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#### 1)The mean of a data set is also known as the average value

###### Economics

1)The mean of a data set is also known as the average value.

1. The median of a data set is found by adding all the values in the data set and then dividing the result by the number of observations.

1. The central tendency is where the majority of the data points can be found in a histogram.

1. A weighted mean allows you to assign more weight to certain values and less weight to others.

1. Outliers are extreme values above or below the mean that require special consideration.

1. One disadvantage of using the median is that it can be heavily influenced by outliers.

1. There can be more than one mode in a data set.

1. Measures of variability show how much spread is in your data.

1. When all of the data values in the sample are the same, the sample standard deviation equals 1.0.

1. The standard deviation of a data set can never be negative.

1. In quality control settings, businesses prefer a larger standard deviation, which is an indication of more consistency in the process.

1. When comparing two samples, the smaller coefficient of variation indicates more consistency (or less variability) within the sample or population.

1. According to the empirical rule, we would expect approximately 68, 95, and 99.7 percent of the values to fall within one, two, and three standard deviations above and below the mean respectively for all distributions.

1. Chebyshev's Theorem only applies to bell-shaped curves that are relatively symmetrical.

Multiple Choice

The following data represents the number of Sony TVs sold per day at a particular Costco over a random sample of five business days.

7              2              6              6              4

1. The mean of this sample is ________.

A) 5.0

B) 5.2

C) 5.4

D) 5.6

1. The ________ is the value in the data set for which half the observations are higher and half the observations are lower.

A) median

B) mode

C) mean

D) average

The following data represents the number of Sony TVs sold per day at a particular Costco over a random sample of five business days.

7              2              6              6              4

1. The median of this sample is ________.

A) 4.0

B) 5.2

C) 5.5

D) 6.0

1. Which one of the following statements is  for a symmetrical distribution?

A) The mean is greater than the median.

B) The mean is less than the median.

C) The mean is greater than the mode.

D) The mean is roughly equal to the median.

1. Which one of the following statements is  for a right-skewed distribution?

A) The mean is greater than the median.

B) The mean is less than the median.

C) The mean is greater than the mode.

D) The mean is roughly equal to the median

1. The ________ measures the variability, or spread, of the data points in a set around the set's mean.

A) mode

B) variance

C) median

D) range

20)The ________ is the most common and most important measure of variability in the field of statistics.

A) range

B) variance

C) median

D) standard deviation

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