Chapter1 exercise for managerial decision modeling

Multiple Choice Questions:
Identify the letter of the choice that best completes the statement or answers the question.

1. Which of the following is most likely a population as opposed to a sample? a) respondents to a newspaper survey.
b) the first 5 students completing an assignment.

c) every third person to arrive at the bank.
d) registered voters in a county.
D
2. Which of the following is most likely a parameter as opposed to a statistic? a) The average score of the first five students completing an assignment. b) The proportion of females registered to vote in a county. c) The average height of people randomly selected from a database. d) The proportion of trucks stopped yesterday that were cited for bad brakes. D

3. To monitor campus security, the campus police office is taking a survey of the number of students in a parking lot each 30 minutes of a 24-hour period with the goal of determining when patrols of the lot would serve the most students.

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If X is the number of students in the lot each period of time, then X is an example of a) a categorical random variable.

b) a discrete random variable.
c) a continuous random variable.
d) a statistic.
B
4. Researchers are concerned that the weight of the average American school child is increasing implying, among other things, that children’s clothing should be manufactured and marketed in larger sizes. If X is the weight of
school children sampled in a nationwide study, then X is an example of a) a categorical random variable.

b) a discrete random variable.
c) a continuous random variable.
d) a parameter.
C
5. The classification of student major (accounting, economics, management, marketing, other) is an example of a) a categorical random variable.
b) a discrete random variable.
c) a continuous random variable.
d) a parameter.
A
6. You have collected data on the approximate retail price (in $) and the energy cost per year (in $) of 15 refrigerators. Which of the following is the best for presenting the data? a) A bar chart

b) A scatter plot
c) A histogram
d) A time series plot
A
7. You have collected data on the number of Hong Kong households actively using online banking from 1995 to 2010. Which of the following is the best for presenting the data? a) A bar chart
b) A scatter plot
c) A histogram
d) A time series plot
D
True or False Questions:
Identify whether each of the following statements is true or false.

1. When constructing a frequency distribution, classes should be selected so that they are of equal width. T
2. A histogram can have gaps between the bars, whereas bar charts cannot have gaps. F
3. Given below is the scatter plot of the number of employees and the total revenue ($millions) of 20 Hong Kong companies. There appears to be a positive relationship between total revenue and the number of employees.T

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