Exam (elaborations)
Statistical Techniques in Business and Economics Douglas Lind 17th Edition-Test bank
- Course
- Institution
Complete Test Bank (with Questions Answers)
[Show more]
Seller
Follow
premiumbiz379
Reviews received
Content preview
,Statistical Techniques in Business and Economics, 17e (Lind)Chapter 1 What is Statistics?
1) A population is a collection of all individuals, objects, or measurements of interest.
Answer: TRUE
Explanation: This is the definition of a population.
Difficulty: 1 Easy
Topic: Types of Statistics
Learning Objective: 01-03 Differentiate between descriptive and inferential statistics.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation
2) Statistics are used as a basis for making decisions.
Answer: TRUE
Explanation: This is the ultimate purpose of statistics. After we organize, summarize, and
analyze data, we make decisions based on our summaries and analysis.
Difficulty: 1 Easy
Topic: Why Study Statistics?
Learning Objective: 01-01 Explain why knowledge of statistics is important.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation
3) A listing of 100 family annual incomes is an example of statistics.
Answer: FALSE
Explanation: A listing of incomes is raw data. Statistics is used to organize, summarize, and
present the data.
Difficulty: 1 Easy
Topic: What is Meant by Statistics?
Learning Objective: 01-02 Define statistics and provide an example of how statistics is applied.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation
1
Copyright © 2018 McGraw-Hill
,4) The average number of passengers on commercial flights between Chicago and New York
City is an example of a statistic.
Answer: TRUE
Explanation: Statistics is used to organize, summarize, and analyze raw data. Raw data would be
a list of all commercial flights between the two cities and the number of passengers on each,
while statistics would take that raw data and create summary measures, such as determining the
mean or average for these flights.
Difficulty: 1 Easy
Topic: What is Meant by Statistics?
Learning Objective: 01-02 Define statistics and provide an example of how statistics is applied.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation
5) Statistics is used to report the summary results of market surveys.
Answer: TRUE
Explanation: Statistics is used to summarize raw data into a more useful form. While we could
look at all the individual survey results, summarizing the results is helpful if we wish to make
decisions.
Difficulty: 1 Easy
Topic: What is Meant by Statistics?
Learning Objective: 01-02 Define statistics and provide an example of how statistics is applied.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation
6) A sample is a portion or part of the population of interest.
Answer: TRUE
Explanation: This is the definition of a sample.
Difficulty: 1 Easy
Topic: Types of Statistics
Learning Objective: 01-03 Differentiate between descriptive and inferential statistics.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation
2
Copyright © 2018 McGraw-Hill
, 7) To infer something about a population, we usually take a sample from the population.
Answer: TRUE
Explanation: This is the purpose of inferential statistics, where we estimate or infer something
about a population based on a sample taken from that population.
Difficulty: 1 Easy
Topic: Types of Statistics
Learning Objective: 01-03 Differentiate between descriptive and inferential statistics.
Bloom's: Understand
AACSB: Communication
Accessibility: Keyboard Navigation
8) Descriptive statistics are used to find out something about a population based on a sample.
Answer: FALSE
Explanation: Inferential statistics uses sample information to find out something about a
population.
Difficulty: 1 Easy
Topic: Types of Statistics
Learning Objective: 01-03 Differentiate between descriptive and inferential statistics.
Bloom's: Understand
AACSB: Communication
Accessibility: Keyboard Navigation
9) There are four levels of measurement: qualitative, quantitative, discrete, and continuous.
Answer: FALSE
Explanation: The four levels of measurement are nominal, ordinal, interval, and ratio.
Difficulty: 1 Easy
Topic: Levels of Measurement
Learning Objective: 01-05 Distinguish between nominal, ordinal, interval, and ratio levels of
measurement.
Bloom's: Understand
AACSB: Communication
Accessibility: Keyboard Navigation
10) The ordinal level of measurement is considered the "lowest" level of measurement.
Answer: FALSE
Explanation: The nominal scale is the "lowest" level of measurement.
Difficulty: 1 Easy
Topic: Levels of Measurement
Learning Objective: 01-05 Distinguish between nominal, ordinal, interval, and ratio levels of
measurement.
Bloom's: Understand
AACSB: Communication
Accessibility: Keyboard Navigation
3
Copyright © 2018 McGraw-Hill
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller premiumbiz379. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $23.98. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now