InstructionsInstructionsIf the question requires computation, do the calculations and then give or select the correct values using the following rule:Keep at least 4 decimal places at intermediate steps of a calculation, and round your final answer to 2 decimal places, unless otherwise noted. For example: 16.6667 would become 16.67 after rounding(In the course notes for Module 7, probabilities such .678934 are instead rounded to four decimal places, so the correct way to report the aforementioned probability is .6789)Multiple AttemptsThis test allows 2 attempts. This is attempt number 1.Force CompletionThis test can be saved and resumed later.Your answers are saved automatically.1Questions 1-4 are based on the following information: You and your friends have decided to go to The Kentucky Derby. There are 12 horses in the race. How many ways can the horses come in first, second, or third? This an example of a __________ problem? factorial combinationpermutation CPIQuestion 2Questions 1-4 are based on the following information:You and your friends have decided to go to The Kentucky Derby. There are 12 horses in the race. How many ways can the horses come in first, second, or third?What is the numeric value of N? 3 121320 none of the aboveQuestion 3Questions 1-4 are based on the following information:You and your friends have decided to go to The Kentucky Derby. There are 12 horses in the race. How many ways can the horses come in first, second, or third?What is the numeric value of r? 3 121320 none of the aboveQuestion 4Questions 1-4 are based on the following information:You and your friends have decided to go to The Kentucky Derby. There are 12 horses in the race. How many ways can the horses come in first, second, or third?What is the calculated value (solution) for this example? 3 121320 none of the aboveQuestion 5A security system uses a 2-letter password, but no letter can be used more than once. How many possible passwords are there if 5 of the letters of the alphabet can be used by the system? (Use these numbers for this question only!)For this question indicate only what the value of N is?Question 6A security system uses a 8-letter password, but no letter can be used more than once. How many possible passwords are there if 23 of the letters of the alphabet can be used by the system? (Use these numbers for this question only!)For this question indicate only what the value of r is?Question 7A security system uses a four-letter password, but no letter can be used more than once. How many possible passwords are there if 26 of the letters of the alphabet can be used by the system? (Use these numbers for this question only!Question 8How many ways are there to select a subcommittee of 7 members from among a committee of 38? (Use these numbers for this question only!)Question 9You have 12 friends with whom you like to play golf. However, the golf cart only seats 4 people. Since you will take up one seat, you can only play with 3 friends at one time. How many different groups of golfers can you have?This an example of CombinationPermutationInverted statistical combinationInverted statistical permutationQuestion 10You have 71 friends with whom you like to play golf. However, the golf cart only seats 4 people. Since you will take up one seat, you can only play with 3 friends at one time. How many different groups of golfers can you have? (Use these numbers for this question only!)What is the value of N in this example?Question 11You and your friends have decided to go to the horse races. There are 10 horses in the first race. How many different ways can the horses come in first, second, and third?Question 126! Is equal to what number?30120360720Question 13Which of the following statements is a true statement?With a combination, order matters.r represents the total possible number of objects being counted.With a permutation, order matters.With a permutation, order does not matter.With both permutation and combination, order does not matter.Question 14Which statement below is false regarding the CPI?The CPI is the most common measure of change in the cost of living in the United States.The CPI is based on a variable market basket price index.The CPI is a common measure of inflation.The CPI measures the cost of a market basket of goods and services that represent the typical purchases of urban households.Question 15Using 1995 as the base period, the price index for cars is now 140. What does this index number mean?The price of cars has decreased 40% since 1995.The price of cars has increased 40% since 1995.The price of cars has increased 140% since 1995.The current price of cars is within $140 of the 1995 price.Question 16A _________ economic indicator is one whose changes precede changes in the economy.LeadingCoincidenceLaggingVangardQuestion 17One criticism of the CPI is that the market basket used in the CPI may not reflect current spending priorities. Which of the following is an example of this?Personal computers were less powerful in 1982-1984.Cell phones are more commonly purchased today than in 1993-1995.Using extreme couponing methods, a family can save hundreds of dollars a month.Goods cost more in Alaska and Hawaii due to transportation costs.Question 18The CPI's at the start of each decade from 1950 to 2005 were: What was the rate of inflation for the 1960s, as measured by the percentage change in the CPI?9.2%22.8%23.7%31.1%Question 19The CPI's at the start of each decade from 1950 to 2005 were: What was the rate of inflation for the 1980s, as measured by the percentage change in the CPI?37.0%48.3%58.6%112.4%Question 20Which of the following is not one of the 8 major categories of the CPI, as of 1998?ApparelDairy and related productsMedical careRecreationQuestion 21If rent for a particular apartment was $477/month in 1980 (CPI = 82.4), what would be the comparable rent in 1990 (CPI 130.7)? Round your answer to the nearest cent (i.e. two decimal places). Only enter the number, not the dollar sign ($). Question 22What was the original base year for the CPI?1899191319821989Question 23The Consumer Price IndexIs representative of the typical family budget in the Midwest.Was originally developed to determine salary adjustments.Is updated every three years to reflect inflation.Was last updated in 1981.