Use the table of the 5 richest people in the world to answer the questions. Rank

Question

Use the table of the 5 richest people in the world to answer the questions.

Rank Name Net worth (billions of dollars) Sources of wealth Zara Telecom, America Movil   

1 Bill Gates $75 Microsoft, Cascade Investments   

2 Amancio Ortega $67 Zara

3 Warren Buffett $60.8 Berkshire Hathaway

4 Carlos Slim Helu $50 Telecom, America Movil

5 Jeff Bezos $45.2 Amazon.com

For each of the four columns above, identify the type of the data provided by the information.

Find all possible samples of size 2 of the 5 richest people in the world (10).

Explanation / Answer

Rank: It is categorical data. Level is ordinal.

Name: It is categorical data. Level is nominal.

Net worth: It is quantitaive data. Level is ratio.

Source of wealth: It is categorical data. Level is nominal.

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Number of possible samples of size 2 out of 5 is C(5,2)=10

Possible sample are:

(Bill Gates, Amancio Ortega), (Bill Gates, Warren Buffett), (Bill Gates, Carlos Slim Helu), (Bill Gates, Jeff Bezos), (Amancio Ortega, Warren Buffett), (Amancio Ortega, Carlos Slim Helu), (Amancio Ortega, Jeff Bezos), (Warren Buffett, Carlos Slim Helu), (Warren Buffett, Jeff Bezos), (Carlos Slim Helu, Jeff Bezos)

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