(1) The best regression line is the one that:
is furthest from the set of sample data points.
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has an S-shape.
maximizes the sum of the squared errors.
minimizes the sum of the squared errors.
minimizes the coefficient of determination r².
(2) Which of the following is a qualitative factor rather than a quantitative factor?
Weekly sales for a company
Total production cost
Gross national product
All of the above
(3) A consulting firm has received 2 Super Bowl playoff tickets from one of its clients. To be fair, the firm is randomly selecting two different employee names to ‘win’ the tickets. There are 6 secretaries, 5 consultants and 4 partners in the firm. Which of the following statements is not true?
The probability of a secretary winning a ticket on the first draw is 6/15.
The probability of a secretary winning a ticket on the second draw given a consultant won a ticket on the first draw is 6/15.
The probability of a consultant winning a ticket on the first draw is 1/3.
The probability of two secretaries winning both tickets is 1/7.
(4) The efficiency of sample information is the ratio of the expected value of sample information to the:
expected value of perfect information.
coefficient of optimism.
expected opportunity loss.
(5) Which of the following statements about scatter diagrams is true?
Time is always plotted on the Y axis.
It can depict the relationship among three variables simultaneously.
It is helpful when forecasting with qualitative data.
The variable to be forecasted is placed on the Y axis.
It is not a good tool for understanding time-series data.
(6) The random error in a regression equation:
is the predicted error.
includes both positive and negative terms.
will sum to a large positive number.
is used the estimate the accuracy of the slope.
is maximized in a least squares regression model.