
Economics Questions & Answers
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Economic Exam Questions
Course Code: HI5003
Q.1 If P(A|B) = .3 and P(B) = .8, then
a. P(A) = .24b. P(B|A) = .7
c. P(A . B) = .5
d. P(A . B) = .24
Ans.d. P(A . B) = .24
Economic Exam Questions
Course Code: HI5003
Q.2 Events that have no sample points in common are
a. independent eventsb. posterior events
c. mutually exclusive events
d. Complements
Ans.c. mutually exclusive events
Economic Exam Questions
Course Code: HI5003
Q.3. In a stem-and-leaf display,
a. a single digit is used to define each stem, and a single digit is used to define each leafb. a single digit is used to define each stem, and one or more digits are used to define each leaf
c. one or more digits are used to define each stem, and a single digit is used to define each leaf
d. one or more digits are used to define each stem, and one or more digits are used to define each leaf
Ans.c. one or more digits are used to define each stem, and a single digit is used to define each leaf
Economic Exam Questions
Course Code: HI5003
Q.4. In quality control applications, bar charts are used to identify the most important causes of problems. When the bars are arranged in descending order of height from left to right with the most frequently occurring cause appearing first, the bar chart is called a
a. cause-and-effect diagramb. Histogram
c. Pareto diagram
d. Ogive
Ans.c. Pareto diagram
Economic Exam Questions
Course Code: HI5003
Q.5. The proper way to construct a stem-and-leaf display for the data set {62, 67, 68, 73, 73, 79, 91, 94, 95, 97} is to
a. exclude a stem labeled ‘8’b. include a stem labeled ‘8’ and enter no leaves on the stem
c. include a stem labeled ‘(8)’ and enter no leaves on the stem
d. include a stem labeled ‘8’ and enter one leaf value of ‘0’ on the stem
Ans.b. include a stem labeled ‘8’ and enter no leaves on the stem
Economic Exam Questions
Course Code: HI5003
Q.6. When the data are labels or names used to identify an attribute of the elements and the rank of the data is meaningful, the variable has which scale of measurement?
a. Nominalb. Ordinal
c. Interval
d. Ratio
Ans.a. Nominal
Economic Exam Questions
Course Code: HI5003
Q.7. Which of the following symbols represents the mean of the sample?
a. σ 2b. σ
c. μ
d. x bar
Ans.d. x bar
Economic Exam Questions
Course Code: HI5003
Q.8. Excel's ____ function can be used to compute the population standard deviation.
a. MAXb. MODE
c. STDEV
d. None of the other answers are correct
Ans.c. STDEV
Economic Exam Questions
Course Code: HI5003
Q.9. In a five-number summary, which of the following is not used for data summarization?
a. the smallest valueb. the largest value
c. the median
d. the mean
Ans.d. the mean
Economic Exam Questions
Course Code: HI5003
Q. The collection of all possible sample points in an experiment is
1. the sample space2. a sample point
3. an experiment
4. the population
Ans. the sample space
Economic Exam Questions
Course Code: HI5003
Q.10. If A and B are independent events with P(A) = 0.2 and P(B) = 0.6, then P(A ∪ B) =
a. 0.62b. 0.12
c. 0.60
d. 0.68
Ans.d. 0.68
Economic Exam Questions
Course Code: HI5003
Q.11. A list of all possible outcomes of an experiment is called 0.6, then P(A ∪ B) =
a. the sample spaceb. the sample point
c. the experimental outcome
d. the likelihood set
Ans.a. the sample space
Economic Exam Questions
Course Code: HI5003
Q.12. Assume your favorite football team has 2 games left to finish the season. The outcome of each game can be win, lose or tie. The number of possible outcomes is
a. 2a. 4
a. 6
d. None of the other answers is correct.
Ans.d. None of the other answers is correct.
Economic Exam Questions
Course Code: HI5003
Q.13. A(n) ____ is a graph of a cumulative distribution.
a. Histogramb. pie chart
c. stem-and-leaf display
d. Ogive
Ans.d. Ogive
Economic Exam Questions
Course Code: HI5003
Q.14. Which scale of measurement can be either numeric or non-numeric?
a. Nominalb. Ordinal
c. Interval
d. nominal and ordinal
Ans.d. nominal and ordinal
Economic Exam Questions
Course Code: HI5003
Q.15. The numbers of hours worked (per week) by 400 statistics students are shown below. Number of hours Frequency 0 − 9 20 10 − 19 80 20 − 2 200 30 − 39 100 The cumulative percent frequency for the class of 30 − 39 is
a. 100%b. 75%
c. 50%
d. 25%
Ans.a. 100%