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Quiz

Chapter 17

Randy Moeller 12 Fragen

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Fragen in diesem Quiz (12)

  1. 1The expected value of an uncertain outcome is:
    1. AThe sum of the probabilities and random variables
    2. BThe product of the probabilities plus random variables
    3. CThe product of the probabilities and random variables
    4. DThe sum of the probabilities times the random variables
  2. 2If your uncle offers you a deal with an expected value much greater than your cost to take part:
    1. AYour uncle may have undervalued the likelihood of the deal going bad
    2. BYour uncle may have underestimated the value of the project in the worst case scenario
    3. CYour uncle may have overvalued the likelihood of the deal being successful
    4. DAll of the above
  3. 3You have to choose between risky options A and B. You calculate the expected value of A is greater than the expected value of B by 0.013%. Your likely course of action is:
    1. AChoose A because it is obviously higher
    2. BChoose B because it is obviously higher
    3. CFlip a coin because it is unlikely your probability estimates are this precise
    4. DChoose neither you are stumped
  4. 4You have to decide whether to sell widgets for $5 or $6 when your marginal cost is $3. In the past, you have had 15% success making the sale at the $5 price and only 10% success at the $6 price:
    1. AThe $5 price yields higher profits
    2. BBoth prices earn the same profits
    3. CThe $6 price yields higher profits
    4. DNeither price earns profits
  5. 5You have to decide whether to sell widgets for $5 or $6 when your marginal cost is $3. In the past, you have had 15% success making the sale at the $5 price and only 10% success at the $6 price. You might increase your profits by:
    1. ASetting a $6 price but offering a $1 discounts if customers begin to break off negotiations.
    2. BListing a price of widgets at $5 but tacking on a $1 premium if customers agree quickly.
    3. CRandomly alternating between the $5 and $6 prices.
    4. DSetting a $7 price and offering a $1 discount to all customers.
  6. 6Selection bias occurs:
    1. ABecause there are systematic differences between the treatment group and the control group that also affect the outcome.
    2. BBecause there are random differences between the treatment group and the control group that also affect the outcome.
    3. CIn randomized controlled experiments.
    4. DLess often in analyses of observational data than in experiments.
  7. 7Randomized experiments represent the "gold standard" in data analytics because:
    1. ASystematic differences between treatment and control groups generate selection bias.
    2. BSelection bias is eliminated since there are no systematic differences between treatment and control groups.
    3. CAnalyses with observational data are worse because they are always biased.
    4. DData scientists want to be considered as legitimate as laboratory scientists.
  8. 8The key determinant of a careful observational study is:
    1. AThe treatment group is created after the fact to be similar to a predetermined the control group.
    2. BThere are still some unexpected differences between the treatment group and the control group that generate selection bias.
    3. CThe control group is created to mimic the treatment group without systematic differences.
    4. DControl groups are determined by some factor that also can affect the outcome.
  9. 9If your analysis leads you to reject a hypothesis that is actually correct:
    1. AYou are committing at Type II error.
    2. BYou are responding to a false positive
    3. CYou are committing a Type I error.
    4. DYou are not observing a false positive.
  10. 10A manager will decide to fund too few projects with uncertain outcomes if:
    1. AProject failures are readily known to the manager's supervisor.
    2. BPassed on opportunities never get exposed.
    3. CManager reviews do not include evaluations projects that were passed over.
    4. DAll of the above.

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Beschreibung
Fianl Exam Econ Quiz am Chapter 17, erstellt von Randy Moeller am 22/07/2018.
Sprache
English
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fianl exam econ
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