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The number of people living on American farms has declined steadily during the 20 th century. Here are data on the farm population (in millions of persons) from 1935 to 1980.

Year 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980
Population 32.1 30.5 24.4 23.0 19.1 15.6 12.4 9.7 8.9 7.2

31 . The linear regression equation is y ^ = 1166.93 – 0.5868 x . What was the expected farm population (in millions of persons) for 1980?

  1. 7.2
  2. 5.1
  3. 6.0
  4. 8.0

32 . In linear regression, which is the best possible SSE ?

  1. 13.46
  2. 18.22
  3. 24.05
  4. 16.33

33 . In regression analysis, if the correlation coefficient is close to one what can be said about the best fit line?

  1. It is a horizontal line. Therefore, we can not use it.
  2. There is a strong linear pattern. Therefore, it is most likely a good model to be used.
  3. The coefficient correlation is close to the limit. Therefore, it is hard to make a decision.
  4. We do not have the equation. Therefore, we cannot say anything about it.


Use the following information to answer the next three exercises: A study of the career plans of young women and men sent questionnaires to all 722 members of the senior class in the College of Business Administration at the University of Illinois. One question asked which major within the business program the student had chosen. Here are the data from the students who responded.

Does the data suggest that there is a relationship between the gender of students and their choice of major?
Female Male
Accounting 68 56
Administration 91 40
Economics 5 6
Finance 61 59

34 . The distribution for the test is:

  1. Chi 2 8 .
  2. Chi 2 3 .
  3. t 721 .
  4. N ( 0 , 1 ) .

35 . The expected number of female who choose finance is:

  1. 37.
  2. 61.
  3. 60.
  4. 70.

36 . The p -value is 0.0127 and the level of significance is 0.05. The conclusion to the test is:

  1. there is insufficient evidence to conclude that the choice of major and the gender of the student are not independent of each other.
  2. there is sufficient evidence to conclude that the choice of major and the gender of the student are not independent of each other.
  3. there is sufficient evidence to conclude that students find economics very hard.
  4. there is in sufficient evidence to conclude that more females prefer administration than males.

37 . An agency reported that the work force nationwide is composed of 10% professional, 10% clerical, 30% skilled, 15% service, and 35% semiskilled laborers. A random sample of 100 San Jose residents indicated 15 professional, 15 clerical, 40 skilled, 10 service, and 20 semiskilled laborers. At α = 0.10 does the work force in San Jose appear to be consistent with the agency report for the nation? Which kind of test is it?

  1. Chi 2 goodness of fit
  2. Chi 2 test of independence
  3. Independent groups proportions
  4. Unable to determine

Practice final exam 1 solutions

Solutions

1 . b. independent

2 . c. 4 16

3 . b. Two measurements are drawn from the same pair of individuals or objects.

4 . b. 68 118

5 . d. 30 52

6 . b. 8 40

7 . b. 2.78

8 . a. 8.25

9 . c. 0.2870

10 . c. Normal

11 . d. H a : p A p B

12 . b. conclude that the pass rate for Math 1A is different than the pass rate for Math 1B when, in fact, the pass rates are the same.

13 . b. not reject H 0

Questions & Answers

Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
Widad Reply
can you send the book attached ?
Ariel
?
Ariel
What is economics
Widad Reply
the study of how humans make choices under conditions of scarcity
AI-Robot
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn Reply
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn
what is ecnomics
Jan Reply
this is the study of how the society manages it's scarce resources
Belonwu
what is macroeconomic
John Reply
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
etc
husaini
difference between firm and industry
husaini Reply
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from Qd  120 3P to Qd  90  3P and the supply function has shifted from QS  20  2P to QS 10  2P . a) Find the effect of this change on price and quantity. b) Which of the changes in demand and supply is higher?
Toofiq Reply
explain standard reason why economic is a science
innocent Reply
factors influencing supply
Petrus Reply
what is economic.
Milan Reply
scares means__________________ends resources. unlimited
Jan
economics is a science that studies human behaviour as a relationship b/w ends and scares means which have alternative uses
Jan
calculate the profit maximizing for demand and supply
Zarshad Reply
Why qualify 28 supplies
Milan
what are explicit costs
Nomsa Reply
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
David Reply
economic overview notes
Amahle Reply
identify a demand and a supply curve
Salome Reply
i don't know
Parul
there's a difference
Aryan
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
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Source:  OpenStax, Introductory statistics. OpenStax CNX. May 06, 2016 Download for free at http://legacy.cnx.org/content/col11562/1.18
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