## Business Statistic

Business Statistic
1.
Use the information below to answer the question.

The following table provides data on a sample of customers who visited a local restaurant. The restaurant owner believes that the average profit per customer exceeds \$25.

36.73 35.50
25.92 38.36
41.65 25.50
18.78 19.78
33.14 22.22
20.85 26.23
22.13 32.33
28.46 34.15
34.72 24.21
24.20 28.95
21.84 19.74
20.75
Which of the following is the critical value using a level of significance of 0.05? (Points : 1)
1.717
-1.717
1.7139
-2.0739
Question 2.2. The null hypothesis ________. (Points : 1)
describes an existing theory or belief that is accepted as correct in the presence of contradictory data
describes an existing theory or belief that is accepted as correct in the absence of contradictory data
is based on new information provided by sample data
is based on new information provided by population data
Question 3.3. A Type I error occurs when ________. (Points : 1)
the null hypothesis is actually false, but the hypothesis test incorrectly fails to reject it
the null hypothesis is actually true, and the hypothesis test correctly fails to reject it
the null hypothesis is actually false, and the hypothesis test correctly reaches this conclusion
the null hypothesis is actually true, but the hypothesis test incorrectly rejects it
Question 4.4. The alternative hypothesis is denoted by ________. (Points : 1)
HN
H0
H1
HAl
Question 5.5. The probability of making a Type I error is generally denoted by ________. (Points : 1)
a
ß
?
µ
Question 6.6. The alternative hypothesis ________. (Points : 1)
describes an existing theory or belief that is accepted as correct in the absence of contradictory data.
is based on new information provided by population data.
is based on new information provided by sample data.
is not deemed to be an important part of inferential statistics.
Question 7.7.
Use the information below to answer the question.

The following table provides data on a sample of customers who visited a local restaurant. The restaurant owner believes that the average profit per customer exceeds \$25.

36.73 35.50
25.92 38.36
41.65 25.50
18.78 19.78
33.14 22.22
20.85 26.23
22.13 32.33
28.46 34.15
34.72 24.21
24.20 28.95
21.84 19.74
20.75

Which of the following is the correct conclusion? (Points : 1)
The null hypothesis that the average profit per customer exceeds \$25 cannot be rejected.
The null hypothesis that the average profit per customer does not exceed \$25 is rejected.
The null hypothesis that the average profit per customer does not exceed \$25 cannot be rejected.
The null hypothesis that the average profit per customer exceeds \$25 is rejected.
Question 8.8. A helpful analogy of hypothesis testing might be the concept of ________. (Points : 1)
the U.S. legal system-innocent until proven guilty
better safe than sorry.
the theory of relativity
the central limit theorem
Question 9.9. In statistical terminology, educational level is an example of a ________. (Points : 1)
continuous variable
residual
factor
dependent variable
Question 10.10.
Use the below information to answer the question.
A company wishes to test whether the proportion of female managers is the same as the proportion of male managers. The following table provides data for a sample of employees.
Females Males
Number of managers 18 23
Sample size 45 75

Compute the 99% confidence interval estimate of the difference between the two proportions. [Hint: Use PHStat] (Points : 1)
(0.139, -0.326)
(0.084, -0.270)
(-0.084, 0.270)
(-0.139, 0.326)
Question 11.11.
Use the below information to answer the question.
A company wishes to test whether the proportion of female managers is the same as the proportion of male managers. The following table provides data for a sample of employees.
Females Males
Number of managers 18 23
Sample size 45 75

Which of the following is the conclusion? (Points : 1)
We reject H0 that the proportion of female managers is the same as the proportion of male managers.
We should not reject H0 that the proportion of female managers is not the same as the proportion of male managers.
We reject H0 that the proportion of female managers is not the same as the proportion of male managers.
We should not reject H0 that the proportion of female managers is the same as the proportion of male managers.
Question 12.12. Another term for p-value is ________. (Points : 1)
degrees of freedom
random effect
probability density function
observed significance level
Question 13.13. In most practical applications, the population standard deviation will not be known but it is estimated from the ________. (Points : 1)
population
sample
test statistic
t-distribution
Question 14.14.
Use the below information to answer the following question.
A company wishes to test whether the proportion of female managers is the same as the proportion of male managers. The following table provides data for a sample of employees.
Females Males
Number of managers 18 23
Sample size 45 75

Formulate the null and the alternative hypotheses to determine if the proportion of female managers is the same as the proportion of male managers. (Points : 1)
H0: pfemales – pmales ? 0
H1: pfemales – pmales = 0
H0: pfemales – pmales = 0
H1: pfemales – pmales > 0
H0: pfemales – pmales = 0
H1: pfemales – pmales ? 0
H0: pfemales – pmales = 0
H1: pfemales – pmales < 0
Question 15.15. To determine if there was a statistically significant difference in the means of two independent groups, which statistical tool would one be most likely to employ to assess the significance of any observed difference? (Points : 1)
paired samples t-test
chi-square test for independence
Levene’s test for homogeneity of variances
independent samples t-test
Question 16.16. Hypothesis testing involves drawing inferences about two contrasting ________ relating to the value of a population parameter. (Points : 1)
theorems
data sets
assumptions
propositions
Question 17.17.
Use the below information to answer the question.
A company wishes to test whether the proportion of female managers is the same as the proportion of male managers. The following table provides data for a sample of employees.
Females Males
Number of managers 18 23
Sample size 45 75

Which of the following is the test statistic? [Hint: Use PHStat] (Points : 1)
1.96
-1.04
-1.96
1.04
Question 18.18. The power of the test represents the ________. (Points : 1)
probability of correctly failing to reject the null hypothesis when it is indeed true
probability of incorrectly rejecting the null hypothesis when it is actually true
probability of incorrectly failing to reject the null hypothesis when it is actually false
probability of correctly rejecting the null hypothesis when it is indeed false
Question 19.19. The t-Test Statistic has a t distribution with ________ degrees of freedom. (Points : 1)
n
n + 1
n – 2
n – 1
Question 20.20. The power of the test has a value of ________. (Points : 1)
1 – a
1 + ß
1 – ß
a – ß

Get Answer