ECO 2100 - FINAL EXAM Updated Questions With Complete Answers

(Ch1)"As a lawyer Bob must be rich, because lawyers make lots of money." This statement best illustrates which fallacy? - ANS Generalizing from an average to an individual. (Ch1) True or False? In 50,000 births, a new vaccine reduces the incidence of infant mortality significantly from 14.2 deaths per 1000 births to 10.3 deaths per 1000 births. This statistically significant reduction is also of practical importance. - ANS True (Ch2) Which of the following statements is true? . The number of regional warehouses owned by Jankord Industries is ordinal data. b. The number of Nobel prize-winning faculty at Oxnard University is continuous data. c. The duration (minutes) of a flight from Boston to Minneapolis is ratio data. d. The type of charge card used by a customer (Visa, MasterCard, AmEx) is interval data. - ANS The duration (minutes) of a flight from Boston to Minneapolis is ratio data. Which one is a time series dataset? a. Net earnings reported by Xena Corp for the last 10 quarters. b. Titles of the top 10 movies in total revenue last week. c. VISA balances 30 students on December 31 of this year. d. Dollar exchange rates yesterday against 10 other world currencies. - ANS Net earnings reported by Xena Corp for the last 10 quarters. A population consists of several groups with small within-group variations but large between-group variations. Then the proper sampling method to get a random sample is _____. - ANS stratified sampling True or False? One limitation of dot plots is that when the sample sizes are large, they do not reveal the exact data range. - ANS False If you have 32 data points, how many classes (bins) would the Sturges' Rule suggest? - ANS 6 Below is a frequency distribution of off-campus monthly rents paid by 1,000 ASU freshmen. What is the relative frequency for the third bin [500, 600)? a. 0.90 b. 0.45 c. 0.15 d. 0.30 - ANS 0.45 Below is a frequency distribution of off-campus monthly rents paid by 1,000 ASU freshmen. What is the cumulative frequency for the second bin [400, 500)? a.700 b.900 c.450 d.650 - ANS 450 Below is a frequency distribution of off-campus monthly rents paid by 1,000 ASU freshmen. What is the cumulative relative frequency for the third bin [500, 600)? a.0.45 b.0.25 c.0.80 d.0.90 - ANS 0.90 (Ch3) True or False? In a bimodal histogram, the heights of the two highest bars are always the same. - ANS False