BUS 500 Midterm Answers

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BUS 500 Midterm Spring 2013 A1 St. Thomas University Dr. S. Gupta Answer all questions. You must show your calculations and work where appropriate. No credits will be given to answers without detailed work. You have 48 hours to turn in the answers from the time you pick it up. The exam is open books, open notes, closed friends and professors. You are NOT to discuss or share the exam and/or your answers with anyone. Any deviation from the above rule will be considered as academic dishonesty and will lead to an “F” grade. You must turn in the exam by using Blackboard’s “SafeAssignment.” Go to the Assignment section and follow the instructions. Good Luck! Section 1 Multiple Choice Questions 1. The main purpose of descriptive…show more content…
What do the quartile deviation and the interquartile range describe? A) Lower 50% of the observations B) Middle 50% of the observations C) Upper 50% of the observations D) Lower 25% and the upper 25% of the observations E) None of the above 24. What is the relationship between the variance and the standard deviation? A) Variance is the square root of the standard deviation B) Variance is the square of the standard deviation C) Variance is twice the standard deviation D) No constant relationship between the variance and the standard deviation E) None of the above 25. Mr. and Mrs. Jones live in a neighborhood where the mean family income is $45,000 with a standard deviation of $9,000. Mr. and Mrs. Smith live in a neighborhood where the mean is $100,000 and the standard deviation is $30,000. What are the relative dispersion of the family incomes in the two neighborhoods? A) Jones 40%, Smith 20% B) Jones 20%, Smith 30% C) Jones 30%, Smith 20% D) Jones 50%, Smith 33% E) None of the above 26. According to Chebyshev's Theorem, what percent of the observations lie within plus and minus 1.75 standard deviations of the

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