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statsexam1sum10 - Economic Statistics Exam 1 Last name...

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Economic Statistics Exam 1 Last name: May 24, 2010 First name: PID: Please sign that you abide by the honor pledge: This exam contains fifteen short answer questions (worth 6 points each) and three long answer questions (worth 15 points each). Please answer in the space provided. In all problems where you need to make a calculation, simplify your answer as much as possible. Technique is important, so show your work clearly. Short Questions (6 points apiece) 1. Suppose that you collect a sample with the following values: 0,5,18,22,25 . Is this sample “skewed”? If so, in which direction? 2. Name and describe the three most common measures of “central tendency”. 3. A vending machine dispenses snacks randomly. It is initially stocked with 10 items: 4 candy bars and 6 bags of potato chips. (These items are not replaced as you purchase them.) You buy two items from it. Write out the probability distribution for the number of candy bars received: X = P [ X ] 0 1 2
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Econ 400 Midterm 1, page 2 of 7. 4. The range of a variable is one measure of the spread of a distribution. Two advantages are that it can be calculated very quickly and that it can be interpreted easily. However, it has two drawbacks. List these. 5. I quizzed my wife whether she remembered the dates when we did a number of things together (took a trip somewhere, and so on), and I compared them to my recollection. Is there a systematic relationship between these responses? . corr hisanswer heranswer (obs=9) | hisanswer heranswer -------------+------------------ hisanswer | 1.0000 heranswer | 0.7674 1.0000 6. Over five years, the change in the value of an investment is: +3%, -8%, +12%, - 3%, and -4%. What is the average annual return?
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