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University of Toronto St. George
Iris Wu

ECMB11H3 Sections L30 and L60 Quantitative Methods in Economics I Department of Management University of Toronto at Scarborough Fall 2010 Dr Yu Test 1Date Saturday October 16 2010Time allowedTwo 2 hoursAids allowed Calculator and one aid sheet two 85x11 pages prepared by studentNotesThis test consists of 23 questions in 12 pages including this cover pageIt is the students responsibility to hand in all pages of this testAny missing page will get zero markShow your work in each question in Part IIThis test is worth 30 of your course gradePrint Last NameSolutionGiven Names Student NumberCircle your sectionL30 Wednesday eveningL60 OnlineDo not write on the space below for markers only Page Question Max Mark 26 118 547 19 68 20 10910 21 1011 22 1012 23 10Total 1001Part IMultiple Choice3 marks in each question No part mark Circle only one answer If there are more than one correct answer circle the best one1 A random sample is selected from a population with meanand standard deviation Denote the sample mean by X and the sample standard deviation by SWhich one of the following statements is true X and Saandare estimators for X and S respectivelyband S are estimators forandrespectively c X d X and S are constantsand are random variablese all of the above are true2 Which one of the following statements about sampling error is truea Sampling error occurs when a sample is not randomly selectedb Sampling error occurs when the response rate of a survey is lowc Sampling error occurs when a random sample is drawn from the wrong population d Sampling error occurs when a random sample is drawn from a populatione All of the above3 In general which of the following statements is truea About 683 of observations are within 1 standard deviation of the meanb About 997 of observations are within 3 standard deviation of the mean c At least 75 of observations are within 2 standard deviation of the meand At least 95 of observations are within 3 standard deviation of the meane All of the above4 A sample of 10 observations shows 1 2 05Given the following 2222calculations 120530and the standard 2345021deviation isa 1 b 2c 3 d 4e none of these 5 Suppose a restaurant computed its average daily revenues as 1380 with a standard deviation of 100 However the boss realized that this average includes sales taxes Sales taxes are 15 What is the mean and standard deviation of revenues net of these sales taxes Round to nearest dollara mean1200 and standard deviation100b mean1200 and standard deviation87 c mean1200 and standard deviation76d mean1173 and standard deviation85e mean1173 and standard deviation1002
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