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Business Statistics MCQs 1st Edition Arshad Iqbal - Solutions

Considering the normal distribution, the spread is decreased and the height of the curve is increased for the A. larger value of standard deviation B. smaller value of standard deviation C. smaller value of variance D. larger value of variance
In beta distribution, the expected value of random variable x is calculated as A. E(x) = m ⁄ m - n B. E(x) = n ⁄ m + n C. E(x) = m ⁄ m + n D. E(x) = n ⁄ m * n
The probability of success increases in the binomial probability distribution if the value of A. p increases B. p decrease C. q increases D. q decreases
The number of units multiply profit per unit multiply probability to calculate A. discrete profit B. expected profit C. weighted profit D. continuous profit
The successful life of product, the time, the weight and the height are classified as A. continuous random variable B. discrete random variable C. continuous waiting time variable D. continuous hyper geometric variable
If the value of m in beta distribution is 5 and the value of n is 25 then the standard deviation of beta distribution is A. 0.067 B. 0.057 C. 0.047 D. 0.077
For the Gamma distribution, if the value of n is equal to 15 and the value of μ is 7 then the expected value for this distribution is A. 3.14 B. 2.14 C. 4.14 D. 5.14
If the parameter μ is 11 and the n of the gamma distribution is 50 then the variance of gamma distribution is A. 0.713 B. 0.613 C. 0.513 D. 0.413
If the μ is equal to 4 then the variance of exponential probability distribution is A. 0.0625 B. 0.085 C. 0.0925 D. 0.0725
The binomial probability distribution is classified as skewed to left if A. p > 0.5 B. q > 0.5 C. p < 0.5 D. q < 0.5
In the normal distribution, the normal curve becomes more wider and more flatter because of A. small value of variance B. large value of variance C. large value of standard deviation D. small value of standard deviation
The formula of calculating the variance for negative binomial distribution is A. rq ⁄ p²B. pq ⁄ r²C. rp ⁄ q²D. rq ⁄ p
The probability distribution having shape of bell and in which the values of mean lies in center of probability distribution is classified as A. continuous distribution B. normal distribution C. discrete distribution D. hyper geometric distribution
The formula of variance of uniform or rectangular distribution is as A. (b - a)² ⁄ 6 B. (b + a)² ⁄ 12 C. (b - a)³ ⁄ 8 D. (b + a)² ⁄ 2
The symbol λ is used to represent A. variance of Poisson distribution B. standard deviation in Poisson distribution C. mean in Poisson distribution D. mean in cumulative distribution
The type of probability distribution whose standard deviation is one and the mean is equal to zero is classified as A. weighted probabilities distribution B. standard normal probability distribution C. normal cumulative probability distribution D. approximated normal distribution
The value which is used to measure the distance between mean and random variable x in terms of standard deviation is called A. z-value B. variance C. probability of x D. density function of x
If the random samples are drawn without replacement and the population from which samples are drawn is infinite then the method which is not applicable is A. weighted error probability distribution B. hyper geometric probability distribution C. Bernoulli probability distribution D. asymmetrical
The variance of binomial probability distribution is larger in value if A. q is greater than 0.5 B. p and q are equal C. p and q are greater than 0.5 D. p is greater than 0.5
The probability of failure in binomial distribution is denoted by A. p = q +1 B. p = q - 1 C. q = 1 + p D. q = 1 - p
The type of distribution which is useful when the occurrences of events are constant is classified as A. open frequency distribution B. class frequency distribution C. rectangular distribution D. square distribution
The binomial probability distribution is classified as symmetric if A. value of p and q is equal B. value of p is greater than q C. value of p is smaller than q D. all of above
If the value of failure in binomial probability distribution is 0.70 and success is 0.30 and the number of values in distribution are 7 then the moment coefficient of kurtosis is A. 0.51 B. 0.18 C. 0.28 D. 0.48
In the normal distribution, the z-score and z-statistic are classified as names of A. standardized normal random variable B. Poisson random variable C. normal geometric variable D. weighted average variable
If the trial is repeated 6 times and the chances of success for desired outcome is 0.75 then the variance for negative probability distribution is A. 4.67 B. 2.67 C. 3.67 D. 5.67
If the chances of success in a distribution are 0.68 and the number of values in distribution are 4 then the mean of Poisson probability distribution is A. 3.72 B. 1.72 C. 2.72 D. 4.72
The process in which the trials are statistically independent and each trial of event has only two outcomes is classified as A. Bernoulli process B. Bayes process C. functional process D. independent limited process
The selling price of product is subtracted from purchasing price of product to calculate A. profit of product B. loss of profit C. cumulative average D. weighted average
If the rate of occurrences in Poisson probability distribution is smaller and the occurrences have large numbers then the distribution tends to be A. negatively skewed and mesokurtic B. positively skewed and mesokurtic C. symmetrical and leptokurtic D. symmetrical and mesokurtic
If the total number of elements with some specific characteristics is 18 from a population of 40 and the sample is drawn without replacement with the size of 4 then the mean of hyper geometric probability distribution is A. 4.8 B. 1.8 C. 2.8 D. 3.8
The class of variable which can accept only the values from set of integers is classified as A. discrete random variable B. continuous random variable C. posterior random variable D. interior random variable
If the number of trials are 8 and the probability of success are 0.65 then the mean of negative probability distribution is A. 8.65 B. 12.31 C. 5.2 D. 7.35
Considering the normal distribution, the spread is increased and the height of the curve is decreased for the A. smaller value of variance B. larger value of variance C. larger value of standard deviation D. smaller value of standard deviation
The discrete probability distribution in which the outcome is very small with a very small period of time is classified as A. posterior distribution B. cumulative distribution C. normal distribution D. Poisson distribution
If the μ is equal to 25 then the value of mean for exponential probability distribution is A. 0.4 B. 0.08 C. 0.07 D. 0.04
if the z-score of normal distribution is 2.5, the mean of the distribution is 45 and the standard deviation of normal distribution is 3 then the value of x for a normal distribution is A. 97.5 B. 47.5 C. 37.5 D. 67.5
The formula of calculating the expected value of random variable x of gamma distribution is as A. E(x) = n ⁄ μB. E(x) = pq ⁄ μC. E(x) = μ ⁄ np D. E(x) = α ⁄ μ
If the value of λ is 9 and value of random variable x is 5 then the value of z-score is A. −2.58 B. −1.86 C. −2.34 D. −1.34
In standard normal probability distribution, the z-score of distribution will be zero if A. x < μB. x > μC. x = μD. all of above
The standard normal probability distribution has mean equal to 40, whereas the value of random variable x is 80 and the z-statistic is equal to 1.8 then the standard deviation of standard normal probability distribution is A. 120 B. 80 C. 40 D. 20
The probability distribution of discrete random variable is classified as A. probability mass function B. posterior mass function C. interior mass function D. continuous mass function
The formula such as mn ⁄ (m + n)² (m + n + 1) is used to calculate A. variance in exponential distribution B. variance in alpha distribution C. variance in gamma distribution D. variance in beta distribution
If the value of interval a is 4 and the value of interval b is 5 then the variance of uniform distribution is A. 6.75 B. 4.75 C. 5.75 D. 0.75
The type of continuous distribution in which the probability is constant is classified as A. rectangular distribution B. square distribution C. open frequency distribution D. class frequency distribution
The 2600 applications for home mortgage are received by a bank and the probability of approval is 0.78 then the standard deviation of binomial probability distribution is A. 2028 B. 546.16 C. 446.16 D. 646.16
If the value of x is less than μ of standard normal probability distribution then the A. z-statistic is negative B. z-statistic is positive C. f(x) will be even number D. f(x) will be prime number
If the mean of binomial probability distribution is 25 then the mean of Poisson probability distribution is A. 70 B. 50 C. 25 D. 50
The condition for negative exponential distribution considering mean (μ) is that A. μ must be less than zero B. μ must be greater than one C. μ must be greater than zero D. μ must be smaller than twp
For a rectangular or uniform distribution, the value of interval a is 7 and the value of interval b is 8 then the value of mean for the distribution is A. 1.33 B. 3.33 C. 2.33 D. 4.33
If the value of p is 0.60 and value of n is 3 whereas the random variable x is equal to 4 then the value of z-score of distribution is A. 1.59 B. 2.59 C. 2.68 D. 0.59
Consider the probability distribution as standard normal, if the value of μ is 75, the value of x is 120 with the unknown standard deviation of distribution then the value of z-statistic A. will be one B. will be zero C. will be negative D. will be positive
The types of probability distributions by taking their functions of considerations must include A. posterior probability distribution B. discrete probability distribution C. continuous probability distribution D. both b and c
If the sample size is 6 and the population is 50 from which it is drawn without replacement and the elements for success are 22 then the variance of hyper geometric probability distribution is A. 1.388 B. 2.388 C. 3.388 D. 4.388
The probability which explains x is equal to or less than particular value is classified as A. discrete probability B. cumulative probability C. marginal probability D. continuous probability
The normal distribution is also classified as A. Gaussian distribution B. Poisson distribution C. Bernoulli's distribution D. weighted average distribution
The formula of mean of uniform or rectangular distribution is as A. mean = 4(b +a) ⁄ 2b B. mean = (b +a) ⁄ 2 C. mean = (b - 2a) ⁄ 4 D. mean = (2a + 2b) ⁄ 2a
The demand of products per day for three days are 21, 19, 22 units and their respective probabilities are 0.29, 0.40, 0.35. The profit per unit is$0.50 then the expected profits for three days are A. 21, 19, 22 B. 21.5, 19.5, 22.5 C. 0.29, 0.40, 0.35 D. 3.045, 3.8, 3.85
In a negative binomial distribution of probability, the random variable is also classified as A. discrete random variable B. continuous waiting time random variable C. discrete waiting time random variable D. discrete negative binomial variable
If the value of m in beta distribution is 35 and the value of n in beta distribution is 50 then the expected value of random variable x in beta distribution is A. 0.411 B. 0.311 C. 0.511 D. 0.211
The formula in which the binomial distribution approaches normal probability distribution with the help of normal variable is written as A. x - qn divided by square root of pq B. x - np divided by square root of npq C. x + np divided by square root of np D. x - pq divided by square root of npq
The formula of calculating mean for hyper geometric probability distribution is A. n (m ⁄ n)B. m (n ⁄ n)C. n (n ⁄ m)D. n (m ⁄ n)
If the value of x for normal distribution is 35, the mean of normal distribution is 65 and the standard deviation is 25 then the standardized random variable is A. −1.5 B. −1.2 C. −1.7 D. −4
The class of variable which can accept any value within the upper and lower limit is classified as A. posterior random variable B. interior random variable C. discrete random variable D. continuous random variable
If the value of success in binomial probability distribution is 0.40 and failure is 0.60 and the number of values in distribution are 5 then the moment coefficient of skewness is A. 0.467 B. 0.167 C. 0.267 D. 0.367
In binomial probability distribution, the success and failure generated by the trial is respectively denoted by A. p and q B. a and b C. p + q D. p - q
If the value of interval a is 2.5 and the value of interval b is 3.5 then the value of mean for uniform distribution is A. 0.5 B. 3 C. 2.5 D. 3.5
The number of products manufactured in a factory in a day are 3500 and the probability that some pieces are defected is 0.55 then the mean of binomial probability distribution is A. 1925 B. 6364 C. 63.64 D. 3500
The value which is obtained by multiplying the possible values of random variable with the probability of occurrence and is equal to weighted average is called A. discrete value B. weighted value C. expected value D. cumulative value
In binomial distribution, the formula of calculating mean is A. μ = p + q B. μ = np C. μ = pq D. μ = qn
If the μ is equal to 8 then the standard deviation of exponential probability distribution is A. 0.425 B. 0.125 C. 0.225 D. 0.325
If the value of p is smaller or lesser than 0.5 then the binomial distribution is classified as A. skewed to right B. skewed to left C. skewed to infinity D. skewed to integers
The tail or head, the one or zero and the girl and boy are examples of A. non-functional events B. complementary events C. non complementary events D. functional events
The mean of binomial probability distribution is 857.6 and the probability is 64% then the number of values of binomial distribution A. 1040 B. 1340 C. 1240 D. 1140
In the Poisson probability distribution, if the value of λ is integer then the distribution will be A. bimodal B. unimodal C. positive modal D. negative modal
The distribution whose function is calculated by considering the Bernoulli trials that are infinite In number is classified as A. negative Poisson distribution B. bimodal cumulative distribution C. common probability distribution D. negative binomial probability distribution
The formula in which the Poisson probability distribution approaches normal probability distribution with the help of normal variable is written as A. x + λ ⁄ square root of λB. x * λ ⁄ square root of x*λC. x - λ ⁄ square root of λD. x + λ ⁄ square root of pqλ
The variance of random variable x of gamma distribution can be calculated as A. Var(x) = n + 2 ⁄ μsup2;B. Var(x) = n ⁄ μsup2;C. Var (x) = n * 2 ⁄ μsup2;D. Var(x) = n - 2 ⁄ μsup3;
In binomial distribution, the formula of calculating standard deviation is A. square root of p B. square root of pq C. square root of npq D. square root of np
In random experiment, the observations of random variable are classified as A. events B. composition C. trials D. functions
The formula to calculate standardized normal random variable is A. x - μ ⁄ σB. x + μ ⁄ σC. x - σ ⁄ μD. x + σ ⁄ μ
In binomial probability distribution, the dependents of standard deviations must includes A. probability of q B. probability of p C. trials D. all of above
The arithmetic mean is multiplied to the coefficient of mean absolute deviation to calculate the A. absolute mean deviation B. absolute median deviation C. relative mean deviation D. relative median deviation
If the scatter or dispersion in the distribution is less on each side then this indicates A. high uniformity of data B. dispersion of data C. outliers of data D. low uniformity of data
Considering two projects for investment X and Y, the standard deviation of project A is USD $5650 and standard deviation of project B is 12, 680 then the project that must be selected for investment is A. consider both projects B. project B C. project A D. none of above
In terms of mean absolute deviation, the quartile deviation is equal to A. 5⁄6 M.A.D B. 6⁄5 M.A.D C. 4⁄5 M.A.D D. 2⁄3 M.A.D
The price of gasoline for three days are as 98, 96, 97, 100 then the value of standard deviation with the assumed mean method is A. 15 B. 10 C. 1 D. 11
The total order processed at courier office for five days are as 10, 6, 8, 7, 9 then total sum of squares is A. 12 B. 40 C. 10 D. 8
In the formula of sample variance the Σ(x-x‾)² is called A. total sum of squares B. total differences of squares C. multiplier of deviation D. divisor of mean deviation
The mean absolute deviation is 23 and coefficient of mean absolute deviation is 18 then arithmetic mean is A. 2.28 B. 1.28 C. 3.28 D. 4.28
One of the advantages of using quartile deviation is to use it for A. open end class interval B. close end class interval C. open end class width D. close end class width
The letter used to denote variance of population is A. 2σ²B. 2Σxy C. 2Σ²D. σ²
The coefficient of quartile deviation is 10.34% and the difference of first and third quartile is 15 then the sum of third and first quartile is A. 155 B. 165 C. 175 D. 145
If the coefficient of variation is 13.4% and the standard deviation is 12 then the arithmetic mean of that set of observations is A. 69.5 B. 99.5 C. 59.5 D. 89.55
The difference between first and third quartile is 20 and the sum of first and third quartile is 60 then coefficient of quartile deviation is A. 18%B. 15%C. 3%D. 13%
If the first quartile is subtracted from median then the answer must be equal to A. third quartile minus median B. third quartile plus median C. first quartile plus median D. median multiply third quartile
The numbers or values that are considered independent of measurement units are called A. coefficient B. uniformity C. variation D. exploration
The quartile deviation for number of X-ray patients who visits orthopedic in 7 consecutive days is 14 then mean absolute deviation is A. 18.8 B. 15.8 C. 10.8 D. 16.8
The measure of variation which is useful in large deviations occurrences on occasional basis is considered as A. mean absolute deviation B. standard deviation C. variance D. median deviation
The inter quartile range and the coefficients of range are two categories of A. average deviation measures B. availability measures C. average measures D. distance measures
Considering the sample rather than population, the standard deviation is thus denoted by A. small s B. capital s C. ΩD. σ

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