Study Guide Econ 306 - Exam 1 and Exam 2 & Final Exam – WKU Questions With Correct Solutions!!

Study Guide Econ 306 - Exam 1 and Exam 2 & Final Exam – WKU Questions With Correct Solutions!! The center of a normal curve is - ANSWERthe mean of the distribution For a normal distribution, a positive value of z indicates that - ANSWERthe sample mean is larger than the population mean Which of the following is not a characteristic of the normal probability distribution? - ANSWERThe standard deviation must be 1 Larger values of the standard deviation result in a normal curve that is - ANSWERwider and flatter A simple random sample of 100 observations was taken from a large population. The sample mean and the standard deviation were determined to be 80 and 12 respectively. The standard error of the mean is - ANSWER1.20 A theorem that allows us to use the normal probability distribution to approximate the sampling distribution of sample means and sample proportions whenever the sample size is large is known as the - ANSWERcentral limit theorem As the sample size increases, the - ANSWERstandard error of the mean decreases A finite population correction factor is needed in computing the standard deviation of the sampling distribution of sample means - ANSWERwhenever the sample size is more than 5% of the population size Stratified random sampling is a method of selecting a sample in which - ANSWERthe population is first divided into strata, and then random samples are drawn from each stratum A sample of 92 observations is taken from an infinite population. The sampling distribution of xbar is approximately - ANSWERnormal because of the central limit theorem Sampling distribution of xbar is the - ANSWERprobability distribution of the sample mean Fo