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答案和详解如下:

Q1. Which of the following statements about sampling and estimation is most accurate?

A)   A point estimate is a single estimate of an unknown population parameter calculated as a sample mean.

B)   A confidence interval estimate consists of a range of values that bracket the parameter with a specified level of probability, 1 − β.

C)   Time-series data are observations over individual units at a point in time.

Correct answer is A)

Time-series data are observations taken at specific and equally-spaced points.
A confidence interval estimate consists of a range of values that bracket the parameter with a specified level of probability, 1 − α.

Q2. Which of the following statements about sampling and estimation is most accurate?

A)   The standard error of the sample means when the standard deviation of the population is unknown equals s / √n, where s = sample standard deviation.

B)   The probability that a parameter lies within a range of estimated values is given by α.

C)   The standard error of the sample means when the standard deviation of the population is known equals σ / √n, where σ = sample standard deviation adjusted by n − 1.

Correct answer is A)

The probability that a parameter lies within a range of estimated values is given by 1 − σ. The standard error of the sample means when the standard deviation of the population is known equals σ / √n, where σ = population standard deviation.

Q3. A range of estimated values within which the actual value of a population parameter will lie with a given probability of 1 − α is a(n):

A)   (1 − α) percent confidence interval.

B)   α percent confidence interval.

C)   α percent point estimate.

Correct answer is A)

A 95% confidence interval for the population mean (α = 5% is the p-value), for example, is a range of estimates within which the actual value of the population mean will lie with a probability of 95%. Point estimates, on the other hand, are single (sample) values used to estimate population parameters. There is no such thing as a α percent point estimate or a (1 − α) percent cross-sectional point estimate.

Q4. Which of the following characterizes the typical construction of a confidence interval correctly?

A)     Standard error +/- (Point estimate / Reliability factor).

B)     Point estimate +/- (Reliability factor x Standard error).

C)     Point estimate +/- (Standard error / Reliability factor).

Correct answer is B)

We can construct a confidence interval by adding and subtracting some amount from the point estimate. In general, confidence intervals have the following form:

Point estimate +/- Reliability factor x Standard error

Point estimate = the value of a sample statistic of the population parameter
Reliability factor = a number that depends on the sampling distribution of the point estimate and the probability the point estimate falls in the confidence interval (1 – α)
Standard error = the standard error of the point estimate

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