|Test
Decision Analysis (Section 8)
1. Which one of the following would not be considered a state of nature for a business firm? Minimum wage regulations
2. Assume an investment is made a significant number of tim
...
|Test
Decision Analysis (Section 8)
1. Which one of the following would not be considered a state of nature for a business firm? Minimum wage regulations
2. Assume an investment is made a significant number of times using the same probabilities and payoffs. In this case, the average payoff per investment represents . The expected payoff
3. The level of doubt regarding the decision situation where both the possible states of nature and their exact probabilities of occurrence are known as which of the following? Risk
4. The difference between expected payoff under certainty and expected value of the best act without certainty is the . Expected value of Perfect Information
5. Which of the following regarding EMV/EOL if false? The EMV decision is always different from the EOL decision
Analysis of Variance (Section 7)
6. The F-statistic is a one-way ANOVA represents the .
Variation between the treatments divided by the variation within the treatments
7. In we can observe the effect on the response variable of at least two factors.
One-way analysis of variance
8. The distribution of the test statistics for analysis of variance is the .
F-Distribution
What is Statistics? (section 1)
9. A sample of 500 athletes is taken from a population of 11,000 Olympic athletes to measure work ethic. As a result we . Can make consistent inferences each time work ethic is the outcome
10. When data is collected in a statistical study for only a portion or subset of all elements of interest we are using a . Sample
Data Collecting and Sampling (section 2)
11. When a person receives an email questionnaire and places it in their deleted items without responding, they are contributing to . Non-response error
12. The difference between a sample mean and the population mean is called the . Sampling error Introduction to hypothesis Testing (Section 5)
13. A type I error occurs when we . Reject a true null hypothesis
14. In a criminal trial where the null hypothesis states that the defendant is innocent, a Type II error is made when . A guilty defendant is found not guilty
15. The p-value of the test is the . The largest a at which a null hypothesis cannot be rejected
Probability (Section 3)
16. Initial estimates of the probabilities of events are known as .
Prior Probabilities
17. If the outcome of event A is not affected by event B, then events A and B are said to be .
Independent
18. The collection of all possible outcomes of an experiment is called .
A sample space
19. Suppose P(A) = .35. The probability of the complement of A is .
.65
Inference about a Population (Section 6)
20. An unbiased estimator is .
A sample Statistic, which has an expected value equal to the value of the population parameter
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