Economics 307 Name_______________________________ First ExamSpring 2013 Honor Pledge _________________________ SignatureInstructions:Please show all of your work so that partial credit may be awarded. Correct answers not showing calculations will not be awarded full credit. Total points = 100.
1. (4 points each) Indicate whether the statements below are true or false; if false, correct the statement in a meaningful way to make it correct.a.For data that are noticeably positively skewed, the median will be above the mean.b.You are studying the relationship for W&M students between Virginia state residency and political views. You find that among the Virginia residents, 24% identified themselves as liberal. If 24% of W&M students are liberals, then you have found no relationship between state residency and liberal political views (that is, that they are statistically independent).c.If the covariance between two random variables is 0.352, then there probably is only a very weak positive relationship between the two variables.d.A fair roulette wheel has come up black ten times in a row. The “law of averages” says that the probability that the next spin will come up red is very high.e. Political polling is based on independent, random selection of likely voters. Thus every