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QUESTION NO: 1
The standard deviation of a given population is 3.5 with a mean of 26. Assuming the population follows a normal distribution, approximately what percentage of the population will fall between
15.5 and 36.5?
A. 68.0%
B. 95.0%
C. 99.7%
D. 99.9%
Answer: C
QUESTION NO: 2
The only grocery store in a town has recently seen its profits decrease. An executive at the grocery store has been challenged to find a way to reverse this trend without losing significant sales.
What is a possible technique the company can use to increase its producer surplus?
A. Raise prices on all goods sold
B. Advertise the products with the highest volumes sold
C. Raise prices for the products with the highest volumes sold
D. Charge a monthly fee to its customers and lower prices for its goods
Answer: D
QUESTION NO: 3
Assuming the confidence level remains constant, what happens to the width of the confidence interval as the sample size increases?
A. The confidence interval widens.
B. The confidence interval narrows.
C. The confidence interval remains unchanged.
D. It is not possible to determine the changes without seeing the data first.
Answer: B
QUESTION NO: 4
Exhibit: Based on the histogram below of 28 nations' performances in the Winter Olympic games, in which bin would the median be located?
A. 10
B. 20
C. 30
D. 40
Answer: C
QUESTION NO: 5
Which of the following options is an example of revenue?
A. $20,000 received as a down payment from a customer when they placed their order
B. $10,000 received from a customer for goods purchased a month ago
C. An order for $3,000 received from a customer
D. $300 received from a customer when they purchased and received an item
Answer: D
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Updated: May 26, 2022