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# 2011-10_Test1S.pdf

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Department
Economics
Course
ECO202Y1
Professor
Iris Wu
Semester
Winter

Description
ECMB11H3 Sections L01 L30 and L60 Quantitative Methods in Economics I Department of Management University of Toronto at Scarborough Fall 2011 Dr Yu Test 1Date Monday October 17 2011Time allowedTwo 2 hoursAids allowed Calculator and one aid sheet two 85x11 pages prepared by studentNotesThis test consists of 23 questions in 11 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 sectionL01 TuesdayL30 Wednesday L60 OnlineDo not write on the space below for markers only Page Question Max Mark 27 120 608 21 89 22 121011 23 20Total 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 store manager wishes to estimate the average amount of dollars that customers spend in the storeA random sample of size 200 customers shows that the average amount is 25 with a standard deviation 10Which one of the following statements is true a The average amount of dollars that customers spend in the sample isestimated as 25 b The average amount of dollars that customers spend in the store isestimated as 25c Every customer spends the same amount of 25 in the stored Most customers spend 25 in the store e The range of customer spending is 102 Before the provincial election a Gallup poll shows that 30 percent of the voters are voting for a candidate JohnWhich one of the following statements is truea John will get 30 percent of the votes on the vote dayb The 30 of the voters in the Gallup poll will vote for John on the votedayc Among all eligible voters in the province 30 of them will vote forJohn on the vote dayd If the voting is taken place on the date of the Gallup poll John willdefinitely get 30 percent of the votese If the voting is taken place on the date of the Gallup poll the estimatedpercentage of votes that John will get is 30 percent3 Since the sample is a subset of the population the sample meana is always smaller than the true value of the population meanb is always larger than the true value of the population meanc is always equal to the true value of the population mean d couldbe larger equal to or smaller than the true value of thepopulation meane is none of the above4 From a population of size 400 a random sample of 40 items is selectedThe median of the samplea must be 10 since 400 divided by 40 is 10b must be 200 since 400 divided by 2 is 200c must be equal to the median of the population if the sample is trulyrandomd must be equal to the median of the population if the sample is trulyrepresentative to the population e None of the above is true2
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