Micro Economics

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Great Lakes Institute of Management(PGPM 2011-2012) Mid-Term Exam: Time 60 Minutes Statistical Methods for Decision Making Answer as many questions as possible Faculty: P.K. Viswanathan

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Researchers are concerned that the weight of the average American school child is increasing implying, among other things, that children's clothing should be manufactured and marketed in larger sizes. If X is the weight of school children sampled in a nationwide study, then X is an example of A) a categorical random variable. B) a parameter. C) a discrete random variable. D) a continuous random variable. 2) A 99% confidence interval estimate can be interpreted to mean that A) if all possible samples are taken and confidence interval estimates are developed, 99% of them would include the true population mean somewhere within their interval. B) we have 99% confidence that we have selected a sample whose interval does include the population mean. C) Both of the above. D) None of the above. 3) Tim was planning for a meeting with his boss to discuss a raise in his annual salary. In preparation, he wanted to use the Consumer Price Index to determine the percentage increase in his real (inflation-adjusted) salary over the last three years. Which of the 4 methods of data collection was involved when he used the Consumer Price Index? A) Published sources B) Experimentation C) Observation D) Surveying 4) Which of the following is not an element of descriptive statistical problems? A) Identification of patterns in the data. B) The population or sample of interest. C) An inference made about the population based on the sample. D) Tables, graphs, or numerical summary tools. 5) The British Airways Internet site provides a questionnaire instrument that can be answered electronically. Which of…...

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