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Business Statistics_Practice 1

Practice 1

Q 1.An interval estimate is a range of values used to estimate a population parameter. 2.A z statistic is used for a problem involving any sample size and an unknown population standard deviation. 3.The population variation has little or no effect in determining the size of a sample selected from the population. 4.A sample of 2,000 union members was selected, and a survey recorded their opinions regarding a proposed management union contract. A total of 1,600 members were in favor of it. A 95% confidence interval estimated that the population proportion was between 0.78 and 0.82. This indicates that about 80 out of 100 similarly constructed intervals would include the population proportion.5.A point estimate is a single value used to estimate a population parameter.

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1.True 2.False 3. True 4.False 5.True