18. Binomial Distribution is an example of __ * A) Discrete Distribution B) Continuous Distribution C) Normal Distribution D) All of the above 19. Consider that you have a bag full of 9 red boxes, 8 blue boxes, 7 green boxes. You are asked to pick different number of boxes every time, and after you pick a box, you keep the box away from the bag (No replacement). What is the probability of not picking a blue box? * A) 2/3 B) 1/6 C) 8/24 D) Impossible to calculate 20. For any data set, what are the two ways in which you can find out the middle value? * A) Mean and Variance B) Variance and Standard Deviation C) Median and Mean D) Variance and Mode 21. The accuracy/reliability of any regression model is determined by looking at the value of: A) Z statistics B) F statistics C) R-squared D) Critical T-score 22. If the population from which samples are drawn is normally distributed, then the sampling distribution of the sample mean is: * A) not normally distributed B) normally distributed if n is 30 or larger C) always normally distributed D) approximately normally distributed is n is less than 30 23. Opportunity cost is * A) How much money we pay when we buy a good B) The benefits of an alternative that we give up when we make a choice or a decision C) The additional cost of producing an additional unit of output D) The additional cost of buying an additional unit of a product 24. All of the following are examples of opportunity cost except: * A) the leisure time sacrificed to study for an exam. B) the income which could have been earned by a college student had he or she worked full time instead of attending college. C) the building which could have been built with the construction materials and labor used to build a new university library. D) all of the above are examples of opportunity costs. 25. The demand for higher education is increasing at an annual rate of 8 percent while income is increasing at an annual rate of 6 percent. This implies higher education is: * A) a luxury good B) an inferior good C) a necessity D) a neutral good

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