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Economics
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4 Dec 2018

1 Which of the following statements about Type I and Type II errors is correct
a Type I: Reject a true alternative hypothesis. Type II: Do not reject a false alternative.
b Type I: Reject a true null hypothesis. Type II: Do not reject a false null hypothesis.
c Type I: Reject a false null hypothesis. Type II: Reject a true null hypothesis.
d Type I: Do not reject a false null hypothesis. Type II: Reject a true null hypothesis.
2 You are reading a report that contains a hypothesis test you are interested in. The writer of the report writes that the p-value for the test you are interested in is 0.0749, but does not tell you the value of the test statistic. From this information you can:
a Not reject the hypothesis at a Probability of Type I error = .05, but reject the hypothesis at a Probability of Type I error = 0.10
b Reject the hypothesis at a Probability of Type I error = .05, and reject at a Probability of Type I error = 0.10
c Not reject the hypothesis at a Probability of Type I error = 0.05, and not reject at a Probability of Type I error = 0.10
d Reject the hypothesis at a Probability of Type I error = .05, but not reject at a Probability of Type I error = 0.10
3 The random sample below is obtained to test the following hypothesis about the population mean.
H?: ? ? 1500
H?: ? > 1500
620 1711 366 2528 2678 1661 442 725 1938
409 330 2480 542 369 2124 549 2074 1665
1873 873 2143 2061 1177 2509 1264 2397 1523
1837 1958 1041 1639 2199 2232 387 2270 2136
1111 1883 2612 2230 1597 1726 694 1990 1354
2090 909 2128 1608 747 1121 2220 2390 2347
1041 316 655 632 2064 1901 532 552 846
2704 1410 2165 1065 937 1452 2539 410 656
1169 527 809 2364 2350 2210 1459 2391 856
2711 1985 2382 2289 1927 518 2177 437 1151
2018 1580 607 2715 2188 1691 1394 2610 1186
695 2428 2246 858 2036 1681 2449 1578 1971
1846 1729 2389 1737 1913 1863 2072 2593 2287
2220 2230 551 458 2626 2731 488 2551 1736
1373 307 1803 2647 2679 1508 1468 1443 516
1002 2116 2616 817 2522 460 1879 1999 1837
The level of significance of the test is ? = 0.05. Compute the relevant test statistic.
This is a(n) _______ (two-tail, upper-tail, lower-tail) test. The test statistic is TS = _______.
a Two-tail test TS = 1.81
Do not reject H?: ? ? 1500. Conclude that the population mean is not greater than 1500.
b Upper tail test. TS = 1.52
Do not reject H?: ? ? 1500. Conclude that the population mean is not greater than 1500.
c Upper tail test. TS = 1.81
Reject H?: ? ? 1500. Conclude that the population mean is greater than 1500.
d Lower tail test. TS = 1.98
Do not reject H?: ? ? 1500. Conclude that the population mean is no greater than 1500.
4 Consider the following hypothesis test.
H?: ? ? 30
H?: ? > 30
A random sample of n = 15 yielded the following observations
51 38 26 16 28
57 20 33 35 23
21 47 56 54 36
Use ? = 0.05
TS = ______ CV = ______ State the decision rule.
a 1.68 1.761 Do not reject H?. Conclude the mean is not greater than 30.
b 1.68 1.64 Reject H?. Conclude the mean is greater than 30.
c 1.847 2.145 Do not reject H?. Conclude the mean is not less than 30.
d 1.847 1.761 Reject H?. Conclude the mean is less than 30.
5 In a recent study, a major fast food restaurant had a mean service time of 165 seconds. The company embarks on a quality improvement effort to reduce the service time and has developed improvements to the service process. The new process will be tested in a sample of stores. The new process will be adopted in all of its stores, if it reduced mean service time by more than 45 seconds compared to the current mean service time. To perform the hypothesis test, the sample of 48 stores yields the following data (seconds).
90 96 133 108 136 110 119 138
129 98 101 92 135 124 115 90
132 125 110 124 126 138 94 130
108 96 140 135 102 114 109 137
138 104 108 134 92 107 96 119
105 111 96 136 126 116 98 131
Use ? = 0.05
|TS| = ______ |CV| = ______
a 1.548 1.678 Do not reject H?. The mean service time is not reduced by more than 45 seconds. Do not adopt the new process.
b 1.871 1.678 Reject H?. The mean service time is reduced by more than 45 seconds. Adopt the new process.
c 1.871 1.640 Do not reject H?. The mean service time is not reduced by more than 45 seconds. Do not adopt the new process.
d 1.548 1.640 Reject H?. The mean service time is reduced by more than 45 seconds. Adopt the new process.

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Hubert Koch
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6 Dec 2018
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Related questions

1. You are given only three quarterly seasonal indices and quarterly seasonally adjusted data for the entire year. What is the raw data value for Q4? Raw data is not adjusted for seasonality.

Quarter Seasonal Index Seasonally Adjusted Data

Q1 .80 295

Q2 .85 299

Q3 1.15 270

Q4 --- 271

2. One model of exponential smoothing will provide almost the same forecast as a liner trend method. What are linear trend intercept and slope counterparts for exponential smoothing?

A. Alpha and Delta

B. Delta and Gamma

C. Alpha and Gamma

D. Standard Deviation and Mean

3. When performing correlation analysis what is the null hypothesis? What measure in Minitab is used to test it and to be 95% confident in the significance of correlation coefficient.

A. Ho: r = .05 p < .5

B. Ho: r = 0 p >.05

C. Ho: r ? 0 p?.05

D. Ho: r = 0 p?.05

In decomposition what does the cycle factor (CF) of .80 represent for a monthly forecast estimate of a Y variable?

A. The estimated value is 80% of the average monthly seasonal estimate.
B. The estimate is .80 of the forecasted Y trend value.
C. The estimated value is .80 of the historical average CMA values.
D. The estimated value has 20% more variation than the average historical Y data values.

5. A Wendy's franchise owner notes that the sales per store has fallen below the stated national Wendy's outlet average of $1,368,000. He asserts a change has occurred that reduced the fast food eating habits of Americans. What is his hypothesis (H1) and what type of test for significance must be applied?

A. H1: u ? $1,368,000 A one-tailed t-test to the left.
B. H1: u = $1,368,000 A two-tailed t-test.
C. H1: u < $1,368,000 A one-tailed t-test to the left.
D. H1: p < $1,368,000 A one-tailed test to the right

6. As the sample size from a population increases, for a given level of significance what happens to the null hypothesis rejection region and size of the t-table value?

A. The rejection region and the t-table value generally gets smaller for sample size below 31.
B. The rejection region gets larger and the t-table value generally gets smaller for sample sizes below 31.
C. The rejection region remains unchanged while the t-table value gets smaller for all sample sizes.
D. The zero mean hypothesis region gets larger and the t-table value gets larger as well for sample sizes below 31.

7. You obtained autocorrelation LBQ value of 18.58 for the 12th lag from a data sample. Are the data significantly correlated at the lag examined or not? You want to be 95% confident in your answer.

A. Yes. The data are significantly correlated through the 12th lag.
B. No. The data are not significantly correlated through the 12th lag.

C. No. Only the 12 lag period is not correlated.

D. You cannot tell since the number of sample observations is not provided.

E. The p-value is above .05 so the data is correlated.

8. Sometimes forecasters get lazy or forgetful and do not check the significance of XY data correlations and use the X variable to forecast Y. What is the result of this?

A. Type 2 error
B. Autocorrelation error
C. Type 3 error
D. Type 1 error

9. Do error measures indicate the statistical significance of forecast model variables?

A. Yes. They move in the same direction as statistical significance.
B. Yes. As error measures decrease the variable significance increases.
C. No They indicate only the magnitude of estimate error.
D. No. They indicate only the statistical significance of a forecast or fitted values.

10. In exponential smoothing what is the weight of the alpha coefficient for a time series data observation from the 3rd previous period if the original alpha value is set at .8?

A. The weight cannot be calculated since the data observation is not given.
B. The weight is zero since the alpha value is set relatively high.
C. .548
D. .0064

11.Given the data series below for variables Y (Monthly Inventory Balance) and X (Monthly Sales) are they significantly correlated at the 95% confidence level and how can you tell?

Ending Inv. Bal. Y

Monthly Sales X

1544

5053

1913

5052

2028

7507

1178

2887

1554

3880

1910

4454

1208

3855

2467

8824

2101

5716

A. Yes. The correlation coefficient is .873 that is greater than .05.
B. Yes. The correlation p-value is .002 which is less than .05.
C. No. The correlation coefficient is above the p-value.
D.No. The correlation p-value is greater than the 95% confidence level.

12. You have forecast the sales for your company for the last 12 months and the forecast residuals are shown below. Are these residuals to be considered random?
Residuals

-24

-348

-892

-62

-378

-489

-342

34

490

23

578

198

A. Yes, since the residuals randomly vary in magnitude.
B. Yes since the residuals are positive and negative and vary in magnitude.
C. No, since the residuals are stationary and vary in magnitude.
D. No, since the residuals indicate positive slope.

13. Given the residuals in problem 12 above what is the RMSE for the forecast?

A. -101.0
B. 411.8
C. 169603
D. 220.1

14. Which form of exponential smoothing can result in a na

Question 1

Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?

Test marketing and price experiments

Analysis of historical data.

Direct consumer surveys.

Expert opinion.

Question 2

In which of the following situations would reliance on expert opinion as a basis for a managerial decision be most preferred?

When the product being marketed is relatively new.

When the level of economic activity can have a significant effect on the demand for the firm's output.

When the product can be packaged with a variety of price and quality combinations.

When the business in question serves as a supplier of inputs to other businesses, especially in multi-product situations where other strategies may be prohibitively expensive.

Question 3

The approach to analyzing consumer behavior that asks consumers to rank and choose among different product attributes to reveal their relative valuation of different characteristics is called:

conjoint analysis.

contingent valuation.

the hedonic estimation technique.

a direct consumer survey.

Question 4

All of the following are limitations of direct consumer surveys except:

the possibility of response biases because survey respondents may not want to reveal their true preferences.

the possibility that the type of questions asked may unintentionally bias the respondent's answers.

the likelihood that respondents will deliberately and systematically mislead interviewers.

the possibility that consumers' responses may not reflect their actual behavior in the market place.

Question 5

Which of the following approaches to understanding and predicting consumer behavior does not actually solicit any information from potential customers?

Expert opinion.

Test marketing.

Analysis of historical data.

Conjoint analysis.

Question 6

Data collected on a sample of individuals with different characteristics at a specific point in time are called:

panel data.

cross-section data.

time series data.

none of the above.

Question 7

Which of the following approaches to understanding and predicting consumer behavior provides the most insight into how consumers can be expected to respond in an actual market setting?

Test marketing.

Conjoint analysis.

Expert opinion.

Analysis of historical data.

Question 8

An approach to analyzing consumer behavior in which consumer reaction to different prices is analyzed in a laboratory situation or a test market is called:

non-price experiments.

focus groups.

price experiments.

none of the above.

Question 9

Data collected on the same observation unit at a number of points in time are called:

panel data.

time series data.

cross-section data.

none of the above.

Question 10

A measure of how much the coefficient would vary in regressions based on different samples is called:

F-statistic.

standard error of the estimated coefficient.

t-statistic.

partial F-statistic.

Question 11

The test statistic used to test the hypothesis of whether a regression coefficient is significantly different from zero, holding all other independent variables constant, is called a(n):

t-test.

F-test.

multicollinearity test.

autocorrelation test.

Question 12

Regression analysis that analyzes the relationship between one dependent variable and several independent variables is called:

cluster analysis.

correlation analysis.

multiple regression analysis.

simple regression analysis.

Question 13

The ratio of the regression coefficient to its standard error is called:

F-statistic.

t-statistic.

coefficient of determination.

partial F-statistic.

Question 14

The coefficient of determination will range between what values?

-1 and +1

0 and 1

-3 and +3

none of the above

Question 15

The range of values in which we can be confident that the true regression coefficient lies within a given degree of probability is called a:

confidence interval.

logistic regression.

prediction interval.

none of the above.

Question 16

The estimated regression equation is Y = 10 + 2.5X, if X =0 than the predicted value of Y is equal to

2.5

7.5

12.5

10

1.The production possibilities frontier can be used to demonstrate which of the following?
(i) The best tradeoffs that individuals and societies should make
(ii) The tradeoffs forced on individuals and societies because of scarcity
(iii) The wealth maximizing output combination that an individual or society should choose

Select one:

a. (ii) only

b. (i), (ii) and (ii)

c. (i) only

d. (iii) only

2. Unlimited wants and limited resources:

Select one:

a. Can be overcome through innovation

b. Are not problems faced by wealthy industrialized nations

c. Necessitate choices about the goods to services to consume

d. Can be overcome by increasing wealth

3. What are the two sub-fields of economics?

Select one:

a. For-profit economics and not-for-profit economics

b. Private markets and the public sector

c. Microeconomics and macroeconomics

d. Market and non-market economics

4. What do economists mean by "self-interested behavior"?

Select one:

a. It means undertaking activities that benefit yourself and a small group of others who are important to you

b. It means undertaking activities motivated by greed

c. It means undertaking activities that maximize one's own welfare

d. It means wanting to pursue a life of leisure

5. When economists say that people act rationally, they mean that:

Select one:

a. People do not make incorrect choices

b. People are governed by what others think about them and act accordingly

c. People consider the significant consequences of their actions and make decisions that further their self-interests

d. There are certain common codes of conduct that everyone adheres to

6. Which of the following actions reflect self-interested behavior?
(i) Warren Buffett, one of the world's wealthiest individuals, donated more than $30 billion to humanitarian causes such as AIDS and tuberculosis initiatives.
(ii) Pfizer Inc., a private pharmaceutical company, sponsored a disease-management program for Florida's Medicaid patients with chronic illnesses such as asthma, diabetes and heart disease.
(iii) You agree to babysit your 8-year-old brother instead of going to a kick-boxing class.
(iv) You agree to babysit your 8-year-old brother instead of going to a kick-boxing class only if your mother pays you $8 an hour.

Select one:

a. All of the above actions except (iii)

b. All of the above actions

c. (ii) and (iii) only

d. (iv) only

7. Which of the following does not qualify as a market?

Select one:

a. Bloomingdales Department Store

b. The underground drug trade

c. Amazon.com

d. The French Immigration Department

8. Which of the following is not a key assumption of economics?

Select one:

a. People do not undertake activities that make others better off

b. People are self-interested

c. People have limited resources to acquire their wants

d. People are rational

9. Which of the following is not likely to cause the production possibility frontier to shift out?

Select one:

a. An increase in the quantity of innovations

b. An increase in specialization which allows people to develop higher levels of skill at their chosen profession

c. Developing markets where self-interested individuals can interact

d. Relying only on governments to allocate resources

10. Which of the following statements is false?

Select one:

a. Scarcity affects everyone, including very wealthy people

b. Rational people never make mistakes

c. Economists assume people are rational

d. Economists assume people have unlimited desires

11. Which of the following statements is false?

Select one:

a. When you volunteer to help at a soup kitchen, you face an opportunity cost of your time

b. Mother Teresa faced trade-offs when deciding to help lepers in India rather than some other needy group

c. Economics brings tradeoffs to light but does not inform us of which trade-offs society should make

d. When the government funds research into cancer, it is able to avoid trade-offs because public funds are used rather than private funds

12. Which of the following topics does economics study: (i) the study of human behavior; (ii) the market for organ transplants; (iii) cost and benefits of building a suicide barrier in the Golden Gate Bridge; (iv) the functioning of political institutions.

Select one:

a. (i) and (iii) only

b. (ii) and (iii) only

c. All of the topics listed

d. All of the topics except (iv)

13. Which the following would be likely to raise your opportunity cost of going to college full-time?
(i) You have been offered a full-time job as wardrobe assistant to Paris Hilton that pays $60,000 per year.
(ii) You have been offered a merit scholarship that pays for two years of tuition.
(iii) Your landlord increases the rent on the apartment you are currently living in and will continue to live in even if you choose to attend college full-time.
(iv) An increase in the value of your college trust fund set up by your grandfather.

Select one:

a. All of the above

b. (i) and (iii) only

c. All of the above except (ii)

d. (i) only

14. While microeconomics is concerned with the behavior of individuals and firms, macroeconomics:

Select one:

a. Does not make use of "micro" ideas such as opportunity cost or self-interest

b. Is concerned with the performance of entire economies

c. Is concerned with normative matters such as fairness, equality and ethics

d. Is only concerned with government activity

15. You own a Ford car that has lousy gas mileage. You finally trade it for a Hyundai, which is equal in virtually every aspect except that the Hyundai gets much better mileage. What is likely to happen to your gas consumption?

Select one:

a. I get better gas mileage and since the cost of driving has gone down, I will drive more so my gas consumption will remain the same

b. It will fall since I will now use less gas

c. I get better gas mileage and since the cost of driving has gone down, I will drive more so the effect on my gas consumption is indeterminate

d. It will go up since I will now drive more

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