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    Measuring family wealth when making political decisions

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    1) Which measure of family wealth is most important, when making political decisions: the national mean, median, or mode? (example is deciding which topics to emphasize when running an election campaign. Which measure of family wealth is the best measure of the country's overall wealth--mean, median, or mode?

    2) Which of the following most closely approximates a normal distribution, in the United States: age at time of death, or annual income? Explain

    3) Why is sampling important to business? Are there situations in business where sampling would not be effective? Statisticians are always talking about "random" samples. What are important about random samples?

    4)Give an example of a problem (business, political, scientific) in which ANOVA analysis would be appropriate. The dependent variable is categorical, such as male vs. female, or comparing three different types of fertilizer.

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    Solution Preview

    Hi there,

    Thanks for asking BrainMass. I've included my explanations in the word document.

    1) Which measure of family wealth is most important, when making political decisions: the national mean, median, or mode? (example is deciding which topics to emphasize when running an election campaign. Which measure of family wealth is the best measure of the country's overall wealth--mean, median, or mode?
    The national median is the best measure of the country's overall wealth. Since the wealth data have many outliers, in this case, median is the best measure of central tendency.

    2)Which of the following most closely approximates a ...

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    The expert examines measuring family wealth when making political decisions.

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