Question 1

What is the formula for calculating a simple index number?

Options :

A : The current price divided by the base year’s price times 100

B : The base year’s price divided by the current price times 100

C : The base year’s price divided by the current price

D : The current price divided by the base year’s price

Answer: A

Question 2

When researchers are studying the effect of new drug treatments on patients, bias can be introduced by patients if they are aware of who receives the placebo. Which type of research design eliminates this type of bias?

Options :

A : Observational study

B : Prospective cohort study

C : Time series study

D : Blind study

Answer: D

Question 3

What is a statistical process control procedure for a drill manufacturer?

Options :

A : Determining the different market segments for its drills

B : Determining whether the weight of selected drills is within a tolerable range

C : Forecasting future consumer demand for its drills

D : Implementing collaborative planning forecasting and replenishment

Answer: B

Question 4

A political ballot gives voters the option to vote for one of three candidates. Eight voters cast their ballots. Which statistical rule should be used to determine the possible voting outcomes?

Options :

A : Multiplication principle

B : Conditional probability

C : Bayes' theorem

D : Combination

Answer: A

Question 5

How should a marketing consulting firm perform a cluster analysis for a new granola bar?

Options :

A : Determine the reasons for consumer granola bar purchases

B : Determine the different segments or groups to target

C : Determine competitor benchmarks and forecasts for comparison

D : Determine whether there are any granola bar sales trends

Answer: B