Quantitative Approach to Business Decisions – Master CopyQuestion 1

1. If an economist wishes to determine whether there is evidence that average family income in a community this year is different from that of last year
2. either a one-tailed or two-tailed test could be used with equivalent results.
3. a one tailed test should be utilized.
4. a two-tailed test should be utilized.
5. none of the above.

7 points

Question 2

1. The power of a statistical test is
2. the probability of not rejecting Ho when it is false.
3. the probability of rejecting Ho when it is true.
4. the probability of not rejecting Ho when it is true.
5. the probability of rejecting Ho when it is false.

7 points

Question 3

1. If we are testing for the difference between the means of 2 related populations with samples of n1 = 30 and n2 = 30, the number of degrees of freedom is equal to
2. 58
3. 60
4. 30
5. 29

7 points

Question 4

1. When we say a statistical test procedure is not robust, that means
2. it requires a sophisticated level of measurement.
3. it requires a semi-circular shaped population.
4. it is sensitive to slight violations in its assumptions.
5. it is insensitive to slight violations in its assumptions.

7 points

Question 5

1. What is the null hypothesis of ANOVA:
2. all group means are equal
3. at least one pair of groups have different means
4. all group variances are equal
5. none of the above

7 points

Question 6

1. The following data represent the response (Y for yes and N for no) from a sample of 40 college students to the question “Do you currently own shares in any stocks?” (8 points) N N Y N N Y N Y N Y N N Y N Y Y N N N Y N Y N N N N Y N N Y Y N N N Y N N Y N N The standard error of the sample proportion of students who own stocks is:
2. 0.0754
3. 0.2384
4. 0.4769
5. 2.4630

9 points

Question 7

1. H0: sample mean =1.5 is not an appropriate null hypothesis
2. True
3. False

7 points

Question 8

1. The t distribution has more area in the tails and less in the center than does the standard normal distribution
2. True
3. False

7 points

Question 9

1. Wilcoxon rank sum test is a nonparametric analysis of three or more populations
2. True
3. False

7 points

Question 10

1. The degree of freedom for the Chi-square statistic for a 7 x 8 table is 56.
2. True
3. False

7 points

Question 11

1. The Chi-square test for r x c contingency table is for testing the null hypothesis that the two categorical variables A and B are statistically independent.
2. True
3. False

7 points

Question 12

1. When testing for independence in a contingency table with 4 rows and 6 columns, there are ______ degrees of freedom.
2. 5
3. 10
4. 15
5. 24

7 points

Question 13

1. The procedure for the Wilcoxon signed test requires that we rank each grouped separately rather than together.
2. True
3. False

7 points

Question 14

1. The null hypothesis of the Kruskal-Wallis rank test is that all the independent groups have equal means.
2. True
3. False

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