Question 1 of 20

5.0 Points

Measures of dispersion:

A. provide information that allow comparisons between the spreads of two or more distributions.

B. cannot be calculated for grouped data.

C. convey information on how the data is clustered around the median.

D. All of the above Reset Selection

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Question 2 of 20

5.0 Points

Please answer questions 2–7 using the following sample data.

13 29 41 60 89

14 26 53 7 14

What is the arithmetic mean of the data?

A. 34.6

B. 14

C. 50

D. 30.4 Reset Selection

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Question 3 of 20

5.0 Points

Based on the information in the chart in #2 (above), what is the median of the data?

A. 27.5

B. 14

C. 34.6

D. 51 Reset Selection

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Question 4 of 20

5.0 Points

Based on the information in the chart in #2 (above), what is the range of the data?

A. 14

B. 34.6

C. 82

D. 27.5 Reset Selection

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Question 5 of 20

5.0 Points

Based on the information in the chart in #2 (above), what is the mean deviation of the data?

A. 0

B. 10.5

C. 20.9

D. 209 Reset Selection

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Question 6 of 20

5.0 Points

Based on the information in the chart in #2 (above), what is the variance of the data?

A. 231

B. 616.2

C. 685.2

D. 1,197.2 Reset Selection

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Question 7 of 20

5.0 Points

Based on the information in the chart in #2 (above), what is the standard deviation of the data?

A. 0.2

B. 24.83

C. 26.18

D. 34.61 Reset Selection

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Question 8 of 20

5.0 Points

The coefficient of variation generally lies between:

A. -1 and +1.

B. -3 and +3.

C. 0% and 100%.

D. unlimited values. Reset Selection

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Question 9 of 20

5.0 Points

The mean of a data set is 20 and s = 2. According to Chebyshev’s theorem, what is the percentage of values that lie within 3 standard deviations of the mean?

A. 11.1%

B. 68%

C. 88.9%

D. 96% Reset Selection

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Question 10 of 20

5.0 Points

A non-normal population is determined to have a mean of 60 and a standard deviation of 4. Ninety-six percent of all observed values will occur in what range?

A. 52.16-67.84

B. 50-60

C. 48-72

D. 40-80 Reset Selection

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Question 11 of 20

5.0 Points

A study of hours devoted to a graduate course outside of classroom time generates a mean score of 90 with a standard deviation of 20. The mean age of the students was 31 with a standard deviation of 5 years. What is the relative dispersion of the two data sets?

A. 2.22%; 1.6%

B. 22.22%; 16.13%

C. 34.44%; 20%

D. Not calculable without additional data Reset Selection

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Question 12 of 20

5.0 Points

Based on the empirical rules, what percent of the observations in a data set will lie beyond two standard deviations above the mean?

A. 2.5%

B. 5%

C. 68%

D. 95% Reset Selection

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Question 13 of 20

5.0 Points

For a sample of engineers, the mean salary is $95,000 with a standard deviation of $30,000. The median value is $80,000. What is the relative shape of the distribution and coefficient of skewness?

A. Negatively skewed; -1.00

B. Negatively skewed; 1.00

C. Positively skewed; 1.50

D. Positively skewed; 3.00 Reset Selection

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Question 14 of 20

5.0 Points

Please answer questions 14–16 using the following sample data.

13 29 41 60 89

14 26 53 7 14

What is the first quartile?

A. 11.5

B. 13.75

C. 37

D. 50.75 Reset Selection

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Question 15 of 20

5.0 Points

Based on the information in the chart in #14 (above), what is the interquartile range?

A. 6

B. 39.5

C. 41

D. 44.25 Reset Selection

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Question 16 of 20

5.0 Points

Based on the information in the chart in #14 (above), what is the 90th percentile?

A. 9.9

B. 55.5

C. 86.1

D. 89 Reset Selection

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Question 17 of 20

5.0 Points

The interquartile range describes the:

A. lower 50% of observations.

B. lower 25% and upper 25% of observations.

C. middle 50% of observations.

D. upper 50% of observations Reset Selection

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Question 18 of 20

5.0 Points

A survey of passengers on domestic flights revealed these miles:

Miles Flown Number of Passengers

100 up to 500 16

500 up to 900 41

900 up to 1,300 81

1,300 up to 1,700 11

1,700 up to 2,100 9

2,100 up to 2,500 6

What is the range (in miles)?

A. 2,499

B. 1,100

C. 2,400

D. 1,999 Reset Selection

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Question 19 of 20

5.0 Points

A box plot shows:

A. the mean and variance.

B. the relative symmetry of a distribution for a set of data.

C. the percentiles of a distribution.

D. the deciles of a distribution. Reset Selection

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Question 20 of 20

5.0 Points

What statistics are needed to draw a box plot?

A. Minimum, maximum, median, first, and third quartiles

B. Median, mean, and standard deviation

C. A mean and a dispersion

D. A mean and a standard deviation

5

Question 1 of 20

5.0 Points

A collection of possible outcomes is know as a(n):

A. experiment.

B. probability.

C. event.

D. observation Reset Selection

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Question 2 of 20

5.0 Points

__________ requires the evaluation of available opinions and other information to produce estimates.

A. An experiment

B. An observation

C. Classical probability

D. Subjective probability Reset Selection

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Question 3 of 20

5.0 Points

The probability of selecting a red card from a fair deck of cards is:

A. a collectively exhaustive experiment.

B. an example of a mutually exclusive event.

C. an example of classical probability.

D. All of the above Reset Selection

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Question 4 of 20

5.0 Points

Events A and B are mutually exclusive. The probability of event A occurring is 0.15; the probability of event B occurring is 0.45. What is the probability that A or B will occur?

A. 0.30

B. 0.60

C. 1

D. 0.40 Reset Selection

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Question 5 of 20

5.0 Points

Of 680 college students surveyed, 540 reported that they held a part-time job. What is the probability of selecting a student with a part-time job from this group?

A. 0.206

B. 0.485

C. 0.50

D. 0.794 Reset Selection

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Question 6 of 20

5.0 Points

Please answer questions 6-8 based on the following information.

A student survey revealed the following data concerning employment status:

Class Level/Job status None Part-time Full-time

Freshman 16 52 12

Sophomore 4 26 20

Junior 8 18 34

Senoir 0 22 18

If one student is selected at random, what is the probability that the selected person is currently unemployed?

A. 0.122

B. 0.138

C. 0.348

D. 0.878 Reset Selection

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Question 7 of 20

5.0 Points

Based on the information in the chart in #6 (above), if one student is selected at random, what is the probability that the selected person is a senior working full-time?

A. 0.078

B. 0.082

C. 0.214

D. 0.461 Reset Selection

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Question 8 of 20

5.0 Points

Based on the information in the chart in #6 (above), if one student is selected at random, what is the probability that the selected person is a freshman employed on a part-time basis?

A. 0.104

B. 0.226

C. 0.356

D. 0.441 Reset Selection

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Question 9 of 20

5.0 Points

P(A) = 0.40; P(B) = 0.25; the probability of both events occurring is 0.15. What is the probability of either event occurring?

A. 0.15

B. 0.50

C. 0.65

D. 0.80 Reset Selection

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Question 10 of 20

5.0 Points

What is the probability of obtaining a “1” or a “2” on a single throw of a fair die?

A. 0.028

B. 0.167

C. 0.333

D. 0.50 Reset Selection

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Question 11 of 20

5.0 Points

Events A and B are independent if:

A. event A occurs, therefore event B cannot occur.

B. event B can occur only if event A occurs.

C. the probability of event A is equal to the conditional probability of event A given B.

D. the probability of event A is less than the conditional probability of event A given B. Reset Selection

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Question 12 of 20

5.0 Points

For two independent events, if P(A)=3/8, and P(B)=8/9, what is P(A and B)?

A. 27/56

B. 1.317

C. 1/3

D. 46/100 Reset Selection

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Question 13 of 20

5.0 Points

When two or more events can occur concurrently, it is known as:

A. independent probability.

B. conditional probability.

C. joint probability.

D. the special rule of addition. Reset Selection

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Question 14 of 20

5.0 Points

If P(A and B)=0.24 and P(A)=0.48, what is P(B|A)?

A. 0.1152

B. 0.5

C. 2.00

D. Not calculable without additional data. Reset Selection

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Question 15 of 20

5.0 Points

A prior probability is assigned to an event:

A. to determine joint probability.

B. to determine subjective probability.

C. for conditional probability problems.

D. when using Bayes’ theorem. Reset Selection

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Question 16 of 20

5.0 Points

A mortgage company has found that 2% of its mortgage holders default on their mortgage. Furthermore, 90% of those who default are late on at least two monthly payments over the life of their mortgage as compared to 45% of those who do not default. What is the probability that a mortgagee with two or more late monthly payments will default (using Bayes theorem)?

A. 0.018

B. 0.0226

C. 0.039

D. 0.441 Reset Selection

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Question 17 of 20

5.0 Points

What is eight factorial (8!) equal to?

A. 40,320

B. 5,040

C. 8,000

D. 7! * 1! Reset Selection

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Question 18 of 20

5.0 Points

There are __________ permutations for selecting 6 items from a collection of 10 items.

A. 24

B. 210

C. 5,040

D. 151,200 Reset Selection

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Question 19 of 20

5.0 Points

What is the number of ways in which 7 items can be taken 4 at a time, without regard to order?

A. 35

B. 210

C. 840

D. 720 Reset Selection

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Question 20 of 20

5.0 Points

When selecting 4 of 9 possible candidates for a relay race, when specific order in the relay team matters, there are __________ possible team lineups.

A. 126

B. 630

C. 3,024

D. 15,210 Reset Selection

6

Question 1 of 20

5.0 Points

A firm is deciding whether or not to place a new product on the market. They envisage three possible market reactions: high demand, moderate demand, and low demand. If demand is strong they expect to sell $200,000 per month of the good; moderate sales levels are expected to be $100,000; low sales are estimated at $40,000. The firm’s alternatives are:

A. sell in high, moderate, or low quantities.

B. market the product or sell production rights to another firm.

C. to market or not to market the product.

D. None of the above Reset Selection

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Question 2 of 20

5.0 Points

In the scenario presented in #1 (above), the states of nature that the firm faces are:

A. $200,000, $100,000, and $40,000.

B. sell or don’t sell the product.

C. high demand, moderate demand, and low demand.

D. None of the above Reset Selection

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Question 3 of 20

5.0 Points

For the scenario presented in #1 (above), the firm’s payoff:

A. is $60,000.

B. is high, moderate, or low demand.

C. is $340,000.

D. is $200,000, $100,000, and $40,000, respectively. Reset Selection

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Question 4 of 20

5.0 Points

Please answer Questions 4-12 using the following information.

STATE

CHOICE I II

A $22,000 $15,000

B $20,000 $30,000

C $17,000 $34,000

The probability of state I occurring is 0.40, and the probability of state II occurring is 0.60. What is the expected monetary value of Choice B when State II occurs?

A. $ 7,200

B. $18,000

C. $25,000

D. $47,400 Reset Selection

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Question 5 of 20

5.0 Points

Besides a payoff table, information can be organized using a:

A. decision tree.

B. scatter diagram.

C. fishbone.

D. Pareto chart. Reset Selection

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Question 6 of 20

5.0 Points

What is the most optimistic of all possible strategies?

A. Minimax

B. Maximax

C. Maximin

D. Minimax regret Reset Selection

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Question 7 of 20

5.0 Points

A maximax strategy will always choose the act or alternative that:

A. maximizes the expected monetary value.

B. minimizes the maximum regret or opportunity loss.

C. maximizes the potential payoff regardless of uncertainty.

D. guarantees a payoff for any state of nature. Reset Selection

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Question 8 of 20

5.0 Points

A maximin strategy will always choose the act or alternative that:

A. maximizes the expected monetary value.

B. minimizes the maximum regret or opportunity loss.

C. maximizes the potential payoff regardless of uncertainty.

D. guarantees a payoff for any state of nature. Reset Selection

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Question 9 of 20

5.0 Points

A minimax regret strategy will always choose the act or alternative that:

A. maximizes the expected monetary value.

B. minimizes the maximum regret or opportunity loss.

C. maximizes the potential payoff regardless of uncertainty.

D. guarantees a payoff for any state of nature. Reset Selection

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Question 10 of 20

5.0 Points

Based on the information in the chart in #4 (above), What is the expected monetary value of Choice C?

A. $23,600

B. $25,500

C. $27,200

D. $40,000 Reset Selection

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Question 11 of 20

5.0 Points

Based on the information in the chart in #4 (above), the greatest expected payoff is represented by:

A. selecting Choice C.

B. selecting Choice C if expecting State I to occur.

C. State I occurring.

D. State II occurring. Reset Selection

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Question 12 of 20

5.0 Points

Based on the information in the chart in #4 (above), what is the opportunity loss of selecting Choice B when State II occurs?

A. $0

B. $4,000

C. $8,000

D. $10,000 Reset Selection

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Question 13 of 20

5.0 Points

Based on the information in the chart in #4 (above), what is the expected opportunity loss of selecting Choice A?

A. $0

B. $6,000

C. $11,400

D. $19,000 Reset Selection

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Question 14 of 20

5.0 Points

Based on the information in the chart in #4 (above), what is the expected opportunity loss of selecting Choice B?

A. $0

B. $3,200

C. $6,000

D. It depends on which state occurs. Reset Selection

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Question 15 of 20

5.0 Points

Based on the information in the chart in #4 (above), to minimize expected opportunity loss, we should select:

A. Choice A.

B. Choice B.

C. Choice C.

D. It depends on which state occurs. Reset Selection

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Question 16 of 20

5.0 Points

Based on the information in the chart in #4 (above), using a minimax regret strategy, we should select:

A. Choice A.

B. Choice B.

C. Choice C.

D. None of the above Reset Selection

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Question 17 of 20

5.0 Points

Another way of deciding which common stock to purchase is to determine the profit that might be lost because the exact state of nature (the market behavior) was not known at the time the investor bought the stock. This potential loss is called:

A. opportunity loss or regret.

B. negative state of nature.

C. minimization.

D. condition of uncertainty. Reset Selection

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Question 18 of 20

5.0 Points

Based on the information in the chart in #4 (above), what is the expected value of perfect information?

A. $2,000

B. $2,600

C. $4,200

D. $6,800 Reset Selection

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Question 19 of 20

5.0 Points

The expected value of perfect information:

A. is equal to the expected value of conditions under certainty minus the optimal decision under uncertainty.

B. is the same as the minimum of the expected regrets.

C. is the dollar value of knowing the outcome of an event in advance.

D. All of the above Reset Selection

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Question 20 of 20

5.0 Points

Based on the information in the chart in #4 (above), for the purposes of building a decision tree, the value of $20,000 for Choice B given that State I occurs is:

A. a backward induced variable.

B. perfect information.

C. known as a conditional payoff.

D. the optimal decision strategy.

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