Methods and Tools of Economic Analysis
Economics · 50 practice questions
Scientific approach — inductive/deductive methods, positive/normative reasoning; basic tools — tables, charts, graphs, measures of central tendency (mean, median, mode) and measures of dispersion (variance, standard deviation, range), and their merits/demerits.
- Distinguish between the various forms of reasoning and apply them to real-life situations.
- Use the tools to interpret and analyse economic data.
- Understand the merits and demerits of the tools.
Try a few questions
- Practice question 1
Given the data set 5, 7, 7, 9, 12, the mean is
- A.8
- B.7
- C.9
- D.12
Show the answer
A. 8
Mean = (5+7+7+9+12)/5 = 40/5 = 8.
- Practice question 2
For the data set 5, 5, 5, 5, the standard deviation is
- A.5
- B.1
- C.0
- D.25
Show the answer
C. 0
All values equal the mean, so there is no dispersion; SD = 0.
- Practice question 3
Given the data set 6, 9, 9, 12, 14, the range is
- A.6
- B.9
- C.14
- D.8
Show the answer
D. 8
Range = highest − lowest = 14 − 6 = 8.
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