QUAN102 Test 2, Often asked questions

often asked questions that will likely pop up in Test 2 xx

What is the best general definition of an outcome in statistics?

something specific that occurs

Which is the best general definition of an outcome’s probability?

The proportion of times that the outcome would occur in a large number of observations

Which is the best general definition of an “event” in statistics?

A collection of one or more outcomes

Which could best be described by a binomial random variable?

Flipping an unfair coin five times and counting the number of heads observed

Which is not a characteristic of a Binomial Random Variable?

The outcome of one binomial trial influences the outcome of subsequent trials

Suppose you observe an average calculated from a sample of independently and identically distributed random variables.

What is the minimum number of observations in our sample that we require (in QUAN102), before we assume the Central Limit Theorem is applicable?

30