Quiz 4 Inferential Statistics

Question 1

An estimate of the variability inherent in a statistical forecast is the definition of

Answer 1

standard error of forecast

Question 2

“In statistics, the specification of a zone within a population, based on a sample mean and its standard error, within which the true mean most probably lies” is the definition of

Answer 2

confidence interval. That is a confidence interval –how confident are you that the true part of the population lies within the range indicated.

Question 3

“A technique for analyzing the relationship between one dependent (outcome) variable and more than one independent (explanatory or predictor) variable” is the definition of

Answer 3

multiple regression

Question 4

Another name for the Student Table is the ___________ Table.

Answer 4

t

Question 5

“A statistical method that examines the relationship between one or more independent variables and a dependent variable” is the definition of

Answer 5

regression analysis

Question 6

“The standard deviation of a regression coefficient estimate” is the definition of

Answer 6

standard error. That defines a standard error. Standard errors are used in calculating a confidence interval about the arithmetic mean and the weighted mean.

Question 7

“A categorical variable indicating rank order, such as small, medium, and large” is the definition of _________ variable.

Answer 7

ordinal

Question 8

“The unexplained or random aspect of a relationship among variables” is the definition of

Answer 8

error

Question 9

About ___% of the observations in a normal distribution will fall within one standard deviation on either side of the mean.

Answer 9

68

Question 10

“A statistic indicating the proportion of the total variance in the dependent variable accounted for by the independent variable in a simple linear regression equation” is the definition of

Answer 10

coefficient of determination

Question 11

Here are the 12 most recent sales in a market area. $148,000 $162,000 $145,000 $151,500 $150,000 $149,500 $166,000 $156,000 $152,000 $160,000 $155,000 $147,000 What is the mean of the sales?

Answer 11

153500. Use your 12C: f CLEAR S 148,000 S+ 162,000 S+ 145,000 S+ 151,500 S+ 150,000 S+ 149,500 S+ 166,000 S+ 156,000 S+ 152,000 S+ 160,000 S+ 155,000 S+147,000 S+ g Answer is $153,500.

Question 12

Here are the 12 most recent sales in a market area. $148,000 $162,000 $145,000 $151,500 $150,000 $149,500 $166,000 $156,000 $152,000 $160,000 $155,000 $147,000 What is the standard deviation of the sales?

Answer 12

$6,456.15

Question 13

Price is the __________ variable.

Answer 13

dependent

Question 14

“To estimate, calculate, or indicate in advance” is the definition of

Answer 14

forecasting

Question 15

A standard IQ test has a mean of _____ and a standard deviation of _____.

Answer 15

100, 10

Question 16

R2 measures how well the _____________ fits the _______.

Answer 16

regression line, data. R2 (the coefficient of determination) is used to measure how well the regression line fits the data provided.