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- Ecnomic Understanding
- Ecnomic Understanding 221
- Ruediger
- Practice Exam 1 (without chart Qs)

Marion Regine R.

_____ data use descriptive terms to measure or classify something of interest.

qualitative

Which of the following is an example of quantitative data?

(A. Apple's closing stock price today)

(B. Your telephone number)

(C. Your gender)

(D. The zip code of your home address)

A. Apple's closing stock price today

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Which levels of measurement are considered quantitative data?

interval & ratio

The Graduate Management Admission Test (GMAT) is a standardized test used by schools to determine the aptitude of individuals who are applying for MBA programs. The range of the GMAT score is 200-800. Brian has recently taken the exam & scored 720. This is an example of _____.

interval data

A respondent of a survey is asked whether their most recent dining experience was excellent, good, fair, or poor. The person indicates that the experience was "good." This is an example of _____ data.

ordinal

_____ data are values collected from a number of subjects (firms, individual, states, regions, etc.) during a single time period.

cross-sectional

A table shows the number of televisions sold at the local Best Buy store over the past seven days. What data type best describes the table?

time series

The proportion of customers that rate their last airline experience as "excellent" is an example of _____.

descriptive statistics

A _____ is a portion of a population that is representative of the population from which it is selected.

sample

_____ are values that can take on any real numbers, including numbers that contain decimal points. This data is often the result of measuring observations rather than counting them.

continuous

_____ totals the proportion of observations that are less than or equal to the class at which you are looking.

cumulative relative frequency distributions

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The class _____ represent the minimum & maximum values for each class of a frequency distribution using grouped quantitative data.

boundaries

A data set has 60 observations with a minimum value equal to 30 & a maximum value equal to 72. The estimated class width using the 2^{k}>n rule to determine the number of classes is _____.

7

_____ group several values in a single column within the same category in a vertical direction.

stacked bar charts

Use a _____ chart if you want to compare the relative sizes of the classes in a frequency distribution & together they comprise all possible categories.

pie

The following data represents the ages of a household that consists of 5 people: 39, 37, 12, 7, 7. Assuming this household represents a population, the mean of this data set is _____.

20.4

The _____ is found by first determining the index point, i=0.5(n), where n is the number of data points.

median

The following data represents the ages of a household that consists of 5 people: 39, 37, 12, 7, 7. The median of this data set is _____.

12

The following data represents the ages of a household that consists of 5 people: 39, 37, 12, 7, 7. The mode of this data set is _____.

7

What is true for a left-skewed distribution?

the mean is less than the median

The following data represents the number of Sony TVs sold per day at a particular Costco over a sample of 5 business days: 7, 2, 6, 6, 4. The standard deviation of this sample is _____.

2.0

Comparing the consistency between two data sets when their means are very different is best done with the _____.

coefficient of variation

The average salary for a sales representative in a medical billing company is $46,600 with a standard deviation of $6,400. The coefficient of variation for salaries at this company is _____.

13.7%

The average class size this semester in the business school of a particular university is 38.1 students with a standard deviation of 12.9 students. The z-score for a class with 21 students is _____.

-1.33

Suppose the nightly rate for a 3-star hotel in Paris is thought to be bell-shaped & symmetrical with a mean of 160 euros & a standard deviation of 8 euros. The percentage of rates between 144 & 176 euros is _____.

approximately 95

The median is the _____ percentile in the data set.

50th

The MCAT is based on a scale of 0-45. The following data shows the MCAT scores for 9 students: 32, 36, 29, 31, 30, 35, 34, 26, 30. The 35th percentile of this data set is _____.

30

Two six-sided die are rolled. calculating the probability of the sum of the two die being a 10 is an example of using _____ probability.

classical

The probability of the intersection of two events is known as a _____ probability.

joint

_____ probability is the probability of Event A occurring without any additional information that could influence the event.

prior

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