Natalie Balzert
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ECON 261 Quiz on ECON 261 EXAM 1 , created by Natalie Balzert on 19/09/2016.

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Natalie Balzert
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ECON 261 EXAM 1

Question 1 of 32

1

The middle value in an ordered array of numbers is the _____?

Select one of the following:

  • mode

  • mean

  • standard deviation

  • median

Explanation

Question 2 of 32

1

The average of a group of number which is computed by summing all numbers and dividing buy the number of numbers is called the (arithmetic) _____?

Select one of the following:

  • median

  • mean

  • mode

  • standard deviation

Explanation

Question 3 of 32

1

The most frequently occurring value in a set of data is the _____?

Select one of the following:

  • mode

  • mean

  • median

  • standard deviation

Explanation

Question 4 of 32

1

To describe the spread or dispersion of a set of data is called _____?

Select one of the following:

  • measure of variability

  • range

  • standard deviation

  • none of the above

Explanation

Question 5 of 32

1

The difference between the largest value of a data set and the smallest value of a range is the _____?

Select one of the following:

  • variability

  • standard deviation

  • range

  • none of the above

Explanation

Question 6 of 32

1

The average of the squared deviations about the mean for a set of numbers is the _____?

Select one of the following:

  • variance

  • mean

  • standard deviation

  • none of the above

Explanation

Question 7 of 32

1

The square root of the variance is the _____?

Select one of the following:

  • mean

  • variance

  • standard deviation

  • none of the above

Explanation

Question 8 of 32

1

For which of central value will the sum of the deviations of each value from the average always be zero?

Select one of the following:

  • Mean

  • Mode

  • Median

  • None of the above

Explanation

Question 9 of 32

1

The relationship between the variance and the standard deviation is:

Select one of the following:

  • Variance is the square root of the standard deviation.

  • Variance is the square of the standard deviation.

  • Variance is twice the standard deviation.

  • There is no relationship between variance and standard.

Explanation

Question 10 of 32

1

Variability is measured by:

Select one of the following:

  • The Mean.

  • The Median.

  • The Standard Deviation.

  • The Mode.

Explanation

Question 11 of 32

1

It is possible for a data set to contain:

Select one of the following:

  • Two means.

  • Two medians

  • Two modes

  • All of the above.

Explanation

Question 12 of 32

1

The range of a data set is:

Select one of the following:

  • the difference between any two values.

  • the difference between the smallest and largest values.

  • the difference between the mean and the median.

  • none of the above.

Explanation

Question 13 of 32

1

Which of the following is referred to as the sample mean?

Select one of the following:

  • X-bar

  • u

  • sample

  • none of the above

Explanation

Question 14 of 32

1

Which measures of central values are not affected by extremely low or extremely high values?

Select one of the following:

  • mean and median

  • mean and mode

  • mode and median

  • none of the above

Explanation

Question 15 of 32

1

The range of values of the coefficient of correlation is:

Select one of the following:

  • -1% and 1% inclusive

  • 0 and +1 inclusive

  • -1 and +1 inclusive

  • unlimited values

Explanation

Question 16 of 32

1

What does it mean if r=-1 for two variables X and Y?

Select one of the following:

  • X can perfectly predict Y

  • X and Y are not dependent on each other

  • high values of X are associated with low values of Y

  • none of the above.

Explanation

Question 17 of 32

1

Which of the following measures of dispersion are based on deviation from the mean?

Select one of the following:

  • variance

  • standard deviation

  • mean deviation

  • all of the above

Explanation

Question 18 of 32

1

Consider the following sample data set: 4,3,8,7, and 3.
The sample mean for this data set is:

Select one of the following:

  • 7

  • 4

  • 5

  • 3

Explanation

Question 19 of 32

1

Consider the following sample data set: 4,3,8,7, and 3.
The median for this data set is:

Select one of the following:

  • 4

  • 2

  • 3

  • 5

Explanation

Question 20 of 32

1

Consider the following sample data set: 4,3,8,7, and 3.
The mode for this data set is:

Select one of the following:

  • 5

  • 4

  • 0

  • 3

Explanation

Question 21 of 32

1

Consider the following sample data set: 4,3,8,7, and 3.
The range for this data set is:

Select one of the following:

  • 3

  • 5

  • 0

  • 4

Explanation

Question 22 of 32

1

Consider the following sample data set: 4,3,8,7, and 3.
The variance for this data set is:

Select one of the following:

  • 7.50

  • 0.25

  • 3.50

  • 5.50

Explanation

Question 23 of 32

1

Consider the following sample data set: 4,3,8,7, and 3.
The standard deviation for this data set is:

Select one of the following:

  • 2.74

  • 2.35

  • 2.5

  • 1.58

Explanation

Question 24 of 32

1

Consider the following sample data set: 4,3,8,7, and 3.
The coefficient of variation for the data set is:

Select one of the following:

  • 0.235

  • 0.758

  • 0.548

  • 0.470

Explanation

Question 25 of 32

1

Human Resources Department of one hotel reports that annual salaries for its personnel have a mean of $40,000 and a standard deviation of $3,500.
If the salaries are SYMMETRICALLY distributed, the interval of salaries representing two standard deviations on either side of the mean is:

Select one of the following:

  • (33000,47000)

  • (36500,43500)

  • (29500,55000)

  • (42000,53000)

Explanation

Question 26 of 32

1

Human Resources Department of one hotel reports that annual salaries for its personnel have a mean of $40,000 and a standard deviation of $3,500.
What proportion of the salaries is within $3,500 of the mean?

Select one of the following:

  • 95%

  • 99%

  • 84%

  • 68%

Explanation

Question 27 of 32

1

Human Resources Department of one hotel reports that annual salaries for its personnel have a mean of $40,000 and a standard deviation of $3,500.
What proportion of the salary is below $33,000?

Select one of the following:

  • 5%

  • 2.5%

  • 10%

  • 1%

Explanation

Question 28 of 32

1

Human Resources Department of one hotel reports that annual salaries for its personnel have a mean of $40,000 and a standard deviation of $3,500.
If the salaries are 5/2 standard deviation of the mean?

Select one of the following:

  • 2.5%

  • 90%

  • 86%

  • 84%

Explanation

Question 29 of 32

1

Consider the following sample data describing the relationship between the variables X and Y.
X = 3,4,6,7
Y = 1,4,5,6
The standard deviation of X and standard deviation of Y are respectively

Select one of the following:

  • (1.58, 1.58)

  • (1.83, 2.16)

  • (3.33, 4,67)

  • (1.25, 2.25)

Explanation

Question 30 of 32

1

Consider the following sample data describing the relationship between the variables X and Y.
X = 3,4,6,7
Y = 1,4,5,6
The covariance of X and Y is:

Select one of the following:

  • 3.20

  • 1.56

  • 4.10

  • 3.67

Explanation

Question 31 of 32

1

Consider the following sample data describing the relationship between the variables X and Y.
X = 3,4,6,7
Y = 1,4,5,6
The correlation coefficient of X and Y is:

Select one of the following:

  • 0.57

  • 0.93

  • 0.83

  • 0.10

Explanation

Question 32 of 32

1

You can conclude that the relationship between X and Y is:

Select one of the following:

  • strong

  • weak

  • mild

  • non-existent

Explanation

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