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MAT 540 Week 1 Quiz 1
Question 1
Which of the following is incorrect with respect to the use of models in decision making?
Question 2
The probabilities of mutually exclusive events sum to zero.
Question 3
The term decision analysis refers to testing how a problem solution reacts to changes in one or more of
the model parameters.
Question 4
Variable costs are independent of volume and remain constant.
Question 5
A frequency distribution is an organization of numerical data about the events in an experiment.
Question 6
Objective probabilities that can be stated prior to the occurrence of an event are
Question 7
A set of events is collectively exhaustive when it includes _______ the events that can occur in an
experiment.
Question 8
Which of the following is not an alternative name for management science?
Question 9
Which of the following is an equation or an inequality that expresses a resource restriction in a
mathematical model?
Question 10
____________ techniques include uncertainty and assume that there can be more than one model
solution.

2. Question 11
A ___________ probability is the probability that two or more events that are not mutually exclusive
can occur simultaneously.
Question 12
Total cost equal the fixed cost plus the variable cost per unit divided by volume.
Question 13
Profit is the difference between total revenue and total cost.
Question 14
The events in an experiment are mutually exclusive if only one can occur at a time.
Question 15
In a given experiment, the probabilities of all mutually exclusive events sum to one.
Question 16
An experiment is an activity that results in one of several possible outcomes.
Question 17
Fixed costs depend on the number of items produced.
Question 18
The steps of the scientific method are:
Question 19
A model is a functional relationship and include:
Question 20
In a given experiment the probabilities of mutually exclusive events sum to