Question 1

In your own words,describe the potential benefits of constructing a histogram to summarize a given data set.

Accepted Answer

A histogram presents a visual depiction

Question 2

The median is the

Accepted Answer

A) middle number in an ordered data set. 
B) most frequently observed value in a data set. 
C) sum of the individual observation divided by the number of observations. 
D) only relevant measure of central tendency. 
A) middle number in an ordered data set. 
B) most frequently observed value in a data set. 
C) sum of the individual observation divided by the number of observations. 
D) only relevant measure of central tendency.

Question 3

The correlation coefficient is

Accepted Answer

A) must be positive. 
B) the square root of the covariance. 
C) must be negative. 
D) must fall between -1 and 1. 
A) must be positive. 
B) the square root of the covariance. 
C) must be negative. 
D) must fall between -1 and 1.

Question 4

An outlier is

Accepted Answer

A) a data point that falls more than two standard deviations away from the mean. 
B) a data point that falls more than three standard deviations away from the mean. 
C) a data point that exceeds the median. 
D) a data point that falls below zero. 
A) a data point that falls more than two standard deviations away from the mean. 
B) a data point that falls more than three standard deviations away from the mean. 
C) a data point that exceeds the median. 
D) a data point that falls below zero.

Question 5

Suppose that a data set contains 275 observations ranging from a low of 6,000 to a high of 70,000.What is the appropriate number of classes to use when constructing a histogram for the data?

Accepted Answer

A) 6 
B) 7 
C) 8 
D) 9 
A) 6 
B) 7 
C) 8 
D) 9

Question 6

When is the mean most appropriate for summarizing a data set?

Accepted Answer

A) Always. 
B) When the data set contains outliers. 
C) When the data set is symmetric. 
D) When the data are skewed to the right. 
A) Always. 
B) When the data set contains outliers. 
C) When the data set is symmetric. 
D) When the data are skewed to the right.

Question 7

Identifying outliers is

Accepted Answer

A) important because data sets with outliers are best summarized by the sample mean. 
B) never important. 
C) important because data sets with outliers are often skewed. 
D) important because outliers decrease the sample variance. 
A) important because data sets with outliers are best summarized by the sample mean. 
B) never important. 
C) important because data sets with outliers are often skewed. 
D) important because outliers decrease the sample variance.

Question 8

An outlier that is much larger than the remaining values in a data set will cause the data set to be

Accepted Answer

A) skewed to the left. 
B) skewed to the right. 
C) symmetric. 
D) unskewed. 
A) skewed to the left. 
B) skewed to the right. 
C) symmetric. 
D) unskewed.

Question 9

List and describe the steps involved in constructing a histogram.

Accepted Answer

Step 1:Determine the number of classes u

In your own words,describe the potential benefits of constructing a histogram to summarize a given data set.

The median is the

The correlation coefficient is

An outlier is

Suppose that a data set contains 275 observations ranging from a low of 6,000 to a high of 70,000.What is the appropriate number of classes to use when constructing a histogram for the data?

When is the mean most appropriate for summarizing a data set?

Identifying outliers is

An outlier that is much larger than the remaining values in a data set will cause the data set to be

List and describe the steps involved in constructing a histogram.

An Introduction to Econometrics and Statistical Inference

Collection and Management of Data

Simple Linear Regression

Hypothesis Testing in Linear Regression Analysis

Multiple Linear Regression Analysis

Qualitative Variables and Non-Linearities in Multiple Linear Regression Analysis

Model Selection in Multiple Linear Regression Analysis

Heteroskedasticity

Time Series Analysis

Auto-Correlation

Limited Dependent Variables

Panel Data

Instrumental Variables for Simultaneous Equations, Endogenous Independent Variables, and Measurement Error

Quantile Regression, Count Data, Sample Selection Bias, and Quasi-Experimental Methods

Filters

Exam 3: Summary Statistics

In your own words,describe the potential benefits of constructing a histogram to summarize a given data set.

The median is the

The correlation coefficient is

An outlier is

Suppose that a data set contains 275 observations ranging from a low of 6,000 to a high of 70,000.What is the appropriate number of classes to use when constructing a histogram for the data?

When is the mean most appropriate for summarizing a data set?

Identifying outliers is

An outlier that is much larger than the remaining values in a data set will cause the data set to be

List and describe the steps involved in constructing a histogram.

An Introduction to Econometrics and Statistical Inference

Collection and Management of Data

Simple Linear Regression

Hypothesis Testing in Linear Regression Analysis

Multiple Linear Regression Analysis

Qualitative Variables and Non-Linearities in Multiple Linear Regression Analysis

Model Selection in Multiple Linear Regression Analysis

Heteroskedasticity

Time Series Analysis

Auto-Correlation

Limited Dependent Variables

Panel Data

Instrumental Variables for Simultaneous Equations, Endogenous Independent Variables, and Measurement Error

Quantile Regression, Count Data, Sample Selection Bias, and Quasi-Experimental Methods

Filters