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PracticeQuestions1

PracticeQuestions1 - Practice Questions 1 ECO 329 1 When...

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Practice Questions 1 ECO 329 1. When data are collected in a statistical study for only a portion or subset of all elements of interest we are using A) a sample. B) A parameter. C) A statistic. D) A population. 2. A summary measure that is computed from a sample to describe a characteristic of the population is called 3. A summary measure that is computed from a population is called 4. Consider the following frequency distributions generated by Excel. What is the missing cumulative % value identified by asterisk? 5. Consider the following frequency distribution generated by Excel. What is the missing frequency value identified by asterisk? Bin Frequency Cumulative % 584 1 4.00% 1774.4 * 64.00% 2964.8 4 80.00% 4155.2 3 92.00% 5345.6 1 96.00% More 1 100.00% Bin Frequency Cumulative % 12.8 1 5.00% 41.6 5 30.00% 70.4 6 60.00% 99.2 6 * More 2 100.00%

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A) 3 B) 15 C) 16 D) 25 6. The data presented below were collected on the amount of time it takes, in hours an employee, to process an order at a local plumbing wholesaler. 2.8 4.9 0.5 13.2 14.2 8.9 3.7 15.2 11.2 13.4 5.5 10.2 1.1 14.2 7.8 4.5 10.9 8.8 18.2 17.1 7. Percentage returns for the 25 largest U.S. common stock mutual funds for a particular day are displayed below. 24.3 13.6 19.7 25.0 31.0 21.8 24.9 31.5 20.2 25.9 33.2 28.3 20.6 39.8 30.6 19.0 20.6 37.1 24.8 29.9 31.1 32.6 49.9 31.1 38.3 a. Construct a histogram to describe the data. b. Construct an ogive to describe the data. 8. For the following scatter plot, what would be your best estimate of the correlation coefficient? 0 10 20 30 40 50 10 15 20 25 30 35 40 45

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