Show all numerical answers to 2 decimal places. Where written explanations are required, you should provide no more than 50 words for each question. 

Aim: By the time you finish this written assignment, you should be able to appreciate the usefulness of various statistical techniques in economic applications. You will have the chance to make use of computing software (e.g., Excel, StatKey) in analyzing a real economic data set.
Data description: You have been assigned a data set consisting of 100 randomly-selected employed workers from the May 1978 current population survey conducted by the U.S. Department of Commerce. This is a survey of over 50,000 households conducted monthly, and it serves as the basis for U.S. employment and unemployment statistics. Data are collected on a number of individual characteristics as well as employment status. This data extract contains information on wage, gender, and years of education for the 100 employed workers in the sample.
The data set is available in the Excel spreadsheet. It contains 4 columns and 101 rows. The first row contains the variable names; the remaining 100 rows contain the information for each of the 100 workers in your sample. The column Obs identifies each worker (and can be ignored), WAGE is each worker’s hourly wage rate (in 1978 U.S. dollars), FEM is gender (0 = male, 1 = female), and EDUC is years of education (i.e., total years of schooling).
Hints: One handy way to import the data into StatKey is by direct copy-and-paste. To do this, copy any required columns in the data set to a new spreadsheet. Now with all the required columns side-by-side, copy and paste them all at once to the text-input region in the “Edit Data” pop-up window.

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