Economics Practice Tests – Basic Tools for Economic Analysis

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The most popularly used measure of central tendency is ______ 

A. mean        B. median        C. mode       D. range

The following are advantages of mean as a statistical tool EXCEPT _____

A. It is highly representative of a given set. This is because all the values are considered.
B. It is not readily depicted on frequency graphs.
C. Given that it is a calculated average, the mean is definite.
D. The mean lends itself more readily to further structural analysis when compared to other measures of central tendency; it exhibits higher degree of accuracy.

The chart represented above is known as _____

A. Multiple bar chart     B. Component bar chart      C. Multiple pie chart     D. Pictograms

Find the geometric mean of 4 and 3.

A. 4       B. 3       C. 3.46       D. 4.46

Calculate the arithmetic mean of the following data: 20, 10, 18, 5, 15, 35

A. 17      B. 15      C. 17.2      D. 15.2

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