# Eco 578 Midterm Examination Questions and Answers

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Midterm Exam
• There are 4 parts:
Part A: Answer the following questions (1-8)
Part B: True/ False (9-28)
Part C: Select the correct answer for the following questions (29-38)
Part D: Work Problem (39-50) **All work must be shown step by step**
• Two different ways to submit your answer sheet
1. Scan your answer sheet and place it in ONE FILE at drop-box.
(Make sure it is not zipped into one file.)

28 Events are independent when the occurrence of one event has no effect on the probability that another will occur. Part C: Multiple Choice (29–38)
Questions 29-33 refer to the following frequency distribution:
Annual Income Number of households under \$10,000 20
\$10,000 – under \$20,000 45
\$20,000 – under \$30,000 70
\$30,000 – under \$40,000 30
\$40,000 – under \$50,000 15
\$50,000 – under \$60,000 12
\$60,000 – under \$70,000 8
Total 200
• What is the frequency of the \$20,000-under \$30,000 class?
1. 20 b. 45 c. 70 d. 30 • What is the width of each class?
1. \$20,000 b. \$5,000 c. \$60,000 d. \$10,000 • What is the mid-point for the \$40,000-under \$50,000 class?
1. \$45,000 b. \$40,000 c. \$42,000 d. 15 • If we were to convert these data to a relative frequency distribution, what value would be associated with the \$50,000-under \$60,000 class?
1. 0.96 b. 0.06 c. 0.04 d. 0.12 • For a cumulative frequency distribution (less than or within), what value would be associated with the \$30,000-under \$40,000 class?
1. 30 b. 35 c. 165 d. 135 • For the value 10, 40, 20, 50, and 40, the value of the arithmetic mean is
34. 32 b. 40 c. 30 d. 34.5 • For the data values, 20, 31, 45, 54, 38, 33, 22, 45, and 17, the mode is
1. 33 b. 34 c. 38 d. 45 • The simplest