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Describe the distinction between descriptive statistics and inferential statistics.
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- Suppose you are asked to compare the variation in housing rental prices in the Eastern Caribbean measured in Eastern Caribbean dollars to housing rental prices in Jamaica measured in Jamaican dollars, explain the most appropriate statistic to use making sure to say whyExports of goods and services 1,872 Imports of goods and services 2,375 Net unilateral transfers -99 Net Investment Income 170 Capital Account -7 Net US acquisition of financial assets 958 Net US incurrence of liabilities 1,391 Net financial derivatives -14 Based on table above, the statistical discrepancy is Group of answer choices 15 8 0. -8 -15A discussion relating to the attributes that make the Gini coefficient a desirable means of measurement;
- Construction data fudging kills reliability of official statisticsRevelations about irregularities in the way the infrastructure ministry collected and compiled key constructiondata have delivered a devastating blow to the credibility of government statistics as a whole.The facts have left no doubt that the ministry must take strong action to prevent a recurrence. But they have alsounderscored the need for a fundamental review of the entire government’s systems for compiling and reportingofficial statistics…The problem illustrated in the above extract is that of… a) Data revisionb) Economic welfarec) Unrecorded activityd) Non-market productionTwenty different statistics students are randomly selected. For each of them, their body temperature (°C) is measured and their head circumference (cm) is measured. a. For this sample of paired data, what does r represent, and what does ρ represent? b. Without doing any research or calculations, estimate the value of r. c. Does r change if body temperatures are converted to Fahrenheit degrees? Question content area bottom Part 1 a. Choose the correct answer below. A. r is a parameter that represents the value of the linear correlation coefficient that would be computed by using all of the paired data in the population of all statistics students, and ρ is a statistic that represents the value of the linear correlation coefficient computed from the paired sample data. B. r is a statistic that represents the proportion of the variation in head circumference that can be explained by variation in body temperature, and ρ is a parameter that represents…How do we calculate mean deviation?Discuss its significance and use in variousconcepts of statistics. How it differs fromquartile deviation
- The following is a report from a BLS survey taker: “There were 70 people in the houses I visited. 12 of them were children under the age of 16, 25 people had full-time jobs, and 6 had part-time jobs. There were 10 retirees, 5 full-time homemakers, 5 full-time students over age 16, and 2 people who were disabled and cannot work. The remaining people did not have jobs, but all said they would like one. One of these people had not looked actively for work for three months, however.” Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers.Instructions: Enter your responses as whole numbers.Labor force: peopleWorking-age population: peopleNumber of employed workers: peopleNumber of unemployed workers: peoplePart A: Differentiate between measures of annual income. Is it better to describe a region’s ‘typical’ standard of living based on mean annual income measures? If not, what would you suggest as a better descriptive statistic? Part B: Differentiate between income and wealth. Why is income data so prevalent while wealth data so rare? Finally, explain two different methods of measuring wealth.what is the role of statistics in business and economics?