
Q:
The number of finance majors within the School of Business is an example of _______.
a) a discrete random variable
b) a continuous random variable
c) the Poisson distribution
d) the normal distribution
e) a constant
Q:
The volume of liquid in an unopened 1-gallon can of paint is an example of _________.
a) the binomial distribution
b) both discrete and continuous variable
c) a continuous random variable
d) a discrete random variable
e) a constant
Q:
In a hypergeometric distribution the population, N, is finite and known.
Q:
The number of successes in a hypergeometric distribution is unknown
Q:
As in a binomial distribution, each trial of a hypergeometric distribution results in one of two mutually exclusive outcomes, i.e., either a success or a failure.
Q:
A hypergeometric distribution applies to experiments in which the trials represent sampling with replacement.
Q:
A Poisson distribution is characterized by one parameter.
Q:
Poisson distribution describes the occurrence of discrete events that may occur over a continuous interval of time or space.
Q:
For the Poisson distribution the mean and the variance are the same.
Q:
A binomial distribution is better than a Poisson distribution to describe the occurrence of major oil spills in the Gulf of Mexico.
Q:
For the Poisson distribution the mean represents twice the value of the standard deviation..
Q:
The Poisson distribution is best suited to describe occurrences of rare events in a situation where each occurrence is independent of the other occurrences.
Q:
Both the Poisson and the binomial distributions are discrete distributions and both have a given number of trials.
Q:
The Poisson distribution is a continuous distribution which is very useful in solving waiting time problems
Q:
For a binomial distribution in which the probability of success is p = 0.5, the variance is twice the mean.
Q:
The assumption of independent trials in a binomial distribution is not a great concern if the sample size is smaller than 1/20th of the population size.
Q:
In a binomial distribution, p, the probability of getting a successful outcome on any single trial, increases proportionately with every success.
Q:
In a binomial experiment, any single trial contains only two possible outcomes and successive trials are independent.
Q:
The variance of a discrete distribution increases if we add a positive constant to each one of its value.
Q:
To compute the variance of a discrete distribution, it is not necessary to know the mean of the distribution.
Q:
The mean or the expected value of a discrete distribution is the long-run average of the occurrences.
Q:
The amount of time a patient waits in a doctor's office is an example of a continuous random variable
Q:
The number of visitors to a website each day is an example of a discrete random variable
Q:
A variable that can take on values at any point over a given interval is called a discrete random variable
Q:
Variables which take on values only at certain points over a given interval are called continuous random variables
Q:
Given that two events, A and B, are independent, if the marginal probability of A is 0.6, the conditional probability of A given B will be 0.4.
Q:
Given two events, A and B, if the probability of A is 0.7, the probability of B is 0.3, and the joint probability of A and B is 0.21, then the two events are independent.
Q:
Given two events, A and B, if the probability of either A or B occurring is 0.6, then the probability of neither A nor B occurring is -0.6.
Q:
If two events are mutually exclusive, then their joint probability is always zero.
Q:
The probability of A B where A is receiving a state grant and B is receiving a federal grant is the probability of receiving no more than one of the two grants.
Q:
If two events are mutually exclusive, then the two events are also independent.
Q:
If the occurrence of one event precludes the occurrence of another event, then the two events are mutually exclusive.
Q:
If the occurrence of one event does not affect the occurrence of another event, then the two events are mutually exclusive.
Q:
The list of all elementary events for an experiment is called the sample space.
Q:
An event that cannot be broken down into other events is called a certainty outcome.
Q:
An experiment is a process that produces outcomes.
Q:
Assigning probabilities to uncertain events based on one's beliefs or intuitions is called classical method.
Q:
Assigning probabilities by dividing the number of ways that an event can occur by the total number of possible outcomes in an experiment is called the classical method.
Q:
The method of assigning probabilities to uncertain outcomes based on laws and rules is called the relative frequency method.
Q:
Probability is used to develop knowledge of the fundamental mathematical tools for quantitatively assessing risk.
Q:
Inferring the value of a population parameter from the statistic on a random sample drawn from the population is an inferential process under uncertainty.
Q:
Suppose 5% of the population have a certain disease. A laboratory blood test gives a positive reading for 95% of people who have the disease and 10% positive reading of people who do not have the disease. . What is the probability that a randomly selected person has the disease given that this person is testing positive?
a) 0.0475
b) 0.1425
c) 0.95
d) 0.9
e) 0.3333
Q:
Suppose 5% of the population have a certain disease. A laboratory blood test gives a positive reading for 95% of people who have the disease and 10% positive reading of people who do not have the disease. . What is the probability of testing positive?
a) 0.0475
b) 0.1425
c) 0.95
d) 0.9
e) 0.3333
Q:
A market research firm conducts studies regarding the success of new products. The company is not always perfect in predicting the success. Suppose that there is a 50% chance that any new product would be successful (and a 50% chance that it would fail). In the past, for all new products that ultimately were successful, 80% were predicted to be successful (and the other 20% were inaccurately predicted to be failures). Also, for all new products that were ultimately failures, 70% were predicted to be failures (and the other 30% were inaccurately predicted to be successes). If the market research predicted that the product would be a success, what is the probability that it would actually be a success?
a) 0.27
b) 0.73
c) 0.80
d) 0.24
e) 1.00
Q:
A market research firms conducts studies regarding the success of new products. The company is not always perfect in predicting the success. Suppose that there is a 50% chance that any new product would be successful (and a 50% chance that it would fail). In the past, for all new products that ultimately were successful, 80% were predicted to be successful (and the other 20% were inaccurately predicted to be failures). Also, for all new products that were ultimately failures, 70% were predicted to be failures (and the other 30% were inaccurately predicted to be successes). For any randomly selected new product, what is the probability that the market research firm would predict that it would be a success?
a) 0.80
b) 0.50
c) 0.45
d) 0.55
e) 0.95
Q:
A market research firms conducts studies regarding the success of new products. The company is not always perfect in predicting the success. Suppose that there is a 50% chance that any new product would be successful (and a 50% chance that it would fail). In the past, for all new products that ultimately were successful, 80% were predicted to be successful (and the other 20% were inaccurately predicted to be failures). Also, for all new products that were ultimately failures, 70% were predicted to be failures (and the other 30% were inaccurately predicted to be successes). What is the a priori probability that a new product would be a success?
a) 0.50
b) 0.80
c) 0.70
d) 0.60
e) 0.95
Q:
An analysis of personal loans at a local bank revealed the following facts: 10% of all personal loans are in default (D), 90% of all personal loans are not in default (D΄), 20% of those in default are homeowners (H | D), and 70% of those not in default are homeowners (H | D΄). If a personal loan is selected at random, P (D | H) = ___________.
a) 0.03
b) 0.63
c) 0.02
d) 0.18
e) 0.78
Q:
An analysis of personal loans at a local bank revealed the following facts: 10% of all personal loans are in default (D), 90% of all personal loans are not in default (D΄), 20% of those in default are homeowners (H | D), and 70% of those not in default are homeowners (H | D΄). If a personal loan is selected at random P (H D") = ___________.a) 0.20b) 0.63c) 0.90d) 0.18e) 0.78
Q:
A market research firm is investigating the appeal of three package designs. The table below gives information obtained through a sample of 200 consumers. The three package designs are labeled A, B, and C. The consumers are classified according to age and package design preference. A
B
C
Total Under 25 years
22
34
40
96 25 or older
54
28
22
104 Total
76
62
62
200 Are "B" and "25 or older" independent and why or why not?
a) No, because P (25 or over | B) P (B)
b) Yes, because P (B) = P(C)
c) No, because P (25 or older | B) P (25 or older)
d) Yes, because P (25 or older B) 0
e) No, because age and package design are different things
Q:
It is known that 20% of all students in some large university are overweight, 20% exercise regularly and 2% are overweight and exercise regularly. What is the probability that a randomly selected student is overweight given that this student exercises regularly?
a) 0.40
b) 0.38
c) 0.20
d) 0.42
e) 0.10
Q:
A market research firm is investigating the appeal of three package designs. The table below gives information obtained through a sample of 200 consumers. The three package designs are labeled A, B, and C. The consumers are classified according to age and package design preference. A
B
C
Total Under 25 years
22
34
40
96 25 or older
54
28
22
104 Total
76
62
62
200 If one of these consumers is randomly selected and prefers design B, what is the probability that the person is 25 or older?
a) 0.28
b) 0.14
c) 0.45
d) 0.27
e) 0.78
Q:
A market research firm is investigating the appeal of three package designs. The table below gives information obtained through a sample of 200 consumers. The three package designs are labeled A, B, and C. The consumers are classified according to age and package design preference. A
B
C
Total Under 25 years
22
34
40
96 25 or older
54
28
22
104 Total
76
62
62
200 If one of these consumers is randomly selected and is under 25, what is the probability that the person prefers design A?
a) 0.22
b) 0.23
c) 0.29
d) 0.18
e) 0.78
Q:
The table below provides summary information about students in a class. The sex of each individual and their age is given. Male
Female
Total Under 20 yrs old
10
8
18 Between 20 and 25 yrs old.
12
18
30 Older than 25 yrs.
26
26
52 Total
48
52
100 A student is randomly selected from this group, and it is found that the student is older than 25 years. What is the probability that the student is a male?
a) 0.21
b) 0.10
c) 0.50
d) 0.54
e) 0.26
Q:
Meagan Dubean manages a portfolio of 200 common stocks. Her staff classified the portfolio stocks by 'industry sector' and 'investment objective.' Investment
Industry Sector Objective
Electronics
Airlines
Healthcare
Total Growth
100
10
40
150 Income
20
20
10
50 Total
120
30
50
200 If a stock is selected randomly from Meagan's portfolio, P (Airlines|Income) = _______.
a) 0.10
b) 0.40
c) 0.25
d) 0.67
e) 0.90
Q:
Given P (A) = 0.45, P (B) = 0.30, P (A B) = 0.05. Which of the following is true?a) A and B are independentb) A and B are mutually exclusivec) A and B are collectively exhaustived) A and B are not independente) A and B are complimentary