ECON 261 EXAM 1

Question 1

Question

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

Answer

mode
mean
standard deviation
median

Question 2

Question

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) _____?

Answer

median
mean
mode
standard deviation

Question 3

Question

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

Answer

mode
mean
median
standard deviation

Question 4

Question

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

Answer

measure of variability
range
standard deviation
none of the above

Question 5

Question

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

Answer

variability
standard deviation
range
none of the above

Question 6

Question

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

Answer

variance
mean
standard deviation
none of the above

Question 7

Question

The square root of the variance is the _____?

Answer

mean
variance
standard deviation
none of the above

Question 8

Question

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

Answer

Mean
Mode
Median
None of the above

Question 9

Question

The relationship between the variance and the standard deviation is:

Answer

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.

Question 10

Question

Variability is measured by:

Answer

The Mean.
The Median.
The Standard Deviation.
The Mode.

Question 11

Question

It is possible for a data set to contain:

Answer

Two means.
Two medians
Two modes
All of the above.

Question 12

Question

The range of a data set is:

Answer

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.

Question 13

Question

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

Answer

X-bar
u
sample
none of the above

Question 14

Question

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

Answer

mean and median
mean and mode
mode and median
none of the above

Question 15

Question

The range of values of the coefficient of correlation is:

Answer

-1% and 1% inclusive
0 and +1 inclusive
-1 and +1 inclusive
unlimited values

Question 16

Question

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

Answer

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.

Question 17

Question

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

Answer

variance
standard deviation
mean deviation
all of the above

Question 18

Question

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

Answer

Question 19

Question

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

Answer

Question 20

Question

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

Answer

Question 21

Question

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

Answer

Question 22

Question

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

Answer

7.50
0.25
3.50
5.50

Question 23

Question

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

Answer

2.74
2.35
2.5
1.58

Question 24

Question

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

Answer

0.235
0.758
0.548
0.470

Question 25

Question

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:

Answer

(33000,47000)
(36500,43500)
(29500,55000)
(42000,53000)

Question 26

Question

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?

Answer

Question 27

Question

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?

Answer

5%
2.5%
10%
1%

Question 28

Question

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?

Answer

2.5%
90%
86%
84%

Question 29

Question

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

Answer

(1.58, 1.58)
(1.83, 2.16)
(3.33, 4,67)
(1.25, 2.25)

Question 30

Question

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:

Answer

3.20
1.56
4.10
3.67

Question 31

Question

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:

Answer

0.57
0.93
0.83
0.10

Question 32

Question

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

Answer

strong
weak
mild
non-existent

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ECON 261 EXAM 1

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Resource summary

Question 1

Question 2

Question 3

Question 4

Question 5

Question 6

Question 7

Question 8

Question 9

Question 10

Question 11

Question 12

Question 13

Question 14

Question 15

Question 16

Question 17

Question 18

Question 19

Question 20

Question 21

Question 22

Question 23

Question 24

Question 25

Question 26

Question 27

Question 28

Question 29

Question 30

Question 31

Question 32

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	Created by Natalie Balzert over 7 years ago