The Consumer Expenditure Study surveys people about their fi

The Consumer Expenditure Study surveys people about their finances and spending. They ask the following questions:

a. What is your occupation?

b. What is your income?

c. What is the amount of your student loan, if any?

d. How would you rate your credit using these categories: excellent, good, fair, poor?

For each of these questions, determine the type of data that is being collected and give an example of a potential answer.

3. Suppose you are interested in the population of students Northwestern University. a. Give an example of using descriptive statistics to learn about this population. b. Give an example of using inferential statistics to learn about this population

Solution

c.) 16 percent of respondents have some debt associated with their education, 7 percent have debt from paying for a spouse’s education, 6 percent have debt from a child’s education, and less than 1 percent have debt from a grandchild’s education Overall, 24 percent of respondents have education debt for themselves, someone else, or a combination. Among those who have at least some education beyond a high school degree, the percent with student loan debt is higher, with 22 percent reporting debt for their own education and 31 percent reporting education debt for themselves or someone else.