A two-dimensional plot of the observed data values on the vertical-axis with their corresponding quartile values from a standardized normal distribution on the horizontal-axis is referred to as a:
A) normal probability plot.
B) quartile plot.
C) normal probability distribution.
D) normal-quartile plot.
Q. 2How would you interpret the coefficient on years of education?
A) For every addition in his/her years of education, we would expect the income to increase on average by 1,310, assuming that all the other independent variables in the model are held constant.
B) For every one percent increase in his/her years of education, we would expect the income to increase on average by 1.3 percent, assuming that all the other independent variables in the model are held constant.
C) For every 1.3 percent increase in his/her years of education, we would expect the income to increase approximately by 1,000, assuming that all the other independent variables in the model are held constant.
D) For every one percent increase in his/her years of education, we would expect the income to increase approximately by 1,310, assuming that all the other independent variables in the model are held constant.
Q. 3A random variable is a variable that takes on numerical values realized by the outcomes in the sample space generated by a random experiment.
Indicate whether the statement is true or false
Q. 4Classical probability is the proportion of times that an event will occur assuming all outcomes in a sample space have an equal chance to occur.
Indicate whether the statement is true or false
Q. 5The Empirical rule applies to any distribution, regardless of its shape, as an interpretive guide to the distribution.
Indicate whether the statement is true or false
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