ECO220_TT1

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School

University of Toronto *

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Course

220

Subject

Economics

Date

Feb 20, 2024

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pdf

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8

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ECO220Y1Y LEC5101, Term Test #1, Instructor: Xiner Xu May 30, 2022, 6:10 8:00 pm U of T E-MAIL: ___________________________________@MAIL.UTORONTO.CA SURNAME (LAST NAME): GIVEN NAME (FIRST NAME): UTORID: (e.g. LIHAO118) Duration: 1 hour and 50 minutes Aids Allowed: A non-programmable, non-graphing calculator Instructions: Keep these test papers and the Supplement closed and face up on your desk until the start of the test is announced. You must stay for a minimum of 60 minutes. There are 4 questions (most with multiple parts) with varying point values worth a total of 100 points. This test includes these 8 pages plus the Supplement . The Supplement contains the aid sheets, readings, figures, tables, and other materials for some test questions. For each question referencing the Supplement , carefully review all materials. The Supplement will NOT be collected: write your answers on these test papers. When we announce the end of the test, hand these test papers to us (you keep the Supplement ). Write your answers clearly, completely, and concisely in the designated space provided immediately after each question. An answer guide ends each question to let you know what is expected. For example, a quantitative analysis (which shows your work and reasoning), a fully labelled graph, and/or sentences. o Anything requested by the question and/or the answer guide is required. Similarly, limit yourself to the answer guide. For example, if the answer guide does not request sentences, provide only what is requested (e.g. quantitative analysis). o Marking TAs are instructed to accept all reasonable rounding. Your entire answer must fit in the designated space provided immediately after each question. No extra space/pages are possible. You cannot use blank space for other questions, nor can you write answers on the Supplement . Write in PENCIL and use an ERASER as needed so that you can fit your final answer (including work and reasoning) in the appropriate space. Questions give more blank space than is needed for an answer (with typical handwriting) worth full marks. Follow the answer guides and avoid excessively long answers.
(1) [21 pts] See Supplement for Question (1): Performance Review at a Paper Company (a) [4 pts] Circle the correct answers. i. This is an example of cross-sectional/time series/panel data. ii. Number of sales is a/an categorical/Bernoulli/dummy/interval variable. (b) [4 pts] What is the average number of sales a salesperson made in April? Answer with a quantitative analysis. (c) [4 pts] What is the IQR? Answer with a quantitative analysis that makes your reasoning clear. Is the IQR you found a parameter or a statistic?
(d) [6 pts] What is the standard deviation of the number of sales a salesperson made in April? (e) [3 pts] If we standardize number of sales, what will be the smallest value of the standardized variable? Answer with a quantitative analysis that makes your reasoning clear.
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