In Weeks 4 and 5, you calculated Cronbach’s coefficient alpha and item statistics for the six items in your dataset that are on the Risk-Taking scale, R1–R6. Refer back to the output you obtained. It shows the item-test correlation for each item. Now calculate the mean and standard deviation for each item. Click on ANALYZE>DESCRIPTIVE STATISTICS>DESCRIPTIVE. Move the items R1 through R6 into the VARIABLES box and click on OK. You will see the minimum, maximum, mean, and standard deviation for each item.

In the quiz, you see the item characteristic curves (ICC) for these items:

• R3: I’m willing to take real chances to get ahead financially
• R5: Being too conservative with your investments can cause financial problems
• R6: Running a business is something that I think of as interesting and exciting

Note: Please refer to the following graphs to complete the question.

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            Question 1       

1.      Using the above graphs, compare the classical item statistics to the ICC curves derived using IRT. Which curve is associated with which item? Consider item difficulty and item discrimination.            – a. b. c.     R3 I’m willing to take real chances to get ahead financially.       – a. b. c.     R5 Being too conservative with your investments can cause financial problems.       – a. b. c.     R6 Running a business is something that I think of as interesting and exciting.          a.      A       b.      B       c.