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econ 2500 practice final exam Introductory Statistics for Economists I Page 1 econ 2500 practice final exam Introductory Statistics for Economists I Page 2 econ 2500 practice final exam Introductory Statistics for Economists I Page 3 econ 2500 practice final exam Introductory Statistics for Economists I Page 4
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I. Multiple choice questions (NO explanation needed) 1. In a test of statistical hypotheses, what does the P-value tell us? A) If the null hypothesis is true. B) If the alternative hypothesis is true. C) The largest level of significance at which the null hypothesis can be rejected. D) The smallest level of significance at which the null hypothesis can be rejected. Answer: 2. A probability model must satisfy which of the following? A) The probability of any event must be a number between 0 and 1, inclusive. B) The sum of all the probabilities of all outcomes in the sample space must be exactly 1. C) The probability of an event is the sum of the outcomes in the sample space that make up
the event. D) All of the above Answer: 3. A set of 10 cards consists of five red cards and five black cards. The cards are shuffled
thoroughly and I choose one at random, observe its color, and replace it in the set. The cards are thoroughly reshuffled and I again choose a card at random, observe its color, and replace it in the set. This is done a total of six times. Let X be the number of red cards observed in these six trials. The mean of X is A) 6 B) 3 C) 1 D) 0.5 Answer: 4. A set of 10 cards consists of five red cards and five black cards. The cards are shuffled thoroughly and I choose six of these at random without replacement. Let X be the number of red cards observed in the six chosen. The random variable X has which of the following probability distributions? A) The normal distribution with mean 3 and variance 1.22. B) The binomial distribution with parameters n 6 and p 0.5 . C) The uniform distribution on 0, 1, 2, 3, 4, 5, 6. D) None of the above. Answer: