Question 1. What is a ‘random sample'?
Question 2. Explain the terms: simple random sampling, systematic sampling, stratified sampling, cluster sampling.
Question 3. What is the ‘central limit theorem'(Chebyshev's Theorem)? Provide examples to make the meaning clear (using concepts such as sampling distribution and standard error of the Mean).
Question 4. What is a time series? Explain the 4 main components of a time series.
Question 5. Using relevant (well-documented) numerical examples, explain the steps involved in the following techniques, when applied to time-series:
3-year moving average method, 4-year moving average method, least squares method , forecasting using the least squares equation, exponential smoothing of data, calculation of seasonal indices.
Question 6. What is an ‘index number'? How is such a measure useful?
Explain the following using relevant (well-documented) numerical examples:
The all-ordinaries index, the consumer price index, Laspeyre's index, Paasche's index.