School

Ball State UniversityDepartment

EconomicsCourse Code

ECON 221Professor

Shengwu ShangStudy Guide

FinalThis

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ECON 221

FINAL EXAM

STUDY GUIDE

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

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1. Econ 221 Section 9: Lecture 1

Population and Samples

Population: set of elements where we wish to draw conclusions

Sample: selected smaller units of a population

Need for Sampling

Too expensive and nearly impossible to gather information on

an entire population

oSample statistic: calculated from sample data and is used

to make conclusions about a population

Data: facts and figures from which we can draw conclusions

Data set: data that is collected for a study

Observation: unit of that data set

Variable: the characteristic that is being observed

Types of Data

Cross sectional: data collected by recording a characteristic of

many subjects at some point in time without worrying about

differences in time

oSubjects usually include individuals, households, firms,

regions, etc.

Time series: data collected by recording a characteristic of a

subject over many time periods

oCan include weekly, daily, monthly, annual

Observation unit Time period

Cross sectional Many One

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Time series One many

Types of Variables

Qualitative: gender, race

Quantitative: test scores, age, weight

oDiscrete variable: numerical values where gap in between

numbers is meaningful (example: numbers can be 1, 2, 3,

but CAN’T BE 1.5, 2.7, 3.6)

oContinuous variable: response can be any number

(numbers can be 5,6,7 and CAN be 5.5, 6.2, 7.8)

Scales of measurement

oNominal (qualitative): least sophisticated

Just simple categories for grouping

No certain order

oOrdinal (qualitative): categorized and ranked with respect

to some other trait

Usually an order of high to low

Difference between categories have no meaning

oInterval (quantitative): data can be categorized and ranked

with respect to some other trait

Difference in interval values are equal and

meaningful

No absolute 0

oRatio (quantitative): strongest level of measurement and

can be categorized and ranked

Difference in intervals are equal and meaningful

There is an absolute 0

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