ECON 380 Exam 1 (1,2,3,5,6) Question and answers
rated A+ 2025/2026
1.descriptive statistics methods of organizing,
summarizing, and
presenting data in an
informative way
2. inferential statistics body of methods used to draw
conclusions or inferences about
characteristics of popula- tions based on
sample data
3. population group of all items of interest
A population has --> parameters
4. Sample set of data drawn from population
A sample has --> statistics
5. Confidence level the proportion of times that an
estimating procedure will be correct
ex.: "a confidence level of 95% means
that estimated based on this statistical
inference will be correct 95% of the
time"
6. Significance level measures how frequently the conclusion
will be wrong in the long run
ex.: a 5% significance level means that
in the long run, this type of conclusion
will be wrong 5% of the time"
7. Data categories:
, ECON 380 Exam 1 (1,2,3,5,6) Question and answers
rated A+ 2025/2026
Interval data
Nominal data
Ordinal data
8.Interval data real numbers (heights, weights,
prices, etc.)
-quantitative or numerical
-arithmetic operations can be performed on
interval data
9. Nominal Data values of nominal data are categories
(ex: sin- gle=1, married=2, divorced
=3)
-categorical in nature; arithmetic operations
don't make sense
- qualitative or categorical
10. ordinal data appear to be categorical. but values
have an order or ranking to them (ex:
poor=1, fair=2, good=3, very good=4,
excellent=5)
-can do some arithmetic on this data
11. Hierarchy of data
12. Symmetry of Histograms
rated A+ 2025/2026
1.descriptive statistics methods of organizing,
summarizing, and
presenting data in an
informative way
2. inferential statistics body of methods used to draw
conclusions or inferences about
characteristics of popula- tions based on
sample data
3. population group of all items of interest
A population has --> parameters
4. Sample set of data drawn from population
A sample has --> statistics
5. Confidence level the proportion of times that an
estimating procedure will be correct
ex.: "a confidence level of 95% means
that estimated based on this statistical
inference will be correct 95% of the
time"
6. Significance level measures how frequently the conclusion
will be wrong in the long run
ex.: a 5% significance level means that
in the long run, this type of conclusion
will be wrong 5% of the time"
7. Data categories:
, ECON 380 Exam 1 (1,2,3,5,6) Question and answers
rated A+ 2025/2026
Interval data
Nominal data
Ordinal data
8.Interval data real numbers (heights, weights,
prices, etc.)
-quantitative or numerical
-arithmetic operations can be performed on
interval data
9. Nominal Data values of nominal data are categories
(ex: sin- gle=1, married=2, divorced
=3)
-categorical in nature; arithmetic operations
don't make sense
- qualitative or categorical
10. ordinal data appear to be categorical. but values
have an order or ranking to them (ex:
poor=1, fair=2, good=3, very good=4,
excellent=5)
-can do some arithmetic on this data
11. Hierarchy of data
12. Symmetry of Histograms
