Financial analyst Larry Potts needs a sample of 100 securities listed on the New York Stock Exchange

Multiple Choice

 

26.          Financial analyst Larry Potts needs a sample of 100 securities listed on the New York Stock Exchange.  In the current issue of the Wall Street Journal, 2,531 securities are listed in the “New York Exchange Composite Transactions,” an alphabetical listing of all securities traded on the previous business day.  Larry uses a table of random numbers to select 100 numbers between 1 and 2,531.  His sample is a ____________.

a) quota sample

b) simple random sample

c) systematic sample

d) stratified sample

e) cluster sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Easy

27.          Financial analyst Larry Potts needs a sample of 100 securities listed on the New York Stock Exchange.  In the current issue of the Wall Street Journal, 2,531 securities are listed in the “New York Exchange Composite Transactions,” an alphabetical listing of all securities traded on the previous business day.  Larry randomly selects the 7th security as a starting point, and selects every 25th security thereafter (7, 32, 57, etc.).  His sample is a ____________.

a) quota sample

b) simple random sample

c) stratified sample

d) systematic sample

e) cluster sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Easy

28.          Financial analyst Larry Potts needs a sample of 100 securities listed on either the New York Stock Exchange (NYSE) or the American Stock Exchange (AMEX).  According to the Wall Street Journal’s “Stock Market Data Bank,” 2,531 NYSE securities and AMEX 746 securities were traded on the previous business day.  Larry directs his staff to randomly select 77 NYSE and 23 AMEX securities.  His sample is a ____________.

a) disproportionate systematic sample

b) disproportionate stratified sample

c) proportionate stratified sample

d) proportionate systematic sample

e) proportionate cluster sampling

Ans:

Response: See section 7.1 Sampling

Difficulty: Medium

29.          On Saturdays, cars arrive at David Zebda’s Scrub and Shine Car Wash at the rate of 80 cars per hour during the ten-hour shift.  David wants a sample of 40 Saturday customers to answer the long version of his quality service questionnaire.  He instructs the Saturday crew to select the first 40 customers.  His sample is a __________.

a) convenience sample

b) simple random sample

c) systematic sample

d) stratified sample

e) cluster sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Easy

30.          On Saturdays, cars arrive at David Zebda’s Scrub and Shine Car Wash at the rate of 80 cars per hour during the ten-hour shift.  David wants a sample of 40 Saturday customers to answer the long version of his quality service questionnaire.  He randomly selects 9 as a starting point and instructs the crew to select the 9th customer and each customer at intervals of 20 (9, 29, 49, etc.).  His sample is a __________.

a) convenience sample

b) simple random sample

c) unsystematic sample

d) stratified sample

e) systematic sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Easy

31.          Albert Abbasi, VP of Operations at Ingleside International Bank, is evaluating the service level provided to walk-in customers.  Accordingly, he plans a sample of waiting times for walk-in customers.  Albert instructs his staff to record the waiting times for the first 45 walk-in customers arriving after the noon hour.  Albert’s sample is a ________.

a) simple random sample

b) systematic sample

c) convenience sample

d) stratified sample

e) cluster sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Easy

32.          Albert Abbasi, VP of Operations at Ingleside International Bank, is evaluating the service level provided to walk-in customers.  Accordingly, he plans a sample of waiting times for walk-in customers.  Albert randomly selects 4 as a starting point and instructs his staff to record the waiting times for the 4th walk-in customer and every 10th customer thereafter (4, 14, 24, etc.).  Albert’s sample is a ________.

a) simple random sample

b) cluster sample

c) convenience sample

d) stratified sample

e) systematic sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Easy

33.          A carload of palletized aluminum castings has arrived at Mansfield Motor Manufacturers.  The car contains 1,000 pallets of 100 castings each.  Mario Munoz, manager of Quality Assurance, directs the receiving crew to deliver the 127th and 869th pallets to his crew for 100% inspection.  Mario randomly selected 127 and 869 from a table of random numbers.  Mario’s sample of 200 castings is a _____________.

a) simple random sample

b) systematic sample

c) stratified sample

d) cluster sample

e) convenience sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Easy

34.          A carload of steel rods has arrived at Cybermatic Construction Company.  The car contains 1,000 bundles of 50 rods each.  Claude Ong, manager of Quality Assurance, directs the receiving crew to deliver the 63rd and 458th bundles to his crew for 100% inspection.  Claude randomly selected 63 and 458 from a table of random numbers.  Claude’s sample of 100 rods is a _____________.

a) cluster sample

b) simple random sample

c) quota sample

d) systematic sample

e) stratified sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Medium

35.          Abel Alonzo, Director of Human Resources, is exploring employee absenteeism at the Harrison Haulers Plant.  Abel knows that absenteeism varies significantly between departments.  For example, workers in the wood shop are absent more than those in the tuning department and the size of the departments ranges from 40 to 120 workers.  He orders a random sample of 10 workers from each of the six departments.  Abel’s sample is a ________________.

a) proportionate systematic sample

b) proportionate stratified sample

c) disproportionate systematic sample

d) disproportionate stratified sample

e) proportionate cluster sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Easy

36.          Abel Alonzo, Director of Human Resources, is exploring employee absenteeism at the Harrison Haulers Plant.  Abel knows that absenteeism varies significantly between departments.  For example, workers in the wood shop are absent more than those in the tuning department and the size of the departments ranges from 40 to 120 workers.  He orders a random sample of 10% of the workers from each of the six departments.  Abel’s sample is a ________________.

a) proportionate systematic sample

b) proportionate stratified sample

c) disproportionate systematic sample

d) disproportionate stratified sample

e) proportionate cluster sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Easy

37.          Catherine Chao, Director of Marketing Research, needs a sample of households to participate in the testing of a new toothpaste package.  She chooses thirty-six of her closest friends.  Catherine’s sample is a _____________.

a) cluster sample

b) convenience sample

c) quota sample

d) systematic sample

e) random sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Easy

38.          Catherine Chao, Director of Marketing Research, needs a sample of households to participate in the testing of a new toothpaste package.  She directs the seven members of her staff to find five households each.  Catherine’s sample is a _____________.

a) cluster sample

b) proportionate stratified sample

c) quota sample

d) disproportionate stratified sample

e) simple random sample

Ans:

Response: See section 7.1 Sampling

Difficulty: Easy

39.          According to the central limit theorem, if a sample of size 100 is drawn from a population with a mean of 80, the mean of all sample means would equal _______.

a) 0.80

b) 8

c) 80

d) 100

e) 120

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Easy

40.          According to the central limit theorem, if a sample of size 64 is drawn from a population with a mean of 56, the mean of all sample means would equal _______.

a) 7.00

b) 56.00

c) 64.00

d) 0.875

e) 128.00

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Easy

41.          According to the central limit theorem, if a sample of size 81 is drawn from a population with a standard deviation of 72, the standard deviation of the distribution of the sample means would equal _______.

a) 8

b) 9

c) 7.2

d) 0.875

e) 128.00

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Easy

42.          According to the central limit theorem, if a sample of size 100 is drawn from a population with a standard deviation of 80, the standard deviation of sample means would equal _______.

a) 0.80

b) 8

c) 80

d) 800

e) 0.080

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Easy

43.          According to the central limit theorem, if a sample of size 64 is drawn from a population with a standard deviation of 80, the standard deviation of sample means would equal _______.

a) 10.000

b) 1.250

c) 0.125

d) 0.800

e) 0.080

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Easy

44.          Increasing the sample size causes the sampling distribution of   to ________.

a) shift to the right

b) shift to the left

c) have more dispersion

d) have less dispersion

e) stay unchanged

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Easy

45.          According to the central limit theorem, for samples of size 64 drawn from a population with  = 800 and  = 56, the mean of the sampling distribution of sample means would equal _______.

a) 7

b) 8

c) 100

d) 800

e) 80

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Easy

46.          According to the central limit theorem, for samples of size 64 drawn from a population with  = 800 and  = 56, the standard deviation of the sampling distribution of sample means would equal _______.

a) 7

b) 8

c) 100

d) 800

e) 80

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Easy

47.          According to the central limit theorem, for samples of size 169 drawn from a population with  = 1,014 and  = 65, the mean of the sampling distribution of sample means would equal _______.

a) 1,014

b) 65

c) 5

d) 6

e) 3

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Easy

48.          According to the central limit theorem, for samples of size 169 drawn from a population with  = 1,014 and  = 65, the standard deviation of the sampling distribution of sample means would equal _______.

a) 1,014

b) 65

c) 15

d) 6

e) 5

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Easy

49.          Suppose a population has a mean of 90 and a standard deviation of 28. If a random sample of size 49 is drawn from the population, the probability of drawing a sample with a mean of more than 95 is _______.

a) 0.1056

b) 0.3944

c) 0.4286

d) 0.8944

e) 1.0000

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Medium

50.          Suppose a population has a mean of 90 and a standard deviation of 28. If a random sample of size 49 is drawn from the population, the probability of drawing a sample with a mean of less than 84 is _______.

a) 0.9332

b) 0.0668

c) 0.4332

d) 0.8664

e) 1.0000

Ans:

Response: See section 7.2 Sampling Distribution of

Difficulty: Medium

 

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