ECON-121 Study Guide - Midterm Guide: Academic Dishonesty, Confidence Interval, Standard Deviation
11 Oct 2018
School
Department
Course
Professor
Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada 1
www.utsc.utoronto.ca/mgmt
MGEB11H3F – L01, L30, L60
Quantitative Methods in Economics I
Final Examination
Friday December 12, 2014
7 – 9 pm
Instructor: Victor Yu
Last Name (Print) __Solution____________________
First/Other Names
Student Number
Time allowed: Two (2) hours
Aids allowed: Any Calculator
Two aid sheet (four 8.5”x11” pages) prepared by student.
This exam consists of 24 questions in 7 pages including this cover page.
It is the student’s responsibility to hand in all pages of this exam. Any missing
page will get zero mark.
Show your work in each question in Part II.
This exam is worth 40% of your course grade.
Do not write on the space below, for markers only.
Page
Question
Max
Mark
2–5
1–20
60
5
21
8
5
22
10
6
23ab
12
7
24abcd
12
Total
100
The University of Toronto's Code of Behaviour on Academic Matters applies to all University of
Toronto Scarborough students. The Code prohibits all forms of academic dishonesty including, but
not limited to, cheating, plagiarism, and the use of unauthorized aids. Students violating the Code
may be subject to penalties up to and including suspension or expulsion from the University.
2
Part I. Multiple Choice. 3 marks in each question. No part mark.
Circle only one answer. If there are more than one correct answer, circle the best one.
1. The marks of 500 students in a statistical course are normally distributed with a standard
deviation of 10. If there are 18 students with marks above 90, the mean of the marks in the
course must be approximately equal to
(a) 60 (b) 64 (c) 68 √(d) 72 (e) 76
2. Suppose 60 percent of all unionized workers are in favor of a strike. If 132 unionized workers
are randomly sampled, what is the chance that less than half of them are in favor of a strike?
√(a) less than 1%
(b) between 1% and 2%
(c) between 2% and 5%
(d) between 5% and 10%
(e) more than 10%
3. Wait time for the “Airport Rocket” bus is Uniformly distributed from 0 to 20 minutes. An
airport monitor records wait times for 19 randomly selected travelers. (The chosen sampling
procedure ensures that the independence assumption is reasonable.) What is the chance that the
sample mean wait time is longer than 13 minutes?
Hint: Let X be uniformly distributed between a and b.
The mean of X is
ba
2
1
and the variance of X is
2
12
1ab
(a) less than 1%
√(b) between 1% and 2%
(c) between 2% and 5%
(d) between 5% and 10%
(e) more than 10%
4. Which of these would reduce the margin of error of the Confidence Interval estimator of a
population proportion?
(a) decrease the sample size
√(b) decrease the confidence level
(c) the sample proportion is close to 0
(d) the sample proportion is close to 0.5
(e) all of the above
5. Under which of the following circumstances is it impossible to construct a confidence interval
for the population mean?
(a) A normal population with a large sample and a known population variance.
(b) A normal population with a small sample and an unknown population variance.
(c) A non-normal population with a large sample and a known population variance.
(d) A non-normal population with a large sample and an unknown population variance.
√(e) A non-normal population with a small sample and an unknown population variance.
Document Summary
Two aid sheet (four 8. 5 x11 pages) prepared by student. This exam consists of 24 questions in 7 pages including this cover page. It is the student"s responsibility to hand in all pages of this exam. Show your work in each question in part ii. This exam is worth 40% of your course grade. Do not write on the space below, for markers only. The university of toronto"s code of behaviour on academic matters applies to all university of. The code prohibits all forms of academic dishonesty including, but not limited to, cheating, plagiarism, and the use of unauthorized aids. Students violating the code may be subject to penalties up to and including suspension or expulsion from the university. Management, 1265 military trail, toronto, on, m1c 1a4, canada www. utsc. utoronto. ca/mgmt. If there are more than one correct answer, circle the best one. The marks of 500 students in a statistical course are normally distributed with a standard deviation of 10.
