Econ 3790: Statistics for Business and Economics

Instructor: Yogesh Uppal

You are allowed to use a standard size (8.5*11) cheat sheet and a simple calculator. Please write all the answers with a BALL-POINT PEN or an INK PEN. If you have any questions during the exam, please raise your hand. GOOD LUCK!!! I am sure you guys will do great.

Multiple Choice

Identify the letter of the choice that best completes the statement or answers the question and write it in the space given next to the question number. Each multiple choice question is worth 1 point. ____

____

____

____

____

1. In a questionnaire, respondents are asked to mark their gender as male or female. Gender is an example of the a. ordinal scale

b. nominal scale

c. ratio scale

d. interval scale

2. Data obtained from a nominal scale

a. must be alphabetic

b. can be either numeric or nonnumeric

c. must be numeric

d. must rank order the data

3. In a post office, the mailboxes are numbered from 1 to 4,500. These numbers represent a. qualitative data

b. quantitative data

c. either qualitative or quantitative data

d. since the numbers are sequential, the data is quantitative 4. A tabular summary of a set of data showing the fraction of the total number of items in several classes is a a. frequency distribution

b. relative frequency distribution

c. frequency

d. cumulative frequency distribution

5. A tabular method that can be used to summarize the data on two variables simultaneously is called a. simultaneous equations

b. crosstabulation

c. a histogram

d. an ogive

Exhibit 1-1

A survey of 800 college seniors resulted in the following crosstabulation regarding their undergraduate major and whether or not they plan to go to graduate school.

Graduate School

Yes

No

Total

Undergraduate Major

Business

Engineering

70

84

182

208

252

292

Others

126

130

256

Total

280

520

800

____

____

____

____

6. Refer to Exhibit 1-1. What percentage of the students does not plan to go to graduate school? a. 280

b. 520

c. 65

d. 32

7. Refer to Exhibit 1.1. What percentage of the students' undergraduate major is engineering? a. 292

b. 520

c. 65

d. 36.5

8. Refer to Exhibit 1-1. Of those students who are majoring in business, what percentage plans to go to graduate school?

a. 27.78

b. 8.75

c. 70

d. 72.22

9. is an example of a

a. population parameter

b. sample statistic

c. population variance

d. mode

Exhibit 1-2

The weights (in pounds) of a sample of 36 individuals were recorded and the following statistics were calculated.

mean = 160

mode = 165

median = 170

range = 60

variance = 324

____ 10. Refer to Exhibit 1-2. The coefficient of variation equals a. 0.1125%

b. 11.25%

c. 203.12%

d. 0.20312%

____ 11. Refer to Exhibit 1-2. The distribution of weights in the above sample is a. positively skewed

b. negatively skewed

c. symmetric

d. None of the above

____ 12. Refer to Exhibit 1-2. The 50th percentile is

a. 160

b. 165

c. 170

d. cannot be answered give the amount of information.

____ 13. Refer to Exhibit 1-2. What is the difference between the largest value and the smallest value of the data? a. 160

b. 60

c. 40

d. None of the above

____ 14. Refer to Exhibit 1-2. The standard deviation of the above data is a. 20

b. 18

c. 16

d. 14

____ 15. Events A and B are mutually exclusive. Which of the following statements is also true? a. A and B are also independent.

b. P(A B) = P(A)P(B)

c. P(A B) = P(A) + P(B)

d. P(A B) = P(A) + P(B)

____ 16. A method of assigning probabilities based upon judgment is referred to as the a. relative method

b. probability method

c. classical method

d. subjective method

____ 17. The multiplication law is potentially helpful when we are interested in computing the probability of a. mutually exclusive events

b. the intersection of two events

c. the union of two events

d. conditional events

____ 18. If A and B are...