bnad
if a data set has a population standard deviation of 4 units and a population mean of 10 units, the coefficient of variation is
0.4 (4/10)
If fund A has a coefficient of variation of 1.1 and Fund B has a coefficient of variation of 0.9. Fund_____ has the greater relative dispersion
A, The greater the coefficient of variation, the greater the dispersion
one primary goals when constructing a frequency distribution for quantitiative data is to summarize the data in a manner that
accurately depicts the data as a whole
northern universities college of business wants to determine the average starting salary for last years graduates of its college of business. what is the population from which the survey is taken?
all of last years graduates from Northern College of Business who started working
the union of two events A and B, denotated A u B, contains
all outcomes in A or B
the intersection of events A and B, denoted A (upside down N) contains
all outcomes that are in A and B
one method of graphical presentation for qualitative data is a
bar chart
Which of the following BEST represents an empirical probability
based on past data, a manager believes there is a 70% chance of retaining an employee for a least one year
which of the following events are mutually exclusive
being on time and being late for an appointment, receiving an A and recieving a B as a final grade in an accounting class
relative frequency distributions are generally more useful than frequency distributions when
comparing data sets of different sizes
the branch of statistics that summarizes important aspects of a data set is often referred to as____
descriptive statistics
mutually exclusive events
do not share common outcomes of the experiment
a subset of the sample space is an
event
events that cannot both occur on the same trial of an experiment are mutually ____ events
exclusive
the branch of statistics that draws conclusions about a large set of data based on a smaller set of data is often referred to as
inferential statistics
which measurement scales are associated with quantitative data
interval and ratio
for a qualitative data set, the most meaningful measure of central location is the
mode
the notation S^2 represents the
sample variance
which of the following can be represented by a discrete random variable
the number of defective light bulbs in a sample of 5
which of the following are examples of discrete random variables
the number of people who vote for the democratic candidate in the next president election, the number of students who received an "A' on their stats exam
which of the following scenarios is an example of the interval scale
the outside temperature (in degrees of fahrenheit)
which of the following is an example of conditional probability
the probability that lisa purchases groceries, given that Neil has already purchased groceries
the expected value of the sum of two or more random variables is equal to
the sum of the individual expected values
probability values range from
zero to one
all of the following are characterisitics of discrete uniform distribution except
the distribution is bell-shaped
Mean- variance analysis uses risk and reward to evaluate the rate of return of an asset
the measure associated with risk is the variance, while the measure associated with reward is the mean
when calculating a mean for grouped data,
the midpoint of each class is used to approximate the individual values in that class
the mode is defined as
the most frequent occurring value of data set
The addition rule is used to calculate
the union of two events
a company wants to estimate the mean price of oil over the past 10 years. What kind of data does the company need?
time series data
data that are collected by recording a characteristic of a subject over several time periods are referred to as_____
time series data
measures the average of the squared deviations from the mean
variance
to calculate the probabilty of union for two mutually exclusive events A and B
we add the probability of A to the probability of B
When the correlation coefficient approaches the value, ____ it indicates that there is a weak relationship between the two variables
0
which of the following about the mean absolute deviation (MAD) is true
MAD is denominated in the same units as the original data
True/False: the empirical rule should be applied to data sets that are normally distributed or approximately normally distributed
True
True/False: the standard deviation of a discrete probability distribution measures how dispersed the values are from the mean
True
if an experiment is selecting a card from a deck of cards
all the cards in the deck
The complement of event A within the sample space S contains
all the outcomes in S that are not in A
The interval scale of measurement
allows for the use of negative values
a significant weakness of the ordinal scale is
an inability to measure differences between the ranked values
for any given event, the probability of that event and the probability of that____ must sum to one
complement
a runner's time in a 100-meter race. This variable is best categorized as a _____Variable
continuous
when a researcher examines quantitative data and wants to know the number of observations that fall below the upper limit of a particular class, the researcher is best served by creating a
cumulative frequency distribution
events that include all outcomes in the sample space are known as ____ events
exhaustive
events that include all outcomes in the sample space are known as____events
exhaustive
a trail, or process, that produces several possible outcomes is referred to as
experiment
True/False: Mean-variance analysis suggests that investments with lower average returns are also associated with higher risk
false
True/False: a discrete random variable X may assume an (infinitely) uncountable number of distinct values.
false
quartiles are divided into ___ equal parts
four
a _____ is a way to organize qualitative data into categories and record the number of observations in each category
frequency distribution
for quantitative data, a _____ groups data into classes and records the number of observations that falls into each class
frequency distribution
the appropriate measure of evaluating investment returns over several years is the
geometric mean
there are several guidelines to follow when constructing graphs that summarize statistical data. which of the following statements is least accurate?
graphs should have alot of adornments
larger the standard deviation
higher the risk
what graphical tool is best used to display the relative frequency of grouped, quantitative data
histogram
which of the following graphical depictions is useful for observing the spread of the data for a single variable
histogram
which of the following best describes a fequency distribution for qualitative data
it groups data into categories,
which of the following best describes a frequency distribution for qualitative data
it groups data into categories, and records the number of observations in each category
samples are primarily used to
make inferences about population parameters
in general, the best measure of central location for a data set that contains outliers is the ____
median
the measure of central location that can BEST be labeled as the midpoint of the data set is the
median
the measure of central location where half the values of the data set lie above this measure and half the values of the data set lie below this measure is known as the
median
The _____ is a measure of central location that is most frequent occurring value in the data set
mode
the ratio scale is
more sophisticated than the nominal scale
a professors gender (male, female) represents _____ data and a professors rank (assistant, associate, full) represents____ data
nominal, ordinal
how many outcomes of an experiment constitute a simple event
one
the sum of the probabilities of a list of mutually exclusive and exhaustive events is
one
the arithmetic mean is usually not a good measure of central location if an___ exists
outlier
one method of graphical presentation for qualitative data is an
pie chart
a _____ includes all items of interest in a statistical problem
population
The notation o(with squiggel) represents the
population standard deviation
a relative frequency distribution for quantitative data identifies the
proportion of observations that occur in each class
a variable that is described verbally rather than numerically is called a_____ variable
qualitative
when constructing a histogram what values/labels go on the Horizontal (x) axis and the vertical (y) axis
quantitative class limits on the horizontal axis; frequently or relative frequency on the vertical axis
a function that assigns numerical values to the outcomes of a random experiment is called a
random variable
a research analyst collects data on the weekly closing price of gold throughout the year. The scale of this data is
ratio
if an event is getting a letter grade of A in your statistics class, what is the complement of receiving an A?
receiving any grade except an A
the interquartile range of a data set
represents the middle 50% of the data
The sharpe ratio determines the additional ____ an investor will receive for each additional unit of risk taken
reward
Mean-variance analysis is used to measure the performance of an asset based on its rate of return. Specifically, evaluating the rate of return on the basis of
risk and reward
a _____ is a subset of a population
sample
a ____ of an experiment contains all possible outcomes of the experiment
sample space
the square root of the average of the sum of squared deviations from the mean is known as
standard deviation
a probability based on personal judgment rather than on observation or logical anaylsis is referred to as an
subjective probability
in order to calculate the variance of the sum of two random variables, we
sum the individual variance plus two times the covariance
which of the following is an example of inferential statistics
testing the longevity of all light bulbs based on a simple of 100 light bulbs