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JOHN CARROLL UNIVERSITYDEPARTMENT OF ECONOMICS AND FINANCEEC 207 BUSINESS STATISTICSNAME __________________PROBLEM SET 2PART ONE:

JOHN CARROLL UNIVERSITYDEPARTMENT OF ECONOMICS AND FINANCEEC 207 BUSINESS STATISTICSNAME __________________PROBLEM SET 2PART ONE: MULTIPLE CHOICE. Choose the option that BEST completes thestatement or question. (3 points each)1. Suppose the following are values that represent the variance for a set of data.Which one is obviously incorrect?a. 25b. 2000c. 0d. -14e. 0000372. A retailer is considering coding all inventory items with a four digit code usingthe digits from 0 to 9. How many different codes are possible?a. 30240b. 210c. 5040d.10000e. supply your own answer ____________3. Assume events A and B are independent. The likelihood of event A occurring is0.70 and of event B occurring is 0.10. Which of the following is TRUE?a. P(A or B) = .6b. P(A or B) = P(A) + P(B) – P(A and B) = .72c. P(A and B) = .8d. P(A or B) = .07e. P(A and B) = .074. When all values in a set of data are equal in value, the variance would equal:a. the meanb. the medianc. zerod. it would depend upon whether it was a sample or a population.e. cannot be determined from the above set of information.5. Which of the following is FALSE concerning a probability tree?a. If probabilities are added for each end point of all branches, the sum is one.b. The tree facilitates analysis of joint probabilities.c. Conditional probability can be reflected in a tree.d. A probability tree may reflect only two possible outcomes.e. The end of a series of branches identifies an intersection event.

 
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