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Math
Statistics
ResEcon212 Test 1
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Terms in this set (47)
Descriptive Statistics
Gathering, organizing, and summarizing data visually (pictures) and numerically
(statistics) Interpreting data using the visual displays and numerical statistics.
to characterize the key features of the data.
Inferential statistics
Using the statistics computed from the sample data to draw conclusions about the population from which the data are drawn.
Population
Set of all objects of interest
Parameter
A descriptive measure of a population
Sample
A subset of a population
statistic
A descriptive measure of a sample
statistical inference
process of making an estimate, prediction or decision about a population based on sample data
Primary Data
Those that are collected by you or your firm
secondary data
Those that are collected and compiled by someone else
raw data
The unorganized data as collected
Simple Random Sampling
Select items from a population such that every possible sample of a specified size has an
equal chance of being selected
Systematic Random Sampling
1. Get a list of the population items.
2. Select a starting point between 1 and k.
3. Select every kth item on the population list.
The value of k is determined as the ratio of the
population size over the desired sample size:
k=N/n
Stratified Random Sampling
The population is divided into subgroups
called strata so that each population item
belongs to only one homogeneous strata.
Form strata with similar characteristics. The
heterogeneity across strata should correspond
to the heterogeneity in the population
Cluster Sampling
1. Divide the population into groups, or clusters.
2. A random sample of m clusters is selected.
The heterogeneity within each cluster should
correspond to the heterogeneity in the
population.
variable
a characteristic of the subject or individual
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Verified questions
STATISTICS
Explain how a result can be statistically significant but have little practical importance.
QUESTION
A New York Times/CBS News Poll asked the question, “Do you favor an amendment to the Constitution that would permit organized prayer in public schools?” Sixty-six percent of the sample answered “Yes.” The article describing the poll says that it “is based on telephone interviews conducted from Sept. 13 to Sept. 18 with 1,664 adults around the United States, excluding Alaska and Hawaii.... The telephone numbers were formed by random digits, thus permitting access to both listed and unlisted residential numbers.” The article gives the margin of error for a 95% confidence level as 3 percentage points. Interpret the confidence level.
STATISTICS
Sudoku is a puzzle consisting of squares arranged in 9 rows and 9 columns. The 81 squares are further divided into nine $3 \times 3$ square boxes. The object is to fill in the squares with numerals 1 through 9 so that each column, row, and box contains all nine numbers. However, there is a requirement that each number appear only once in any row, column, or box. Each puzzle already has numbers in some of the squares. Would it be appropriate to use a random number table to select a digit for each blank square? Explain.
QUESTION
To get to work, a commuter must cross train tracks. The time the train arrives varies slightly from day to day, but the commuter estimates he'll get stopped on about 15% of work days. During a certain 5-day work week, what is the probability that he gets stopped on Monday and again on Tuesday?
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