Questions from Statistics

Q: Distinguish between absolute and relative difference. Give an example that illustrates

Distinguish between absolute and relative difference. Give an example that illustrates how we calculate a relative difference.

Q: Explain the difference between the key words of and more than when

Explain the difference between the key words of and more than when dealing with percentages. How are their meanings related?

Q: Explain the difference between the terms percent (%) and percentage points.

Explain the difference between the terms percent (%) and percentage points. Give an example of how they can differ for the same situation.

Q: I’ve concluded that the CPI for 2016 is obsolete because it uses

I’ve concluded that the CPI for 2016 is obsolete because it uses the prices of goods, services, and housing costs from 1982 to 1984 as its reference value.

Q: The CPI doubled from 1983 to 2006, so the price of

The CPI doubled from 1983 to 2006, so the price of gasoline also doubled over that time period.

Q: My salary has remained the same for the past 10³years

My salary has remained the same for the past 10³years, but my standard of living has fallen.

Q: Adjusted for inflation, today’s price of $100 for that item

Adjusted for inflation, today’s price of $100 for that item is lower than the 1980 price of $50.

Q: If you spent $12,250 for goods, services,

If you spent $12,250 for goods, services, and housing in 2015, what would the same purchases have cost in 2000?

Q: If you spent $12,250 for goods, services,

If you spent $12,250 for goods, services, and housing in 2000, what would the same purchases have cost in 2015?

Q: FICO (Fair Isaac Corporation) scores are routinely used to rate

FICO (Fair Isaac Corporation) scores are routinely used to rate the quality of consumer credit. You want to determine the average (mean) FICO score of all adults in the United States.