Applied Statistics in Business and Economics David Doane 6th Edition Test Bank.
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Applied Statistics in Business and Economics, 6e (Doane) Chapter 1 Overview of Statistics
1) Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.
Answer: TRUE
Explanation: This is one of many good definitions of statistics. Difficulty: 1 Easy
Topic:...
applied statistics in business and economics david
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,Applied Statistics in Business and Economics, 6e (Doane)
Chapter 1 Overview of Statistics
1) Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.
Answer: TRUE
Explanation: This is one of many good definitions of statistics.
Difficulty: 1 Easy
Topic: 01.01 What Is Statistics?
Learning Objective: 01-01 Define statistics and explain some of its uses.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
2) Inferential statistics refers to generalizing from a sample to a population, estimating unknown
parameters, drawing conclusions, and making decisions.
Answer: TRUE
Explanation: We can use statistics either to describe data or to infer something about a
population.
Difficulty: 1 Easy
Topic: 01.03 Statistics in Business
Learning Objective: 01-01 Define statistics and explain some of its uses.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
3) Descriptive statistics refers to summarizing data rather than generalizing about the population.
Answer: TRUE
Explanation: When we do not infer, we are only describing the available sample data.
Difficulty: 1 Easy
Topic: 01.03 Statistics in Business
Learning Objective: 01-01 Define statistics and explain some of its uses.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
,4) Estimating parameters and testing hypotheses are important aspects of descriptive statistics.
Answer: FALSE
Explanation: When we generalize to a population, we are using inferential statistics.
Difficulty: 2 Medium
Topic: 01.03 Statistics in Business
Learning Objective: 01-01 Define statistics and explain some of its uses.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
5) Inconsistent treatment of data by a researcher is a symptom of poor survey or research design.
Answer: FALSE
Explanation: Good survey data can still be misused or misinterpreted.
Difficulty: 2 Medium
Topic: 01.05 Critical Thinking
Learning Objective: 01-04 State the common challenges facing business professionals using
statistics.
Bloom's: Understand
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
6) Empirical data are collected through observations and/or experiments.
Answer: TRUE
Explanation: Empirical data are contrasted with <i>a priori</i> estimates (e.g., expecting 10
heads in 20 coin flips).
Difficulty: 2 Medium
Topic: 01.05 Critical Thinking
Learning Objective: 01-04 State the common challenges facing business professionals using
statistics.
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
7) Business intelligence refers to collecting, storing, accessing, and analyzing data on the
company's operations in order to make better business decisions.
, 8) When a statistician omits data contrary to her findings in a study, she is justified as long as the
sample supports her objective.
Answer: FALSE
Explanation: We do not omit data unless it is proven to be an error.
Difficulty: 2 Medium
Topic: 01.04 Statistical Challenges
Learning Objective: 01-04 State the common challenges facing business professionals using
statistics.
Bloom's: Understand
AACSB: Ethics
Accessibility: Keyboard Navigation
9) A strong correlation between A and B would imply that B is caused by A.
Answer: FALSE
Explanation: Temporal sequence does not prove causation.
Difficulty: 1 Easy
Topic: 01.05 Critical Thinking
Learning Objective: 01-05 List and explain common statistical pitfalls.
Bloom's: Understand
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
10) The post hoc fallacy says that when B follows A then B is caused by A.
Answer: TRUE
Explanation: Temporal sequence does not prove causation.
Difficulty: 1 Easy
Topic: 01.05 Critical Thinking
Learning Objective: 01-05 List and explain common statistical pitfalls.
Bloom's: Remember
AACSB: Reflective Thinking
Accessibility: Keyboard Navigation
11) A statistical test may be significant yet have no practical importance.
Answer: TRUE
Explanation: Large samples sometimes reveal tiny effects that may not matter very much.
Difficulty: 1 Easy
Topic: 01.05 Critical Thinking
Learning Objective: 01-05 List and explain common statistical pitfalls.
Bloom's: Understand
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
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