Statistics for Economics Test Questions
Course Introduction
Statistics for Economics provides a comprehensive introduction to statistical methods and their applications within the field of economics. The course covers fundamental concepts such as data collection, organization, and presentation, as well as descriptive statistics, probability theory, sampling techniques, estimation, hypothesis testing, regression, and correlation analysis. Emphasis is placed on interpreting economic data and applying statistical tools to analyze and solve real-world economic problems, thereby enhancing decision-making and policy evaluation skills essential for economists.
Recommended Textbook
Essentials of Statistics for Business and Economics 6th Edition by David R. Anderson
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13 Chapters
1749 Verified Questions
1749 Flashcards
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Page 2
Chapter 1: Data and Statistics
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) Statistical studies in which researchers control variables of interest are
A)experimental studies
B)control observational studies
C)non-experimental studies
D)observational studies
Answer: A
Q2) The scale of measurement that has an inherent zero value defined is the A)ratio scale
B)nominal scale
C)ordinal scale
D)interval scale
Answer: A
Q3) In a questionnaire, respondents are asked to mark their gender as male or female. Gender is an example of the A)ordinal scale
B)nominal scale
C)ratio scale
D)interval scale
Answer: B
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Page 3
Chapter 2: Descriptive Statistics: Tabular and Graphical Presentations
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65 Verified Questions
65 Flashcards
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Sample Questions
Q1) The sum of the percent frequencies for all classes will always equal A)one
B)the number of classes
C)the number of items in the study
D)100
Answer: D
Q2) A frequency distribution is
A)a tabular summary of a set of data showing the relative frequency
B)a graphical form of representing data
C)a tabular summary of a set of data showing the frequency of items in each of several nonoverlapping classes
D)a graphical device for presenting categorical data
Answer: C
Q3) When a histogram has a longer tail to the right, it is said to be A)symmetrical
B)skewed to the left
C)skewed to the right
D)none of these alternatives is correct
Answer: C
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Chapter 3: Descriptive Statistics: Numerical Measures
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162 Verified Questions
162 Flashcards
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Sample Questions
Q1) When computing the mean of a set of values x<sub>i</sub>, the value of \(\Sigma\)x<sub>i</sub>
A)can never be zero
B)can never be negative
C)must always be positive
D)can be any value
Answer: D
Q2) Refer to Exhibit 3-3. The standard deviation is
A)8.944
B)4.062
C)13.2
D)16.5
Answer: B
Q3) If a data set has an even number of observations, the median
A)cannot be determined
B)is the average value of the two middle items
C)must be equal to the mean
D)is the average value of the two middle items when all items are arranged in ascending order
Answer: D
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Chapter 4: Introduction to Probability
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146 Verified Questions
146 Flashcards
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Sample
Questions
Q1) Each customer entering a department store will either buy or not buy some merchandise. An experiment consists of following 4 customers and determining whether or not they purchase any merchandise. How many sample points exist in the above experiment? (Note that each customer is either a purchaser or non-purchaser.)
A)2
B)4
C)12
D)16
Q2) On a December day, the probability of snow is .30. The probability of a "cold" day is .50. The probability of snow and "cold" weather is .15. Are snow and "cold" weather independent events?
A)only if given that it snowed
B)no
C)yes
D)only when they are also mutually exclusive
Q3) Eight individuals are candidates for positions of president, vice president, and treasurer of an organization. How many possibilities of selections exist?
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6
Chapter 5: Discrete Probability Distributions
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121 Verified Questions
121 Flashcards
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Sample Questions
Q1) Refer to Exhibit 5-7. The expected number of days Pete will catch fish is A).6
B).8
C)2.4
D)3
Q2) Refer to Exhibit 5-9. The expected daily sales are
A)$55,000
B)$56,000
C)$50,000
D)$70,000
Q3) The variance for the binomial probability distribution is
A)var(x) = P(1 - P)
B)var(x) = nP
C)var(x) = n(1 - P)
D)var(x) = nP(1 - P)
Q4) Thirty-two percent of the students in a management class are graduate students. A random sample of 5 students is selected. Using the binomial probability function, determine the probability that the sample contains exactly 2 graduate students?
Q5) Determine the probability of being dealt 4 kings in a 5-card poker hand.
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Chapter 6: Continuous Probability Distributions
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165 Flashcards
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Sample Questions
Q1) The standard deviation of a standard normal distribution
A)is always equal to zero
B)is always equal to one
C)can be any positive value
D)can be any value
Q2) Refer to Exhibit 6-9. Computers with prices of more than $1,750 receive a discount. What percentage of the computers will receive the discount?
A)62%
B)0.62%
C)0.062%
D)99.38%
Q3) Refer to Exhibit 6-2. What is the minimum weight of the middle 95% of the players?
A)196
B)151
C)249
D)190
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Chapter 7: Sampling and Sampling Distributions
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) Random samples of size 100 are taken from an infinite population whose population proportion is 0.2. The mean and standard deviation of the sample proportion are
A)0.2 and .04
B)0.2 and 0.2
C)20 and .04
D)20 and 0.2
Q2) A population has a mean of 180 and a standard deviation of 24. A sample of 64 observations will be taken. The probability that the sample mean will be between 183 and 186 is
A)0.1359
B)0.8185
C)0.3413
D)0.4772
Q3) The standard deviation of a point estimator is called the
A)standard deviation
B)standard error
C)point estimator
D)variance of estimation
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9
Chapter 8: Interval Estimation
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) The manager of a department store wants to determine what proportion of people who enter the store use the store's credit cards for their purchases. What size sample should he take so that at 95% confidence the error will not be more than 6%?
Q2) In order to determine the average weight of carry-on luggage by passengers in airplanes, a sample of 16 pieces of carry-on luggage was weighed. The average weight was 20 pounds. Assume that we know the standard deviation of the population to be 8 pounds.
a.Determine a 97% confidence interval estimate for the mean weight of the carry-on luggage.
b.Determine a 95% confidence interval estimate for the mean weight of the carry-on luggage.
Q3) For which of the following values of P is the value of P(1 - P) maximized?
A)P = 0.99
B)P = 0.90
C)P = 0.01
D)P = 0.50
Q4) A random sample of 121 checking accounts at a bank showed an average daily balance of $300 and a standard deviation of $44. Develop a 95% confidence interval estimate for the mean of the population.
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Chapter 9: Hypothesis Tests
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136 Flashcards
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Sample Questions
Q1) The level of significance
A)can be any positive value
B)can be any value
C)is (1 - confidence level)
D)can be any value between -1.96 to 1.96
Q2) From a population of cans of coffee marked "12 ounces," a sample of 50 cans was selected and the contents of each can were weighed. The sample revealed a mean of 11.8 ounces with a standard deviation of 0.5 ounces.
a.Formulate the hypotheses to test to see if the mean of the population is at least 12 ounces.
b.Compute the test statistic.
c.Using the p-value approach, what is your conclusion? Let \(\alpha\) = .05.
Q3) If the level of significance of a hypothesis test is raised from .01 to .05, the probability of a Type II error
A)will also increase from .01 to .05
B)will not change
C)will decrease
D)will increase
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11
Chapter 10: Comparisons Involving Means, Experimental
Design and Analysis of Variance
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208 Verified Questions
208 Flashcards
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Sample Questions
Q1) When each data value in one sample is matched with a corresponding data value in another sample, the samples are known as A)corresponding samples
B)matched samples
C)independent samples
D)None of these alternatives is correct.
Q2) Refer to Exhibit 10-1. The standard error for the difference between the two means is
A)4
B)7.46
C)4.24
D)2.0
Q3) Refer to Exhibit 10-14. The number of degrees of freedom corresponding to within treatments is
A)22
B)4
C)5
D)18
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Page 12
Chapter 11: Comparisons Involving Proportions and a Test of Independence
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94 Verified Questions
94 Flashcards
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Sample Questions
Q1) From production line A, a sample of 500 items is selected at random, and it is determined that 30 items are defective. In a sample of 300 items from production process B (which produces identical items to line A), there are 12 defective items. Determine a 95% confidence interval estimate for the difference between the proportion of defectives in the two lines.
Q2) Refer to Exhibit 11-5. The expected number of adults who prefer coffee is
A)0.25
B)0.33
C)150
D)200
Q3) Among a sample of 50 M.D.'s (medical doctors) in the city of Memphis, Tennessee, 10 indicated they make house calls; while among a sample of 100 M.D.'s in Atlanta, Georgia, 18 said they make house calls. Determine a 95% interval estimate for the difference between the proportion of doctors who make house calls in the two cities.
Q4) Refer to Exhibit 11-4. The p-value is
A)greater than 0.1
B)between 0.05 and 0.1
C)between 0.025 and 0.05
D)between 0.01 and .025
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Chapter 12: Simple Linear Regression
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) In a regression analysis if SST = 500 and SSE = 300, then the coefficient of determination is
A)0.20
B)1.67
C)0.60
D)0.40
Q2) Refer to Exhibit 12-6. The slope of the regression equation is A)18
B)24
C)0.707
D)-1.5
Q3) Refer to Exhibit 12-6. The total sum of squares (SST) equals A)36
B)18
C)9
D)1296
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Page 14
Chapter 13: Multiple Regression
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) Refer to Exhibit 13-8. The yearly income of a 24-year-old female individual is
A)$19.80
B)$19,800
C)$49.80
D)$49,800
Q2) Refer to Exhibit 13-2. The coefficient of the unit price indicates that if the unit price is
A)increased by $1 (holding advertising constant), sales are expected to increase by $3
B)decreased by $1 (holding advertising constant), sales are expected to decrease by $3
C)increased by $1 (holding advertising constant), sales are expected to increase by $4,000
D)increased by $1 (holding advertising constant), sales are expected to decrease by $3,000
Q3) Refer to Exhibit 13-10. The value of SSE is
A)3,740
B)170
C)260
D)2000
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