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1.      The hypothesis of most interest to the researcher is __________.

a.      the alternative hypothesis

b.      the null hypothesis

c.       both hypotheses are of equal interest

d.      neither hypothesis is of interest

2.      A Type I error occurs when we __________.

a.      reject a false null hypothesis

b.      reject a true null hypothesis

c.       don't reject a false null hypothesis

d.      don't reject a true null hypothesis

3.      Statisticians can translate p-values into several descriptive terms. Suppose you typically reject H0 at level 0.05. Which of the following statements is incorrect?

a.      If the p-value < 0.01, there is overwhelming evidence to infer that the alternative hypothesis is true.

b.      If 0.01 < p-value < 0.05, there is evidence to infer that the alternative hypothesis is true.

c.       If p-value > 0.10, there is no evidence to infer that the alternative hypothesis is true.

d.      If the p-value < 0.01, there is overwhelming evidence to infer that the alternative hypothesis is false.

4.      In a criminal trial where the null hypothesis states that the defendant is innocent, a Type I error is made when ___________.

a.      a guilty defendant is found not guilty

b.      an innocent person is found guilty

c.       a guilty defendant is found guilty

d.      an innocent person is found not guilty

5.      To take advantage of the information of a test result using the rejection region method and make a better decision on the basis of the amount of statistical evidence we can analyze the __________.

a.      p-value

b.      variance

c.       CI

d.      one-tail test

6.      An unbiased estimator is _________.

a.      any sample statistic used to approximate a population parameter

b.      a sample statistic, which has an expected value equal to the value of the population parameter

c.       a sample statistic, which is usually less than the population parameter

d.      represented by a sample mean, the sample proportion, the sample variance, and the sample standard deviation

7.      Thirty-six months were randomly sampled and the discount rate on new issues of 91-day Treasury Bills was collected. The sample mean is 4.76% and the standard deviation is 171.21. What is the unbiased estimate for the mean of the population?

a.      29312.86

b.      13.0847

c.       0.0476

d.      4.76%

8.      A 98% confidence interval estimate for a population mean is determined to be 75.38 to 86.52. If the confidence level is reduced to 90%, the confidence interval for population mean __________.

a.      becomes wider

b.      remains the same

c.       becomes narrower

d.      doubles

9.      Suppose the population of blue whales is 8,000. Researchers are able to garnish a sample of oceanic movements from 100 blue whales from within this population. Thus, __________.

a.      researchers do not have a sufficient sample size

b.      researchers need a larger population of blue whales

c.       the finite population correction factor is necessary

d.      researchers can ignore the finite population correction factor

10.  In the sample proportion, represented by p = x / n, the variable x refers to __________.

a.      sample size

b.      the number of successes in the sample

c.       sample mean

d.      the number of collection points in the sample

11.  The distribution of the test statistic for analysis of variance is the __________.

a.      normal distribution

b.      Student t-distribution

c.       F-distribution

d.      uniform distribution

12.  In Fisher's least significant difference (LSD) multiple comparison method, the LSD value will be the same for all pairs of means if __________.

a.      all sample means are the same

b.      all sample sizes are the same

c.       all population means are the same

d.      all the population sizes are the same

13.  One-way ANOVA is applied to three independent samples having means 10, 13, and 18, respectively. If each observation in the third sample were increased by 30, the value of the F-statistic would ____________.

a.      increase

b.      decrease

c.       remain unchanged

d.      increase by 30

14.  Assume a null hypothesis is found true. By dividing the sum of squares of all observations or SS(Total) by (n - 1), we can retrieve the __________.

a.      F-value

b.      sample variance

c.       MST

d.      degrees of freedom

15.  Which of the following is true about one-way analysis of variance?

a.      n1 = n2 = … = nk is not required.

b.      The grand mean is the mean of specific observations.

c.       It must determine significant differences between population variance.

d.      Independent samples are always taken from k samples.

16.  A tabular presentation that shows the outcome for each decision alternative under the various states of nature is called a __________.

a.      payback period matrix

b.      decision matrix

c.       decision tree

d.      payoff table

17.  Which of the following statements is false regarding the expected monetary value (EMV)?

a.      To calculate the EMV, the probabilities of the states of nature must be already decided upon.

b.      We choose the decision with the largest EMV.

c.       In general, the expected monetary values represent possible payoffs.

d.      To calculate the EMV, the probabilities of at least one of the states of nature must be already decided upon.

18.  In the context of an investment decision, __________ is the difference between what the profit for an act is and the potential profit given an optimal decision.

a.      maximin payoff

b.      expected monetary value

c.       an opportunity loss

d.      the expected payoff

19.  The branches in a decision tree are equivalent to __________.

a.      only events

b.      only acts

c.       events and acts

d.      only sequences of acts

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