# 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**
1. Scan your answer sheet and place it in ONE FILE at drop-box.
(Make sure it is not zipped into one file.)
1. Use
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