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ECO366 Midterm exam |Questions Solved 100% Correct | Verified Solutions 2024/25 Update
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ECO366 Midterm exam |Questions Solved 100% Correct | Verified Solutions 2024/25 Update
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ECO366 Midterm exam |Questions Solved 100% Correct| Verified Solutions 2024/25 Update
If the mean of a normal distribution is negative, - ✔✔none of the answers are correct. the mean can
be negative.
The set of measurements collected for a particular element is (are) called - ✔✔observations
In a data set, the number of observations will always be the same as the number of - ✔✔elements
Which of the following is not an example of descriptive statistics? - ✔✔an estimate of the number of
Alaska residents who have visited Canada
Flight time from Cincinnati to Atlanta is an example of a _______ variable and _______ measurement. -
✔✔continuous, ratio
Data collected at the same, or approximately the same, point in time are - ✔✔cross-sectional
Forty percent of all registered voters in a national election are female. A random sample of 5 voters is
selected.
What is the random variable in this experiment? - ✔✔the number of female voters out of 5
Probability of success on binomial distribution - ✔✔denoted as P
A binomial probability distribution with p = .3 is - ✔✔negatively skewed
A random variable that can assume only a finite number of values is referred to as a(n) - ✔✔discrete
random variable
, Excel's BINOMDIST function has how many inputs? - ✔✔4
E (expected value) or mean for probability distribution, variance for probability distribution - ✔✔μ =
Σxp, Var(X) = Σx2p − μ2, standard dev= square root of variance
coefficient of variation - ✔✔the ratio of the standard deviation to the mean x100 to equal a
percentage
Pareto diagram - ✔✔when bars are arranged in descending order of height (most freq. @left).
histogram characteristics to identify - ✔✔shape, center, distribution (spread)
scatter plot characteristics to identify - ✔✔form, direction, strength
left skew/right skew and mean - ✔✔left skew: mean is usually less than median. right skew: mean is
usually higher than median
Calculating inner fence and outer fence - ✔✔Inner: 1.5(IQR) above Q3 and below Q1. Outer: same
but with multiplier of 3.
random variable - ✔✔numerical description of the outcome of an experiment
discrete random variable - ✔✔may assume a finite number or infinite number of values
continuous random variabl - ✔✔may assume any numerical value in an interval or collection of
intervals
properties of a binomial experiment - ✔✔consists of n identical trials, 2 outcomes (success and
failure) on each trial, probability of success is denoted by p and doesn't change trial to trial, and trials
are independent
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