Review for Final

Question 1

Choose the correct answer to each blank.

Accepted Answer

(b): normal distribution, (a): normal distribution, (c): large

Question 2

What are two main properties of simple linear regression?

Accepted Answer

Consider only one independent variable, Consider linear relationship

Question 3

What is the correct interpretation of the coefficient of slope?

Accepted Answer

One unit increase in advertising cost increases sales revenue by 0.75 units

Question 4

Which measurement assesses a distinct property of data?

Accepted Answer

Range

Question 5

Expected mean and expected variance calculations consider the probability of each possible outcome its weight.

Accepted Answer

True

Question 6

Descriptive statistics are the tools to estimate the population properties using sample data.

Accepted Answer

False

Question 7

___(a)___ implies the event with a single property and ___(b)___ implies the events that cannot happen simultaneously.

Accepted Answer

(a): Simple event, (b): Mutually exclusive event

Question 8

What are the correct null and alternative hypothesis for two-tailed hypothesis test?

Accepted Answer

H_0:μ=20, H_1:μ
e20

Question 9

The main objective of running a regression is to figure out the causal relationship.

Accepted Answer

True

Question 10

The probability of an event can be greater than 1.

Accepted Answer

False

Question 11

When should we reject the null hypothesis?

Accepted Answer

Test-statistics falls in rejection area., P-value < Level of significance

Question 12

__(a)__ represents the properties of population and __(b)__ represents the properties of sample.

Accepted Answer

(b): Statistic, (a): Parameter

Question 13

Select three necessary components to construct the confidence interval for population.

Accepted Answer

Point estimate (i.e., sample statistics), Critical value (e.g., z score), Standard error of sample statistics

Question 14

Which variable do the descriptions below describe?

Accepted Answer

Continuous variables

Question 15

Which is not the properties of normal distribution?

Accepted Answer

Mean, median, and mode are different

Questions 15