Economics

Question 1 (2.5 points)

Select the best graph or chart to show the distribution of finishing times of 25000 runners of the 2012 NY Marathon.         

Question 1 options:

	Pie Chart
	Bar graph
	Histogram
	Stem and Leaf

Question 2 (2.5 points)

Select the best graph or chart for presenting the National Budget that has just been approved by Congress that addresses major agency allocations.

Question 2 options:

	Pie chart
	Box chart
	Histogram
	Stem and Leaf

Question 3 (2.5 points)

Two hundred and fifty (250) unrelated freshmen at UMUC were asked how many siblings they had. The results are shown in the graph below.

Answer the following question based on the shape of the histogram.

Question 3 options:

	The above graph is Left Skewed.
	The above graph is Symetrical.
	The above graph is Right skewed.
	There is insufficient data to determine skewness.

Question 4 (2.5 points)

Two hundred and fifty (250) unrelated freshmen at UMUC were asked how many siblings they had. The results are shown in the graph below.

Answer the following question based on the shape of the histogram.

Question 4 options:

	Mean and median are equal.in value
	Mean is greater than median.
	Mean is smaller than the median.
	There is insufficient information to determine the relationship between the mean and the median.

Question 5 (2.5 points)

The chart below contains 3 variables, Conference Rooms, Room Capacity and Room Size.

Conference Rooms	Room Capacity	Room Size (ft.)2
Frances Key	50	1500
Paul Rever	100	3000
Benjamin Franklin	150	5000
George Washington	250	7500

Classify the variable Conference rooms

Conference Rooms are

Question 5 options:

	Discrete
	Continuous
	Neither

Question 6 (2.5 points)

The chart below contains 3 variables, Conference Rooms, Room Capacity and Room Size.

Conference Rooms	Room Capacity	Room Size (ft.)2
Frances Key	50	1500
Paul Rever	100	3000
Benjamin Franklin	150	5000
George Washington	250	7500

Classify the variable Room size:

Room size is

Question 6 options:

	Continuous
	Discrete
	Could be either.

Question 7 (2.5 points)

A data set consists of 10 numbers. If each number in the data set has its value increased by 5 by how much will the mean of the scores in the data set change? 

Question 7 options:

	The mean stays the same.
	The mean increases by 5.
	The mean increases by 50.
	None of the choices are correct.

Question 8 (2.5 points)

A data set consists of 10 numbers. If each number in the data set has its value increased by 5 by how much will the Standard Deviation of the scores in the data set change?

Question 8 options:

	The standard deviation stays the same.
	The standard deviation increases by 5.
	The standard deviation increases by 50.
	None of the choices are correct.

Question 9 (10 points)

Question 9 options:

A coin is flipped twenty times and landed heads fifteen times. Based upon this information, answer the following questions

If the coin is balanced (fair) what is the probability of a head on the next toss?

Fair means the equally likely principle applies.

Enter answer as a decimal to 2 place accuracy.  Do not include a 0 to the left of the decimal point.

A coin is flipped twenty times and landed heads fifteen times. Based upon this information, answer the following questions: 

If the coin is not balanced (not fair) what is the probability of a head on the next toss?

Not fair means the equally likely principle does not apply.

Enter answer as a decimal to 2 place accuracy.  Do not include a 0 to the left of the decimal point.

Question 10 (10 points)

Question 10 options:

The Stem-and-Leaf Diagram below depicts the length of 25 long distance telephone calls for a recently engaged couple separated due to an unexpected business trip.

Please answer the following questions.

When possible enter all answers as integers (0 decimal places)

If it is necessary to enter a non integer number, enter number to 1 decimal place.

Note: There are 25 long distance telephone calls.       2|6 = 26 

0	2
1	5 5
2	2 6
3	2 6 6 6 7 7 7 8 9 9
4	3 5 8
5	3 5
6	5 7
7	5
8	8
9	0

What is the Median time for the long distance phone calls?

What is the range for the long distance phone calls?

How many modes does the data set have?

Enter the modes in the four locations provided.

List the modes in the order they appear in the data set from left to right.

If there are less than 4 modes enter a 0 in place of a modal number.

?

Question 11 (20 points)

Question 11 options:

The Contingency table cross classifies institutions of higher education in the United States by region and type, public or private.

	Public	Private	Sub total
Northeast	6	14	20
Mideast	4	12	16
South	15	9	24
West	15	25	40
Sub total	40	60	100

Enter all answer as a fraction (not reduced) or a decimal rounded to 2 decimal places with no 0 to the left of the decimal point.

Do not enter an answer as a percent.

Suppose an institution of higher education is selected at random.

Determine the probability the institution obtained is:

Located in the West?

Located in the Mideast and is a Public Institution?

Located in the West or is a Private Institution?

A Public Institution given the Institution is located in the Northeast?

Located in the Mideast and the Northeast?

Question 12 (20 points)

Question 12 options:

A shipment of TVs contains units that are 70% top quality.  Thirty percent (30%) of the TVs are poor quality.

Two TVs are randomly selected from the shipment and tested.

What is the probability that both TVs selected are top quality?

Enter answer as a decimal rounded to 2 decimal places.

Do not include the 0 to the left of the decimal point.

Do not enter answer as a percent.

What is the probability that one of or more of the TVs are top quality?

Enter answer as a decimal rounded to 2 decimal places.

Do not include the 0 to the left of the decimal point.

Do not enter answer as a percent.

Question 13 (20 points)

Question 13 options:

The length of western rattlesnakes are normally distributed with a mean of 60 inches and a standard deviation of 4 inches.

Normal Distribution Calculator
http://onlinestatbook.com/2/calculators/normal.html

Enter all probability answers as a decimal rounded to 4 decimal places.

Do not include a 0 to the left of the decimal point.

Do not enter an answer as a percent.

Suppose a rattlesnake is found on a mountain trail:

What is the probability that the rattlesnakes’ length will be equal to or less than 54.2 inches?

What is the probability that the rattlesnakes’ length will be between 54.2 inches and 65.8 inches?

What length must a rattlesnake be to be in the top 10% of it’s species?

Enter this answer as a length rounded to 1 decimal place.

Suppose a nest of 16 rattlesnakes are found on the mountain trail:

What is the probability that the average length of the rattlesnakes will be 60.85 inches or less?

 

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