QUESTION 11
The starting salaries of individuals with an MBA degree are normally distributed with a mean of $90,000 and a standard deviation of $20,000. What percentage of MBA's will have starting salaries of $77,000 to $99,000?
QUESTION 12
The starting salaries of individuals with an MBA degree are normally distributed with a mean of $90,000 and a standard deviation of $20,000. Suppose we randomly select 9 of these individuals with an MBA degree. What is the expected value of the average starting salary for these individuals?
a. |
$70,000 |
|
b. |
$80,000 |
|
c. |
$20,000 |
|
d. |
$90,000 |
QUESTION 13
The starting salaries of individuals with an MBA degree are normally distributed with a mean of $90,000 and a standard deviation of $20,000. Suppose we randomly select 16 of these individuals with an MBA degree. What is the standard deviation of the average starting salary for these individuals?
a. |
$4,000 |
|
b. |
$5,000 |
|
c. |
$20,000 |
|
d. |
$1,666.67 |
QUESTION 14
The starting salaries of individuals with an MBA degree are normally distributed with a mean of $90,000 and a standard deviation of $20,000. Suppose we randomly select 16 of these individuals with an MBA degree. What is the shape of the sampling distribution of the average starting salary for these individuals?
a. |
Normal |
|
b. |
Normal because of the Central Limit Theorem |
|
c. |
Normal because the distribution of the starting salaries of individuals with an MBA degree is normal |
|
d. |
None of the above |
QUESTION 15
The starting salaries of individuals with an MBA degree are normally distributed with a mean of $90,000 and a standard deviation of $20,000. Suppose we randomly select 16 of these individuals with an MBA degree. What is the probability that the average starting salary for these individuals is at least $85,800?
QUESTION 16
The sampling distribution of a sample mean is
a. |
the probability distribution of the sample mean. |
|
b. |
insignificant, because the sample mean varies from sample to sample. |
|
c. |
insignificant, because most of the time the sample mean is not equal to the true population mean. |
|
d. |
always similar to the original population distribution. |
QUESTION 17
A sample of 92 observations is taken from an infinite population. The sampling distribution of Xbar is approximately
a. |
normal because Xbar is always approximately normally distributed. |
|
b. |
normal because the sample size is small in comparison to the population size. |
|
c. |
normal because of the central limit theorem. |
|
d. |
none of the above. |
QUESTION 18
The sampling error is the
a. |
same as the standard error of the mean. |
|
b. |
the absolute value of the difference between the sample mean and the population mean. |
|
c. |
error caused by selecting a bad sample. |
|
d. |
standard deviation multiplied by the sample size. |
QUESTION 19
An estimate of a population parameter that provides an interval of values believed to contain the value of the parameter is known as the
a. |
confidence level |
|
b. |
interval estimate |
|
c. |
parameter value |
|
d. |
point estimate |
QUESTION 20
Since the sample size is always smaller than the population size, the sample mean
a. |
can be smaller, larger, or equal to the population mean. |
|
b. |
must always be smaller than the population mean. |
|
c. |
must be equal to the population mean. |
|
d. |
must be larger than the population mean. |
Question 11
P ( 77000 < X < 99000 )
Standardizing the value
Z = ( 77000 - 90000 ) / 20000
Z = -0.65
Z = ( 99000 - 90000 ) / 20000
Z = 0.45
P ( -0.65 < Z < 0.45 )
P ( 77000 < X < 99000 ) = P ( Z < 0.45 ) - P ( Z <
-0.65 )
P ( 77000 < X < 99000 ) = 0.6736 - 0.2578
P ( 77000 < X < 99000 ) = 0.4158
Percentage = 0.4158 * 100 = 41.58%
Question 12
Question 13
QUESTION 11 The starting salaries of individuals with an MBA degree are normally distributed with a...
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