AGEC 3413 final exam ch. 11

Almost all of the data from a normal distribution fall within ________ standard deviations of the mean.

±3

The expected value of the standard normal distribution is equal to ________.

0

The standard deviation of the standard normal distribution is equal to ________.

1

The cumulative probability for all six outcomes of tossing a fair die should end with the value ________.

1.00

It was a house with seven cats, four female and three male, and the litterbox was busier than O'Hare Airport during the week of Thanksgiving. The beleaguered husband's home office was right around the corner from the laundry room, where the litterbox was kept, and heard three separate instances of use. What is the likelihood that all of the instances were the work of the male cats? A) .079 B) .187 C) .429 D) .314

A. .079

A fair die is rolled nine times. What is the probability that an odd number (1, 3, or 5) will occur less than 3 times? A) .0899 B) .2544 C) .7456 D) .9101

A. .0899

The expected value of the standard normal distribution is equal to: A) 0 B) 1 C) 1.5 D) 2

A. 0

#74 look at chart The farmer just spotted all of his Barred Rocks clustered together in the chicken run. Behind him, he hears a chicken creeping up on him, ready to pounce. What is the likelihood it is a Rhode Island Red rooster? A) 0.083 B) 0.100 C) 0.066 D) 0.166

A. 0.083

#70 look at chart A Rhode Island Red just joined him up on the deck; what is the probability it is a rooster? A) 0.20 B) 0.30 C) 0.33 D) 0.37

A. 0.20

For the normal distribution, the mean plus and minus 1.28 standard deviations will include what percent of the observations? A) 80% B) 84% C) 90% D) 94%

A. 80%

________ is a measure of the dispersion of random variable values about the expected value or mean. A) Standard deviation B) Sample mean C) Population mean D) Expected value

A. Standard deviation

In a ________ distribution, for each of n trials, the event always has the same probability of occurring. A) binomial B) joint C) frequency D) standard

A. binomial

In Bayesian analysis, additional information is used to alter the ________ probability of the occurrence of an event. A) marginal B) conditional C) binomial D) revised

A. marginal

The probability of independent events occurring in succession is computed by ________ the probabilities of each event. A) multiplying B) adding C) subtracting D) dividing

A. multiplying

The events in an experiment are ________ if only one can occur at a time. A) mutually exclusive B) non-mutually exclusive C) mutually inclusive D) independent

A. mutually exclusive

A ________ probability is the altered marginal probability of an event based on additional information. A) posterior B) joint C) marginal D) conditional

A. posterior

A frequency distribution is an organization of ________ data about the events in an experiment. A) quantitative B) integer C) qualitative D) unknown

A. quantitative

#71 look at chart What is the probability that the next chicken that joins him up on the deck is a rooster? A) .05 B) .10 C) .33 D) .66

B. .10

It was a house with seven cats, four female and three male, and the litterbox was busier than O'Hare Airport during the week of Thanksgiving. The beleaguered husband's home office was right around the corner from the laundry room, where the litterbox was kept, and heard four separate instances of use. What is the likelihood that none of the instances were the work of the male cats? A) .273 B) .106 C) .034 D) .079

B. .106

It was a house with seven cats, four female and three male, and the litterbox was busier than O'Hare Airport during the week of Thanksgiving. The beleaguered husband's home office was right around the corner from the laundry room, where the litterbox was kept, and heard three separate instances of use. What is the likelihood that none of the instances were the work of the male cats? A) .273 B) .187 C) .429 D) .079

B. .187

Jim is considering pursuing an MS in Information Systems degree. He has applied to two different universities. The acceptance rate for applicants with similar qualifications is 30% for University X and 40% for University Y. What is the probability that Jim will not be accepted at either university? A) .12 B) .42 C) .60 D) .70

B. .42

#79 look at chart Employees of a local company are classified according to gender and job type. The following table summarizes the number of people in each job category. If an employee is selected at random, what is the probability that the employee is male given that the employee is an hourly staff member? A) .50 B) .60 C) .625 D) .70

B. .60

#95 look at chart A professor keeps tracks of student complaints received each week. The probability distribution for complaints can be represented as the table shown below. The random variablexi represents the number of complaints, and p(xi) is the probability of receiving xi complaints. What is the average number of complaints received per week? A) 2.12 B) 3.35 C) 4.12 D) 2.83

B. 3.35

________ probability is an estimate based on personal belief, experience, or knowledge of a situation. A) Binomial B) Subjective C) Marginal D) Joint

B. Subjective

In a binomial distribution, for each of n trials, the event: A) time between trials is constant. B) always has the same probability of occurring. C) result of the first trial influence the next trial. D) trials are continuous.

B. always has the same probability of occurring.

Experiments with repeated independent trials will be described by the binomial distribution if: A) each trial result influences the next. B) each trial has exactly two outcomes whose probabilities do not change. C) the trials are continuous. D) the time between trials is constant

B. each trial has exactly two outcomes whose probabilities do not change.

Mutually exclusive events are: A) events with identical probabilities. B) events that have no outcomes in common. C) events that have no effect on each other. D) events that are represented in a Venn diagram by two overlapping circles.

B. events that have no outcomes in common.

Bayesian analysis involves a(n) ________ probability. A) a priori B) posterior C) joint D) relative frequency

B. posterior

________ can enable one to improve marginal probabilities of the occurrence of an event by gathering additional information.

Bayesian analysis

#69 look at chart. Employees of a local company are classified according to gender and job type. The following table summarizes the number of people in each job category. If an employee is selected at random, what is the probability that the employee is male or works as a member of the hourly staff? A) .80 B) .67 C) .33 D) .20

C. .33

A fair die is rolled 8 times. What is the probability that an even number (2, 4, or 6) will occur between 2 and 4 times? A) .2188 B) .4922 C) .6016 D) .8204

C. .6016

It was a house with seven cats, four female and three male, and the litterbox was busier than O'Hare Airport during the week of Thanksgiving. The beleaguered husband's home office was right around the corner from the laundry room, where the litterbox was kept, and heard three separate instances of use. What is the likelihood that at least one of the instances was the dutiful work of the male cats? A) .393 B) .187 C) .813 D) .606

C. .813

#72 look at chart A hen just joined him up on the deck; what is the probability it is an Australorp? A) 0.18 B) 0.20 C) 0.22 D) 0.24

C. 0.22

In a given experiment the probabilities of mutually exclusive events sum to: A) 0. B) 0.5. C) 1. D) This cannot be answered without knowing the probability values of the events.

C. 1

The area under the normal curve represents probability, and the total area under the curve sums to: A) 0 B) 0.5 C) 1 D) 2

C. 1

Under the normal curve, the area between z = 1.5 and z = -1.5 includes approximately ________ of the values. A) 94% B) 91% C) 87% D) 83%

C. 87%

________ techniques assume that no uncertainty exists in model parameters. A) Probability B) Probabilistic C) Deterministic D) Distribution

C. Deterministic

Objective probabilities that can be stated prior to the occurrence of an event are: A) deterministic or probabilistic. B) subjective or objective. C) classical or a priori. D) relative or subjective.

C. classical or a priori

A(n) ________ probability is the probability that an event will occur given that another event has already occurred. A) subjective B) objective C) conditional D) binomial

C. conditional

A ________ probability is the probability of a single event occurring. A) subjective B) binomial C) marginal D) joint

C. marginal

Jim is considering pursuing an MS in Business Analytics degree. He has applied to two different universities. The acceptance rate for applicants with similar qualifications is 30% for University X and 45% for University Y. What is the probability that Jim will be accepted at both universities? A) .75 B) .45 C) .30 D) .15

D. .15

It was a house with seven cats, four female and three male, and the litterbox was busier than O'Hare Airport during the week of Thanksgiving. The beleaguered husband's home office was right around the corner from the laundry room, where the litterbox was kept, and heard three separate instances of use. What is the likelihood that exactly two of the instances were the dutiful work of the male cats? A) .273 B) .187 C) .429 D) .314

D. .314

#73 look at chart A hen just joined him up on the deck; what is the probability it is a rooster? A) 0.33 B) 0.10 C) 0.03 D) 0.00

D. 0.00

A company markets educational software products and is ready to place three new products on the market. Past experience has shown that for this particular software, the chance of "success" is 80%. Assume that the probability of success is independent for each product. What is the probability that exactly 1 of the 3 products is successful? A) 0.80 B) 0.032 C) 0.24 D) 0.096

D. 0.096

A ________ probability distribution indicates the probability of r successes in n trials. A) joint B) subjective C) marginal D) binomial

D. binomial

The ________ and variance are derived from a subset of the population data and are used to make inferences about the population. A) population variance B) population standard deviation C) population mean D) sample mean

D. sample mean

A continuous random variable may assume only integer values within a given interval.

False

A joint probability is the probability that two or more events that are mutually exclusive can occur simultaneously

False

A normally distributed random variable has a mean of zero and a standard deviation of one.

False

Conditional probabilities are shown in Venn diagrams

False

For a typical normally distributed random variable, the standard deviation is equal to the variance.

False

In Bayesian analysis, additional information is used to alter the conditional probability of the occurrence of an event.

False

Probabilistic techniques assume that no uncertainty exists in model parameters

False

Probability trees are used only to compute conditional probabilities

False

Seventy-two percent of all observations fall within one standard deviation of the mean if the data is normally distributed.

False

The expected value of a discrete random variable is greater than or equal to zero.

False

The expected value of a random variable is computed by multiplying the sum of each possible value of the variable by the probability of that random variable.

False

The standard normal distribution has a mean of one and a standard deviation of zero.

False

The variance of a random variable is computed by multiplying each possible value of the variable by its probability and summing these products.

False

If events A and B are independent, then P(A/B) = ________.

P(A)

If two events A and B are not mutually exclusive, then P(A or B) = ________.

P(A) + P(B) - P(AB)

If events A and B are independent, then P(AB) = ________.

P(A) × P(B)

________ probability is an estimate based on a personal belief, experience, and knowledge of a situation.

Subjective

A Venn diagram visually displays mutually exclusive and non-mutually exclusive events.

True

A binomial probability distribution indicates the probability of r successes in n trials.

True

A conditional probability is the probability that an event occurs given that another event has already occurred.

True

A marginal probability is the probability of a single event occurring

True

A set of events is collectively exhaustive when it includes all the events that can occur in an experiment.

True

A succession of events that does not affect other events is independent.

True

An experiment is an activity that results in one of several possible outcomes

True

An inspector correctly identifies defective products 90% of the time. For the next 10 products, the probability that he makes fewer than two incorrect inspections is 0.736.

True

Another name for the mean of a probability distribution is its expected value.

True

Deterministic techniques assume that no uncertainty exists in model parameters.

True

In a given experiment, the probabilities of all mutually exclusive events sum to one.

True

Objective probabilities that are stated after the outcomes of an event have been observed are relative frequencies.

True

Objective probabilities that can be stated prior to the occurrence of an event are classical or a priori.

True

Relative frequency is the more widely used definition of objective probability

True

Subjective probability is an estimate based on personal belief, experience, or knowledge of a situation

True

The area under the normal curve represents probability.

True

The events in an experiment are mutually exclusive if only one can occur at a time

True

The variance of a discrete random variable is always greater than or equal to zero

True

There is just as great a chance of a normally distributed random variable being over one standard deviation above the mean as there is being one standard deviation below the mean.

True

________ is a measure of dispersion of random variable values about the expected value

Variance

One of the properties of the ________ distribution is that the probability of success remains constant over time

binomial

The ________ test is a statistical test to see if an observed data fit a particular probability distribution.

chi-square

Objective probabilities that can be stated prior to the occurrence of an event are ________

classical or a priori

The term for including all possible events that can occur in an experiment is ________.

collectively exhaustive

A(n) ________ probability is the probability that an event will occur given that another event has already occurred.

conditional

The ________ of a random variable is computed by multiplying each possible value of the variable by its probability and summing these products.

expected value

A(n) ________ organizes numerical data to describe the events of an experiment.

frequency distribution

The collectively exhaustive set of events for flipping a coin is ________.

heads, tails (and possibly landing on its side)

A succession of events that do not affect each other are ________.

independent

The fact that the first toss of a coin has no effect on the outcome of the second toss of the coin suggests that these events are ________.

independent

A continuous random variable can take on a(n) ________ number of values within a given interval.

infinite

A(n) ________ is the probability of occurrence of a single event.

marginal probability

A Venn diagram depicting two circles that do not overlap or touch in any way represents events that are ________.

mutually exclusive

The events in an experiment are ________ if only one can occur at a time.

mutually exclusive

Altered marginal probability of an event based on additional information is a(n) ________ probability.

posterior

The ________ normal distribution has a mean of 0 and a standard deviation of 1.

standard

In a binomial distribution process, there are ________ possible outcomes.

two