Midterm (with solutions) - PART 1 of 2 ECO220 Midterm Test SOLUTIONS(1 Which of the following is a continuous probability distribution(D Page 1 of 1(2

Midterm (with solutions) - PART 1 of 2 ECO220 Midterm Test...

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PART 1 of 2: ECO220 Midterm Test (June 28, 2007) Page 1 of 1 SOLUTIONS (1) Which of the following is a continuous probability distribution? (D) (2) In measuring the strength of a positive linear relationship between X and Y, which of the following affect the magnitude of the coefficient of correlation? (C) (3) Which kind of data often causes an endogeneity bias? (C) (4) For a sample taken from negatively skewed population, which of the following statements about the sample mean would be expected? (D) (5) For a sample of size 100 taken from a Poisson population with λ = 1, what is the distribution of the sample mean? (D) (6) Considering a bell shaped population with a mean of $41,201 and a standard deviation of $10,779, what is the population 51 st percentile? (A) (7) Which of the following describe observational data? (B) (8) X measures the negotiated selling price in dollars for a new Toyota Camry in Toronto. The population distribution of X is normal with a mean of $23,000. What is the probability that for a randomly selected deal the buyer pays a price more than one standard deviation above average? (A) (9) What is the point estimate of the population mean? (B) (10) What is the population standard deviation? (C) (11) For the empty box next to “Std. Dev.” what is the expected value of what belongs in that box? (C) (12) Which of the following would be expected to decrease the value of “Std. Dev.”? (B) (13) These Monte Carlo simulation results support which conclusion?
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