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EC305 – Economic Statistics
Boston University, Fall 2010
by Arhan Ertan
HW1
Due:
September 21, in class
1.
A recent study examined the intended travel destinations for a sample of residents from Grand
Rapids, Michigan.
The respondents indicated the likely destination of their next vacation.
The
results of this survey are as follows: 8% were contemplating an international trip, 16% were
considering Florida, 30% said they would go to California, 36% thought they would go somewhere
within Michigan, and the remaining 10% were looking at some other destination.
a) Construct a bar chart to show this information
b) Construct a pie chart to show this information.
2.
Describe briefly what is meant by simple random sampling.
3.
Discuss briefly the difference between descriptive and inferential statistics.
4.
What is the difference between a frequency distribution and a relative frequency distribution?
5.
Why is a cumulative relative frequency distribution so much more informative than just the
relative frequency distribution?
6.
A recent Wall Street Journal poll asked a group of American voters to rate economic conditions
in the United States. 92% of the respondents rated economic conditions as “unfavorable.”
Identify the population, sample, sample statistic, and population parameter in this survey.
7.
An investment councilor recently reviewed the account activity of a sample of 10 of his clients and
calculated the average number of stock trades per month over the past year for each client.
He
obtained the following data values: 10.2, 2.5, 11.4, 3.2, 1.1, 3.4, 8.4, 9.7, 11.2, and 2.4.
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 Spring '10
 Arahan

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