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Practice test 1

1.1: definitions of statistics, probability, and key terms

Use the following information to answer the next three exercises. A grocery store is interested in how much money, on average, their customers spend each visit in the produce department. Using their store records, they draw a sample of 1,000 visits and calculate each customer’s average spending on produce.

1 . Identify the population, sample, parameter, statistic, variable, and data for this example.

  1. population
  2. sample
  3. parameter
  4. statistic
  5. variable
  6. data

2 . What kind of data is “amount of money spent on produce per visit”?

  1. qualitative
  2. quantitative-continuous
  3. quantitative-discrete

3 . The study finds that the mean amount spent on produce per visit by the customers in the sample is $12.84. This is an example of a:

  1. population
  2. sample
  3. parameter
  4. statistic
  5. variable

1.2: data, sampling, and variation in data and sampling

Use the following information to answer the next two exercises. A health club is interested in knowing how many times a typical member uses the club in a week. They decide to ask every tenth customer on a specified day to complete a short survey including information about how many times they have visited the club in the past week.

4 . What kind of a sampling design is this?

  1. cluster
  2. stratified
  3. simple random
  4. systematic

5 . “Number of visits per week” is what kind of data?

  1. qualitative
  2. quantitative-continuous
  3. quantitative-discrete

6 . Describe a situation in which you would calculate a parameter, rather than a statistic.

7 . The U.S. federal government conducts a survey of high school seniors concerning their plans for future education and employment. One question asks whether they are planning to attend a four-year college or university in the following year. Fifty percent answer yes to this question; that fifty percent is a:

  1. parameter
  2. statistic
  3. variable
  4. data

8 . Imagine that the U.S. federal government had the means to survey all high school seniors in the U.S. concerning their plans for future education and employment, and found that 50 percent were planning to attend a 4-year college or university in the following year. This 50 percent is an example of a:

  1. parameter
  2. statistic
  3. variable
  4. data

Use the following information to answer the next three exercises. A survey of a random sample of 100 nurses working at a large hospital asked how many years they had been working in the profession. Their answers are summarized in the following (incomplete) table.

9 . Fill in the blanks in the table and round your answers to two decimal places for the Relative Frequency and Cumulative Relative Frequency cells.

# of years Frequency Relative Frequency Cumulative Relative Frequency
<5 25
5–10 30
>10 empty

10 . What proportion of nurses have five or more years of experience?

11 . What proportion of nurses have ten or fewer years of experience?

12 . Describe how you might draw a random sample of 30 students from a lecture class of 200 students.

13 . Describe how you might draw a stratified sample of students from a college, where the strata are the students’ class standing (freshman, sophomore, junior, or senior).

Questions & Answers

Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
Widad Reply
can you send the book attached ?
Ariel
?
Ariel
What is economics
Widad Reply
the study of how humans make choices under conditions of scarcity
AI-Robot
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn Reply
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn
what is ecnomics
Jan Reply
this is the study of how the society manages it's scarce resources
Belonwu
what is macroeconomic
John Reply
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
etc
husaini
difference between firm and industry
husaini Reply
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from Qd  120 3P to Qd  90  3P and the supply function has shifted from QS  20  2P to QS 10  2P . a) Find the effect of this change on price and quantity. b) Which of the changes in demand and supply is higher?
Toofiq Reply
explain standard reason why economic is a science
innocent Reply
factors influencing supply
Petrus Reply
what is economic.
Milan Reply
scares means__________________ends resources. unlimited
Jan
economics is a science that studies human behaviour as a relationship b/w ends and scares means which have alternative uses
Jan
calculate the profit maximizing for demand and supply
Zarshad Reply
Why qualify 28 supplies
Milan
what are explicit costs
Nomsa Reply
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
David Reply
economic overview notes
Amahle Reply
identify a demand and a supply curve
Salome Reply
i don't know
Parul
there's a difference
Aryan
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
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Source:  OpenStax, Introductory statistics. OpenStax CNX. May 06, 2016 Download for free at http://legacy.cnx.org/content/col11562/1.18
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