Determine whether each of the following statements is TRUE or FALSE, and write a short explanation for
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Determine whether each of the following statements is TRUE or FALSE, and write a short explanation for your answer
- The mean and median are always equal to each other and can never be different.
- The median and mode must always be equal and can never be different.
- The expected value of a random variable is a weighted average of outcomes, where each outcome is weighted by its probability of occurrence.
- Regressions are used to estimate the relationship between a dependent variable and only one independent variable.
- In a linear regression, we are usually interested in estimating the slope and y-intercept.
- Only the dependent variable in a regression can take the form of a dummy variable.
- One way to estimate quadratic relationships is by including dummy variables in the regression.
- If the correlation coefficient between x and y is -1, it means that those variables are perfectly negatively correlated.
- The higher the variance of a given random variable, the closer the outcomes are relative to the mean.
- If the cumulative distribution function is greater than 1, we know the variable is close to its maximum value.
Related Book For
Microeconomics A Contemporary Introduction
ISBN: 978-1111415921
9th edition
Authors: William A. McEachern
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