QUESTION 1 1 If the random variable X is normally distributed with a mean of 75 and a standard devia

QUESTION 1

1 If the random variableX is normally distributed with a mean of 75 and a standard deviation of 8, then P(X ? 78) is:

a

015

b

065

c

075

d

098

e

None of the above

05 points

QUESTION 2

1 Dr Ho has asked his nurse to call each patient a week before their bill is due As a result of time constraints, however, only 60% of patients receive such a call from his nurse Of the patients called, 90% pay on time, while only 30% of those not called pay on time Dr Ho has just received a payment on time from a patient

What is the probability that the nurse didnot call this patient?

a

073

b

054

c

027

d

018

e

None of the above

05 points

QUESTION 3

1 Jerry calls people and tries to sell them an auto insurance policy On 40% of his calls, there is no answer or the line is busy He sells the auto insurance policy to 5% of the remaining calls For what proportion of calls does he make a sale?

a

002

b

003

c

004

d

005

e

None of the above

05 points

QUESTION 4

1 A portfolio is composed of two shares The following parameters associated with the returns of the two shares are given

Share

1

2

Proportion of portfolio

45%

55%

Mean

010

020

Standard deviation

002

015

2

3 The mean return of the portfolio is:

a

010

b

016

c

026

d

036

e

None of the above

05 points

QUESTION 5

1 Which of the following statements is true?

a

The median is a better measure of centre than the mean when the distribution is symmetric

b

In a histogram, the proportion of the total area to the left of the median is less than 50%

c

Both data sets will have the same variance when two data sets have the same range

d

Leading questions must be avoided in designing a questionnaire

e

Pie charts can only be used for nominal data

05 points

QUESTION 6

1 Suppose P(A) = 010, P(B) = 075, and P(B|A) = 080 Find P(A B) is:

a

008

b

011

c

072

d

077

e

None of the above

05 points

QUESTION 7

1 Which of the following statements is true?

a

Age is an example of a continuous random variable

b

For a continuous probability distribution to be valid, the probabilities must lie between minus infinity and infinity, where the sum of all probabilities must be 1

c

Events A and B are considered to be independent when P(A?B) = 0

d

Two events A and B are mutually exclusive when P(A|B) = P(A) + P(B)

e

None of the above

05 points

QUESTION 8

1 Which of the following statements about the binomial probability distribution is (are) true?

a

The binomial probability distribution is a continuous probability distribution

b

Each trial in a binomial experiment has at least 2 possible outcomes

c

The outcome of one trial can affect the outcomes of any other trials

d

There are two parameters for a binomial probability distribution

e

None of the above

05 points

QUESTION 9

1 Which of the following is always true for all probability density functions of continuous random variables?

a

They are symmetrical

b

The probability can take any value

c

The probability that X will take any specific value is always greater than zero

d

where p(x) is a probability density function

e

None of the above

05 points

QUESTION 10

1 Four PhD graduates are applying for a lectureship position in a college The four applicants are Adam, Bob, Charles and Derek Employing the subjective approach, Jerry has assigned the following probabilities that these applicants will be hired:

P(Adam) = 041

P(Bob) = 010

P(Charles) = 027

P(Derek) = 022

The probability that either Bob or Charles are hired is:

a

010

b

017

c

027

d

037

e

None of the above

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