Econ424Spring2003-midterm

Econ424Spring2003-midterm - Econ 424 Spring 2003 Midterm...

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Econ 424 Spring 2003 Your Name _____________________ Midterm April 3, 2002 Student ID _____________________ Midterm for Econ 424 Spring 2003 This midterm is an open book exam. Please feel free to use any material, hard copy or computer file. But you must work independently. You only need to turn in the hard copy, no computer files. If you are short of space, please use the back of the midterm pages, but make sure you give clear instructions on where to find your answers. For all the statistical tests, use significant level α =0.05. Total points: 100. 1. (10 points) What excel command do you use to generate a random draw from a uniform distribution on [-1, 5]? _______________________________________. What excel command do you use to generate a random draw from a normal distribution with mean 10 and standard deviation 5? _______________________. The rest of the exam considers a correlation between state lottery ticket sales and income per capita. State lottery is subject to hot debate in public finance – on one hand, it is an important source of state revenue; on the other hand, it is argued that state lottery encourages gambling, especially among economically disadvantaged people. Position yourself as a research assistant and complete the following analysis with a data set created from the 2000 Survey of Government Finances: Variable definition: STATE State Name LOTTERY Lottery ticket sales per capita ($) INCOME Personal Income per capita ($) 2. (25 points) Some states do not allow any sales of lottery tickets. In that case, LOTTERY is set to zero. How many states fall into this category? _________.
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This note was uploaded on 04/18/2008 for the course ECON 424 taught by Professor Gingerzhejin during the Spring '03 term at Maryland.

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Econ424Spring2003-midterm - Econ 424 Spring 2003 Midterm...

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