Empirical data are collected through observations and experiments. True or False Statistical challenges include imperfect data, practical constraints, and ethical dilemmas. True or False Which of the following statements is not true? Multiple Chaoice Q A statistic is a single measure (usually numerical) that is calculated from a sample. Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. O For day-to-day business data analysis, most firms rely on a large staff of expert statisticians. O A statistical test may be significant yet have no practical importance. Inferential statistics refers to generalizing from a sample to a population, estimating unknown population parameters, drawing conclusions, and making decisions. True or False ' True ' ' False ' Inferential statistics refers to generalizing from a sample to a population, estimating unknown population parameters, drawing conclusions, and making decisions. True or False An ethical statistical consultant would not always Multiple Choice O follow accepted statistical procedures. O support management's desired conclusions. O acknowledge sources of financial support. O report limitations of the data.Categorical data have values that are described by words rather than numbers. True or False Ratio data have a zero reference point which distinguishes them from interval data. True or False Which statement is correct? Multiple Choice O Selecting every fifth shopper arriving at a store will approximate a random sample of shoppers. O Selecting only shoppers who drive SUVs is a stratified sampling method. O A census is preferable to a sample for most business problems. O Stratified samples are usually cheaper than other methods. Thirty work orders are selected from a filing cabinet containing 500 work order folders by choosing every 15th folder. Which sampling method is this? Multiple Choice O simple random sample systematic sample cluster sample O stratified sample The number of checks processed at a bank in a day is an example of categorical data. True or False Which chart would be appropriate to display percent operating profit in 500 corporations? Multiple Choice O line chart O Pareto chart O scatter plot n histogramWhich is not a poor graphing technique? Multiple Choice O gratuitous pictures O labeled axis scales O 3D bar charts O rotated axisThe line chart is appropriate for categorical (qualitative) data. True or False The point halfway between the bin limits in a frequency distribution is known as the Multiple Choice O bin midpoint. bin limit. bin width. O bin frequency. Which is a characteristic of a histogram's bars? Multiple Choice o O O O The bar widths reveal the cumulative frequencies of data values. The bar widths indicate class intervals, and their areas indicate frequencies. The bar widths show class intervals, and their heights indicate frequencies. The bar widths are an exact multiple of the sample size. Which is not true of the Empirical Rule? Multiple Choice O O O O It applies to any distribution. It can be applied to fewer distributions than Chebyshev's Theorem. It assumes that the distribution of data follows a bell-shaped, normal curve. It predicts more observations within g + ko than Chebyshev's Theorem. Histograms are best used to Multiple Choice O O O O provide a visual estimate of the standard deviation. show the quartiles of the data set. assess the shape of the distribution. reveal the interquartile range of the data set. Chebyshev's Theorem says that at most 50 percent of the data lie within 2 standard deviations of the mean. True or False The mean of a population is 50 and the median is 40. Which histogram is best fits this population? Multiple Choice O Sample A. O Sample B. The Empirical Rule can be applied to any distribution, unlike Chebyshev's theorem. True or False probability that the card holder holds a Visa card and owes $1,000 or more? AmEx Mastercard Visa Row Total Nothing owed 10 6 24 40 Under $1,000 owed 6 9 45 60 Owe $1,000 or more 4 15 81 108 Col Total 20 30 150 200 Multiple Choice O 5000 O 7500 O 5400 The sum of the probabilities of all compound events in a sample space equals one. True or False From the following tree, find the probability that a randomly chosen person will not get a vaccination and will not get the flu. .10 Getflu .70 Yes Don't get Received .90 flu flu vaccine? .40 Getflu .30 No Don't get 60 flu Multiple Choice O .18Given the contingency table shown here, find the probability AV), that is, the probability of the complement of V. Cell Phone Service Provider County Sprint (S) AT&T (A) Verizon (V) Row Total Macomb (M) 17 25 8 50 Oakland (0) 19 38 13 70 Wayne (W) 24 37 19 80 Col Total 60 100 40 200 Multiple Choice O .30 O 50Within a given population, 22 percent of the people are smokers, 57 percent of the people are males, and 12 percent are males who smoke. If a person is chosen at random from the population, what is the probability that the selected person is either a male or a smoker? Multiple Choice O &7 79 O O 22 O A fair die is rolled. If it comes up 1 or 2 you win $2. If it comes up 3, 4, 5, or 6, you lose $1. Calculate the expected winnings. Multiple Choice O $0.00 $1.00 $0.25 O O $0.50 O Which of the following is not a requirement of a binomial distribution? Multiple Choice O O O O constant probability of success only two possible Bernoulli outcomes fixed number of trials equally likely outcomes The expected value of a discrete random variable X) is the sum of all X values multiplied by their respective probabilities True or False True False A discrete probability distribution Multiple Choice O O O O is a listing of all possible values of the random variable. assigns a probability to each possible value of the random variable. can assume values between -1 and +1. is independent of the parameters of the distribution. A large number of applicants for admission to graduate study in business are given an aptitude test. Scores are normally distributed with a mean of 460 and standard deviation of 80. What fraction of applicants would you expect to have scores of 600 or above? Multiple Choice O 0401 4599 0852 O O 5401 O If the random variable Z has a standard normal distribution, then P(Z s -1.72) is Multiple Choice O 9573. O 0446. O 5016. O 0427.If the random variable Z has a standard normal distribution, then AZ