1 (2 points) Which of the following statements are true? Question 1 options: Probabilities must be negative. Probabilities can either be positive or negative. Probabilities must be nonnegative. Probabilities can be any positive value. Save Question 2 (2 points) If A and B are any two events with P(A) = .8 and P(B|A) = .4, then the joint probability of A and B is Question 2 options: 1.20 .40 .32 .80 Save Question 3 (2 points) Which of following statements are true regarding the probability distribution of a random variable X? Question 3 options: The probabilities must be nonnegative The probabilities must sum to 1 The random variable must be continuous Both (a) and (b) Save Question 4 (2 points) The variance of a binomial distribution for which n = 100 and p = 0.20 is: Question 4 options: 80 100 16 20 Save Question 5 (2 points) If two events are mutually exclusive, what is the probability that both occur at the same time? Question 5 options: 0.00 0.50 1.00 Cannot be determined from the information given. Save Question 6 (2 points) If Z is a standard normal random variable, then the value z for which P(-z Question 6 options: Z z) equals 0.8764 is 1.16 3.08 0.3764 1.54 Save Question 7 (2 points) In a normal distribution, changing the standard deviation: Question 7 options: makes the curve more or less spread out makes the curve more dense shifts the curve left or right splits the distribution to two curves Save Question 8 (2 points) If A and B are mutually exclusive events with P(A) = 0.30 and P(B) = 0.40, then the probability that either A or B or both occur is: Question 8 options: 0.10 0.12 0.70 None of the above Save Question 9 (2 points) When using the graphical solution method to solve linear programming problems, the line that represents the objective function (assuming that the objective is to maximize profit) is referred to as the: Question 9 options: maxiprofit line feasible line isoprofit line optimal line Save Question 10 (2 points) Every linear programming problem involves optimizing a: Question 10 options: linear function subject to several nonlinear constraints linear regression model subject to several linear constraints nonlinear function subject to several linear constraints linear function subject to several linear constraints Save Question 11 (2 points) Two things came together during World War II that contributed to the development and growth of linear programming. They were: Question 11 options: complex logistics problems and the development of computers complex logistics problems and the development of linear regression complex logistics problems and the development of spreadsheets All of the above Save Question 12 (2 points) The divisibility property of linear programming means that a solution can have both: Question 12 options: integer and noninteger levels of an activity positive and negative values linear and nonlinear relationships revenue and cost information in the model Save Question 13 (2 points) Consider the following linear programming problem: Maximize 5x1 + 5x2 Subject to x1 + 2x2 < 8 x1 + x2 < 6 x1, x2 > 0 The above linear programming problem: Question 13 options: has only one optimal solution exhibits unboundedness has more than one optimal solution exhibits infeasibility Save Question 14 (2 points) One of the things that can go wrong with a linear programming problem is that it may not be possible to find a set of points that satisfy all of the constraints in the problem. This type of problem is said to be: Question 14 options: infeasible redundant inconsistent unbounded Save Question 15 (2 points) Unboundedness refers to the situation in which the LP model has been formulated in such a way that the objective function is unbounded - that is, it can be made as large (for maximization problems) or as small (for minimization problems) as we like. Question 15 options: True False Save Question 16 (2 points) Mathematically, every LP problem involves optimizing a function, not necessarily linear, subject to several linear constraints, expressed as linear inequalities or equalities. Question 16 options: True False Save Question 17 (2 points) A solution to an LP problem that satisfies all of the constraints, including the nonnegativity constraints, is called the optimal solution. Question 17 options: True False Save Question 18 (2 points) When formulating an LP spreadsheet model, the changing cells play the role of the decision variables, and the values in these cells can be changed to optimize the objective function. Question 18 options: True False Save Question 19 (2 points) When formulating an LP spreadsheet model, there is one target (objective) cell that contains the value of the objective function. Question 19 options: True False Save Question 20 (2 points) Karim's Oak Furniture Company manufactures oak tables and chairs. To manufacture the chairs and tables, the wood must be cut, glued, and finished. The labor requirements for the three steps are in the table below, as well as the profit for each table and chair. The available time for the labor requirements are 40 hours for cutting, 40 hours for gluing, and 40 hours for finishing.Karim wants to determine the number of tables and chairs to manufacture in order to maximize profit.What are the decision variables? Question 20 options: x1 = the number of hours to make a table,x2 = the number of hours to make a chair x1 = the number of hours required to cut, x2 = the number of hours required to glue, X3 = the number of hours required to fini x1 = the number of tables, x2 = the number of chairs x1 = the profit per table, x2 = the profit per chair Do Not Know Save Question 21 (2 points) For a boxplot, the vertical line inside the box indicates the location of the Question 21 options: mean median mode minimum value maximum value Save Question 22 (2 points) A bimodal histogram is often an indication that the: Question 22 options: data are incorrect data are inconclusive sample is not representative of the population data come from two or more distinct populations Save Question 23 (2 points) The correlation coefficient is always a value between Question 23 options: 1 and 0 0 and +1 0.0 and 100 1 and +1 1 and 100 Save Question 24 (2 points) Numerical variables can be subdivided into which two types? Question 24 options: Diverse and categorical Discrete and continuous Nominal and progressive Crosssectional and discrete Save Question 25 (2 points) The length of the box in the boxplot portrays the Question 25 options: mean median range interquartile range third quartile Save Question 26 (2 points) In a multiple regression analysis, there are 25 data points and 5 independent variables. If the sum of the squared differences between observed and predicted values of y is 160, then standard error of estimate, denoted by Question 26 options: will be: 2.530 3.464 2.902 5.657 Save Question 27 (2 points) A correlation value of zero indicates. Question 27 options: a strong linear relationship a weak linear relationship no linear relationship a perfect linear relationship Save Question 28 (2 points) A multiple regression equation includes 6 independent variables, and the coefficient of multiple determination is 0.91. The percentage of the variation in Y that is explained by the regression equation is: Question 28 options: 91% 95% 83% 15% Save Question 29 (2 points) Regression analysis asks: Question 29 options: if there are differences between distinct populations if the sample is representative of the population how a single variable depends on other relevant variables how several variables depend on each other Save Question 30 (2 points) The term autocorrelation refers to: Question 30 options: the analyzed data refers to itself the sample is related too closely to the population the data are in a loop (values repeat themselves) time series variables are usually related to their own past values Save Question 31 (2 points) In regression analysis, the variable we are trying to explain or predict is called the Question 31 options: independent variable dependent variable regression variable statistical variable residual variable Save Question 32 (2 points) A "fan" shape in a scatterplot indicates: Question 32 options: a nonlinear relationship the absence of outliers sampling error unequal variance Save Question 33 (2 points) A single variable X can explain a large percentage of the variation in some other variable Y when the two variables are: Question 33 options: mutually exclusive inversely related directly related highly correlated None of the above Save Question 34 (2 points) Data collected from approximately the same period of time from a cross-section of a population are called: Question 34 options: time series data linear data crosssectional data historical data Save Question 35 (2 points) A linear trend means that the time series variable changes by a Question 35 options: constant percentage each time period constant amount each time period negative amount each time period positive amount each time period Save Question 36 (2 points) Suppose that a simple exponential smoothing model is used (with = 0.40) to forecast monthly sandwich sales at a local sandwich shop. The forecasted demand for September was 1560 and the actual demand was 1480 sandwiches. Given this information, what would be the forecast number of sandwiches for October? Question 36 options: 1592 1560 1480 1528 Save Question 37 (2 points) In contrast to linear trend, exponential trend is appropriate when the time series changes by a: Question 37 options: positive amount each time period negative amount each time period constant amount each time period constant percentage each time period Save Question 38 (2 points) The forecast error is the difference between Question 38 options: this period's value and the next period's value the actual value and the forecast the average value and the expected value of the response variable the explanatory variable value and the response variable value Save Question 39 (2 points) Extrapolation methods attempt to: Question 39 options: predict the next period's value by using the latest period's value find variables that are correlated with the data being predicted search for patterns in the data and then use those to predict future values use nonquantitative methods to predict future values Save Question 40 (2 points) The moving average method can also be referred to as a(n)______________ method. Question 40 options: econometric smoothing exponential causal Save Question 41 (2 points) Winters' model differs from Holt's model and simple exponential smoothing in that it includes an index for: Question 41 options: cyclical fluctuations trend seasonality residuals Save Question 42 (2 points) Suppose that a simple exponential smoothing model is used (with = 0.30) to forecast monthly sandwich sales at a local sandwich shop. After June's demand is observed at 1520 sandwiches, the forecasted demand for July is 1600 sandwiches. At the beginning of July, what would be the forecasted demand for August? Question 42 options: 1520 1544 1550 1600