ECO 578 FINAL EXAM 1

ECO 578 FINAL EXAM 1 Part A: Answer the following questions (1-5) 1. What are the measures of central tendency? Arithmetic mean Median Mode 2. What are the characteristics of mean, median, and mode? Mean = the average of a data set; sum of a set of numbers divided by total number in the set Median = the middle value of a set of data (when data is listed in order) Mode = the value that appears most often in a data set 3. What is the sampling error? The sample may differ from the entire population and cause variances due to the makeup of the sample units selected for observation. 4. Name 6 reasons why we use samples instead of an entire population. 1. Economy 2. Timeliness 3. The very large population 4. Partly inaccessible populations 5. The destructive nature of the observation 6. Accuracy and sampling 5. Into which class is the value 12 assigned? (Circle your answer) Class a. 10 – 12