ECON 2843 Exam 1 review questions with correct answers.

ECON 2843 Exam 1 review questions
with correct answers

mutually exclusive - CORRECT ANSWER✔✔-Events that cannot occur at
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the same time.
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Example of mutually exclusive events - CORRECT ANSWER✔✔-getting
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an A and B in the econ
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descriptive statistics - CORRECT ANSWER✔✔-numerical data used to
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measure and describe characteristics of groups.
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what are the two types of statistics - CORRECT ANSWER✔✔-descriptive
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and inferential |




inferential statistics - CORRECT ANSWER✔✔-drawing conclusions about
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a larger set of data based on a smaller set of data
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exhaustive event - CORRECT ANSWER✔✔-When all possible outcomes
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of an experiment are included in the events.
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, can you be exhaustive and mutually exclusive? - CORRECT ANSWER✔✔-
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yes


notation for 2 events that are independent - CORRECT ANSWER✔✔-
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P(BIA) = P(A)| |




z-score - CORRECT ANSWER✔✔-how many standard deviations you are
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away from the mean
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z score formula - CORRECT ANSWER✔✔-(x-mean)/standard deviation
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Population - CORRECT ANSWER✔✔-all items of a interest group
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described by sample | |




Population example - CORRECT ANSWER✔✔-OU student body
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Sample example - CORRECT ANSWER✔✔-Econ 2843 students
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quantitative data - CORRECT ANSWER✔✔-numbers
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qualitative data - CORRECT ANSWER✔✔-descriptive data
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