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TEST BANK for Basic Statistics for Business and Economics 10th Edition by Douglas A. Lind Updated A+ All Chapters
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TEST BANK for Basic Statistics for Business and Economics 10th Edition by Douglas A. Lind Updated A+ All Chapters All 15 Chapters. Chapter 1: What is Statistics? Chapter 2: Describing Data: Frequency Tables, FrequencyDistributions, and Graphic Presentation Chapter 3: Describing Data: Numerical Meas...

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  • October 30, 2023
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  • 9781264086863
  • test bank for basic statistics for business and ec
  • basic statistics for business and economics 10th e
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Basic Statistics for Business and Economics 10th Edition by Douglas A. Lind




lTest




Test Bank Basic Statistics for Business and
Economics 10th Edition by Douglas A. Lind


Chapter 1 what is Statistics?


1) A population is an entire set of 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

Test Bank Page 1

, Basic Statistics for Business and Economics 10th Edition by Douglas A. Lind




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

4) The average number of passengers on commercial flights between Chicago and New York
City is an example of a statistic.


Answer: TRUE
Explanation: A statistic is a number used to communicate a piece of information. Statistics is
defined as a science of collecting, organizing, presenting, analyzing, and interpreting data to
assist in making more effective decisions. 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 defined as a science of collecting, organizing, presenting, analyzing,
and interpreting data to assist in making more effective decisions. 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

Test Bank Page 2

, Basic Statistics for Business and Economics 10th Edition by Douglas A. Lind




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

7) To infer something (i.e. estimate properties) 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: Remember
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 sampling to estimate a property of a population.
Difficulty: 1 Easy
Topic: Types of Statistics
Learning Objective: 01-03 Differentiate between descriptive and inferential statistics.

Test Bank Page 3

, Basic Statistics for Business and Economics 10th Edition by Douglas A. Lind




Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation


9) There are four levels of measurement: qualitative, quantitative, discrete, and continuous.


Answer: FALSE
Explanation: These are types of variables, not levels of measurement. The four levels of
measurement are nominal, ordinal, interval, and ratio. The items listed in the question
(qualitative, quantitative, discrete, and continuous) are types of variables.
Difficulty: 1 Easy
Topic: Levels of Measurement
Learning Objective: 01-05 Distinguish between nominal, ordinal, interval, and ratio levels of
measurement.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation

10) The ordinal level of measurement is considered the "lowest", or the most primitive, level of
measurement.


Answer: FALSE
Explanation: The nominal scale is the "lowest" level of measurement. Data recorded at the
nominal level of measurement is represented as labels or names.
Difficulty: 1 Easy
Topic: Levels of Measurement
Learning Objective: 01-05 Distinguish between nominal, ordinal, interval, and ratio levels of
measurement.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation


11) A store asks shoppers for their zip codes to identify market areas. Zip codes are an example
of ratio data.

Test Bank Page 4

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