Test Bank For Managerial Statistics International Edition 9th Edition by Gerald Keller

Test Bank For Managerial Statistics International Edition 9th Edition by Gerald Keller

CHAPTER 1 SECTION 1: WHAT IS STATISTICS?

TRUE/FALSE

1.The significance level measures the proportion of the time an inference about a population will be correct in the long run.

ANS:FPTS:1REF:SECTION 1.1

NAT: Analytic; Statistical Inference

2.A summary measure that is computed from a sample is called a statistic.

ANS:TPTS:1REF:SECTION 1.1

NAT: Analytic; Statistical Inference

3.The confidence level is the proportion of times that an estimating procedure will be wrong in the long run.

ANS:FPTS:1REF:SECTION 1.1

NAT: Analytic; Statistical Inference

4.A resort employs 3,500 managers and staff. To ascertain their employees’ opinions of a proposed health insurance plan, 350 employees are surveyed at random. The proportion of the 350 employees who favor the health insurance plan represents a parameter in this scenario.

ANS:FPTS:1REF:SECTION 1.1

NAT: Analytic; Statistical Inference

5.In a sample of 350 students selected from a large college of business, 25% are found to be marketing majors. The 25% is a statistic.

ANS:TPTS:1REF:SECTION 1.1

NAT: Analytic; Statistical Inference

6.35% of a sample of 300 professional baseball players indicated that their parents did not play baseball. Based on this sample, we estimate that approximately 35% of the parents of all professional baseball players did not play baseball, plus or minus 5%. This is an example of using inferential statistics.

ANS:TPTS:1REF:SECTION 1.1

NAT: Analytic; Statistical Inference

7.A population is the group of all items of interest to a statistics practitioner.

ANS:TPTS:1REF:SECTION 1.1

NAT: Analytic; Statistical Inference

8.A statistic is typically a known quantity while a parameter is typically an unknown quantity.

ANS:TPTS:1REF:SECTION 1.1

NAT: Analytic; Statistical Inference

9.Statistical inference is the process of making an estimate, prediction, or decision about a population based on sample data.

ANS:TPTS:1REF:SECTION 1.1

NAT: Analytic; Statistical Inference

10.A descriptive measure of a population is called a parameter.