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Statistics for Business and Economics Study Set 5
Quiz 8: Sampling Methods and the Central Umit Theorem
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Question 1
Multiple Choice
i. The 95 percent confidence interval states that 95 percent of the sample means of a specified Sample size selected from a population will lie within plus and minus 1.96 standard deviations of the Hypothesized population mean. ii. A distribution of sample means is normally distributed with a mean equal to the population mean And a standard deviation equal to the standard error of the mean. iii. A sample mean is the best point estimate of a population mean.
Question 2
Multiple Choice
The z-value associated with a 90% level of confidence is:
Question 3
Multiple Choice
The z-value associated with an 80% level of confidence is:
Question 4
Multiple Choice
A random sample of 85 group leaders, supervisors, and similar personnel revealed that on the Average a person spent 6.5 years on the job before being promoted. The standard deviation of the Population was 1.7 years. Find the 95% confidence interval for the population mean.
Question 5
Multiple Choice
Recently, a university surveyed recent graduates of the English Department for their starting Salaries. Four hundred graduates returned the survey. The average salary was $25,000. The Population standard deviation is known to be $2,500. Interpret the results of the 95% confidence interval.
Question 6
Multiple Choice
Recently, a university surveyed recent graduates of the English Department for their starting Salaries. Four hundred graduates returned the survey. The average salary was $55,000 with a Standard deviation of $2,500. What is the best point estimate of the population mean?
Question 7
Multiple Choice
A sample mean is the best point estimate of the
Question 8
Multiple Choice
Dottie Kleman is the "Cookie Lady." She bakes and sells cookies at 50 different locations. Ms. Kleman is concerned about absenteeism among her workers. The information below reports the Number of days absent for a sample of 10 workers during the last two-week pay period.
The sample mean is calculated to be 1.8 and sample standard deviation is 1.1353. Develop a 95% Confidence interval for the population mean. Assume that the population distribution is normal. Is it Reasonable to conclude that the typical worker misses 1 day during a pay period?
Question 9
Multiple Choice
Mileage tests were conducted on a randomly selected sample of 100 newly developed automobile Tires. The average tread life was found to be 80,000 kilometres with a standard deviation of 5,600 Kilometres. What is the best estimate of the average tread life in miles for the entire population of These tires?
Question 10
Multiple Choice
A 95% confidence interval infers that the population mean is
Question 11
Multiple Choice
A sample of 25 is selected from a known population of 100 elements. What is the finite population Correction factor?
Question 12
Multiple Choice
The z-value associated with a 96% level of confidence is:
Question 13
Multiple Choice
Recently, a university surveyed recent graduates of the English Department for their starting Salaries. One hundred graduates returned the survey. The average salary was $35,000 with a Standard deviation of $2,000. What is the best point estimate of the population mean?
Question 14
Multiple Choice
A sample of 50 is selected from a known population of 250 elements. The population standard Deviation is 15. What is the standard error of the sample means using the finite population Correction factor?