1. Which of the following weighted price index numbers uses only the quantity measures for the current period as weights?

[A]Laspeyre’s price index

[B]Paasche price index

[C]Fisher’s ideal price index

[D]Fixed weight aggregates price index

2. A card is drawn from a pack of cards randomly. What is the probability that the card drawn is a King of Spade?

[A]1/4

[B]1/13

[C]1/51

[D]1/52

3. If A and B are non-mutually exclusive events such that P(A) = 0.25, P(B) = 0.40 and P(AB) = 0.10, then P(A or B) is equal to

[A]0.06

[B]0.1

[C]0.55

[D]0.65

4. Which of the following is true about Binomial Distribution?

[A]It is a continuous distribution

[B]The probability of the outcome of any trial varies over time

[C]Each trial will have more than two possible outcomes

[D]The outcomes of the trials are statistically independent of each other

5. A fair coin is tossed five times. If getting head is defined as success, what is the probability of getting exactly four successes in the five tosses?

[A]0.25725

[B]0.15625

[C]0.3125

[D]0.10325

6. A market researcher wants to find out the buying behavior of the typical household during the weekends. He divides the city into various localities such that each locality represents the city population in terms of age group, gender and social status. Then he randomly selects five localities and surveys each household. Which of the following sampling techniques best describes the method used by the researcher?

[A]Cluster sampling

[B]Systematic sampling

[C]Stratified sampling

[D]Convenience sampling

7. Which of the following is not a type of random sampling?

[A]Simple Random sampling

[B]Stratified sampling

[C]Systematic sampling

[D]Judgmental sampling

8. A Type II error is said to be committed in a test of hypothesis when

[A]The null hypothesis is true but rejected

[B]The null hypothesis is true and accepted

[C]The null hypothesis is false but accepted

[D]The null hypothesis is false and rejected

9. The manager of a cyber cafĂ© says that the number of customers visiting on the weekdays follows a binomial distribution. Which of the following techniques can be used to accept this hypothesis at a given level of significance?

[A]Test of significance of mean

[B]Chi square test as a test of goodness of fit

[C]Test of significance of difference between two means

[D]Correlation analysis

10. Which of the following is not true about decision tree analysis?

[A]Decision tree is a diagrammatic representation of a decision process

[B]It is an excellent tool for making financial or number based decisions

[C]Alternative decisions and the implications of taking those decisions can be laid and evaluated

[D]Decision tree cannot help in assessing the risk in making decisions concerning investment

11. If the objective function of a profit maximizing linear programming problem is parallel to an edge of the feasible region, which is in the direction of the optimal movement of the objective function, then which of the following statements is true?

[A]There are multiple optimal solutions to the problem

[B]The constraint equations have been formulated incorrectly

[C]There cannot be any optimal solution to the problem

[D]There is only one optimal solution to the problem

12. Which of the following is not a requirement of a linear programming problem?

[A]The problem must have a well defined single objective to achieve

[B]There must be alternative courses of action, one of which will achieve the objective

[C]The decision variables should be able to take any non-negative value

[D]The resources need not be limited in supply

13. Consider the following formulation of a linear programming problem:

Maximize Z = 12x1 +15x2

Subject to :

x1 ≥ 15

x2 ≥ 10

x1 +x2 ≥ 20

Which of the following is correct about the above problem?

[A]The problem has infeasible solutions

[B]The problem has multiple optimal solutions

[C]The problem has no constraint

[D]The problem has unbounded solution

14. What is the reason that the value of chi-square statistic can never be negative?

[A]The difference between the observed and expected frequencies is always positive

[B]The differences between the observed and expected frequencies is always squared

[C]The difference between the observed and expected frequencies is divided by expected frequency

[D]The observed frequency can never be negative

15. Which of the following is true with regard to a given coefficient of correlation and its corresponding coefficient of determination?

[A]The coefficient of determination is always greater than or equal to zero

[B]The coefficient of determination is always negative

[C]The coefficient of determination is always zero

[D]The coefficient of determination always has the same sign as the coefficient of correlation

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