ECON 2843 Exam 1 Review- Brent Norwood
Questions And Answers 100% Pass
Mutually exclusive, be able to give an example - ANSWER This or that NOT both-
independent. ex: A or B in class
What are the 2 branches of statistics? - ANSWER Inferential: drawing conclusions about
a large set of data based on a small set of data
Descriptive: refers to the summary of important aspects of a data set
Can you be exhaustive and mutually exclusive? - ANSWER Yes, if they hold all outcomes
but still neither happen. ex: pass or fail
How do you write the notation for 2 events that are independent? - ANSWER
P(A|B)=P(A), B isn't influencing- plug it in and then test.
What is a Z score? - ANSWER Relative population of an observation within distribution
by
(x-xbar)/SD
Example: Your exam grade was a 92, class average was a 88, with a SD of 2. What is
your z score? —--> (92-88)/2=????
How do we define population? How is sample different than population - ANSWER all
items of interest group described by sample
Whatever you set up/however you define it. A sample is a smaller version FROM that
population. Ex: The University of Oklahoma/statistics class
Give an example of population and then its sample. - ANSWER The University of
Oklahoma, sample= statistics class
Quantitative vs. Qualitative variables/data, examples? - ANSWER Quantitative= #s
Qualitative= describes
Descriptive vs. Inferential data, know examples - ANSWER Descriptive= summary of
important aspects
- collective, organizing and presenting data in form of charts/tables
Inferential= conclusions about larger set
- all items/things of interest
Questions And Answers 100% Pass
Mutually exclusive, be able to give an example - ANSWER This or that NOT both-
independent. ex: A or B in class
What are the 2 branches of statistics? - ANSWER Inferential: drawing conclusions about
a large set of data based on a small set of data
Descriptive: refers to the summary of important aspects of a data set
Can you be exhaustive and mutually exclusive? - ANSWER Yes, if they hold all outcomes
but still neither happen. ex: pass or fail
How do you write the notation for 2 events that are independent? - ANSWER
P(A|B)=P(A), B isn't influencing- plug it in and then test.
What is a Z score? - ANSWER Relative population of an observation within distribution
by
(x-xbar)/SD
Example: Your exam grade was a 92, class average was a 88, with a SD of 2. What is
your z score? —--> (92-88)/2=????
How do we define population? How is sample different than population - ANSWER all
items of interest group described by sample
Whatever you set up/however you define it. A sample is a smaller version FROM that
population. Ex: The University of Oklahoma/statistics class
Give an example of population and then its sample. - ANSWER The University of
Oklahoma, sample= statistics class
Quantitative vs. Qualitative variables/data, examples? - ANSWER Quantitative= #s
Qualitative= describes
Descriptive vs. Inferential data, know examples - ANSWER Descriptive= summary of
important aspects
- collective, organizing and presenting data in form of charts/tables
Inferential= conclusions about larger set
- all items/things of interest
