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Statistics for Business and Economics Study Set 4
Quiz 5: Sampling Distributions
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Question 21
True/False
The ideal estimator has the greatest variance among all unbiased estimators.
Question 22
Essay
Suppose a random sample of
n
=
36
n = 36
n
=
36
measurements is selected from a population with mean
μ
=
256
\mu = 256
μ
=
256
and variance
σ
2
=
144
\sigma ^ { 2 } = 144
σ
2
=
144
. Find the mean and standard deviation of the sampling distribution of the sample mean
x
ˉ
\bar { x }
x
ˉ
.
Question 23
True/False
If
x
ˉ
\bar{x}
x
ˉ
is a good estimator for µ, then we expect the values of x to cluster around µ.
Question 24
Multiple Choice
One year, the distribution of salaries for professional sports players had mean $1.6 million and standard deviation $0.7 million. Suppose a sample of 100 major league players was taken. Find the approximate probability that the average salary of the 100 players that year exceeded $1.1 million.
Question 25
True/False
The probability of success, p, in a binomial experiment is a parameter, while the mean and standard deviation, µ and ?, are statistics.
Question 26
True/False
The Central Limit Theorem guarantees that the population is normal whenever n is sufficiently large.
Question 27
True/False
When estimating the population mean, the sample mean is always a better estimate than the sample median.
Question 28
Multiple Choice
Which of the following does the Central Limit Theorem allow us to disregard when working with the sampling distribution of the sample mean?
Question 29
Multiple Choice
The Central Limit Theorem states that the sampling distribution of the sample mean is approximately normal under certain conditions. Which of the following is a necessary condition for the Central Limit Theorem to be used?