Econ 251- Test 1

The proportion of customers that rate their latest airline experience as "excellent" is an example of _______________.

descriptive statistics

Your business statistics class had an exam last week. The average exam score for the class is an example of ______________.

descriptive statistics

Analyzing unemployment data from the Bureau of Labor Statistics is an example of using secondary data.

True

Bias can occur in a survey when a question is stated in a way that encourages or leads a respondent to a particular answer.

True

A marketing manager for a textbook publisher meets with a group of several students who are paid to discuss what they like and dislike about their textbooks. This method of gathering data is known as _____________.

focus groups

Which of the following is an example of quantitative data?

Apple bees closing stock price today

The results from a survey that collected annual household income is shown in the following table. Income Number Under $30 67 $30 to under $40 111 $40 to under $50 125 $50 to under $60 21 $60 to under $70 38 Over $70 40 Which of the following data types best describe these values?

Cross-sectional data

________ data are values collected from a number of subjects (firms, individual, states, regions, and so forth) during a single time period.

Cross-sectional data

A respondent to a survey indicates that he has lived in his current residence for three years. This is an example of qualitative data.

False Correction:

Predicting election results by asking voters their intentions is an example of descriptive statistics.

False Correction: Inferential statistics

Calculating the average time callers wait on the phone for technical support is an example of inferential statistics.

False Correction: descriptive statistics

Information is the basic foundation for the field of statistics and can be defined as the value assigned to a specific observation or measurement.

False Correction: Data

Asking customers at the shopping mall about their voting intentions in the upcoming political election is an example of secondary data.

False Correction: Primary Data

A restaurant manager randomly selects tables at which customers have just been seated and records the amount of time it takes for the wait staff to greet these customers. This is an example of an experiment being used to collect data.

Fasle Correction: Direct Observation

Your cell phone number is an example of quantitative data.

Fasle Correction: Qualitative Data

Analyzing snowfall amounts in New York over the past 100 years to help predict future weather patterns is an example of using primary data.

Fasle Correction: Secondary data

) Using income data to determine the credit worthiness of a consumer who wishes to purchase a new car is an example of using statistics in the field of ________.

Finance

________ is (are) derived from facts for the purpose of making decisions.

Information

Using quality control techniques to test the salt content of pretzels before they are packaged for the consumer is an example of using statistics in the field of ________.

Operations

________ data use descriptive terms to measure or classify something of interest.

Qualitative data

________ data use numerical values to describe something of interest either by measuring it or counting it.

Quantitative data

A method of gathering data when people are asked a series of questions that can be administered by e-mail, via the Web, face-to-face or over the telephone, is known as _________.

Surveys

The following table shows the number of bagels sold at the Avalon Coffee and Bagel over the past seven days. Day Number Sold Monday 69 Tuesday 63 Wednesday 88 Thursday 74 Friday 120 Saturday 197 Sunday 226 Which of the following data types best describe these values?

Time series data

The following table shows the stock price for Facebook at the end of the past four quarters. Quarter Year Stock Price 4 2012 $25.91 1 2013 $25.73 2 2013 $24.88 3 2013 $51.24 Which of the following data types best describe these values?

Time series data

________ data are values that correspond to specific measurements taken over a range of time periods.

Time series data

A hotel employee asks customers who are checking out to rate their satisfaction on a scale of 1-10. This is an example of collecting primary data.

True

A limitation of descriptive statistics is that, by summarizing large quantities of data, you lose information.

True

A manager of an electronics store would like to investigate the impact that price has on the demand for laptop computers. Each week, the price of a Dell laptop is adjusted and the demand for each week is recorded. This is an example of an experiment being used to collect data.

True

A respondent to a survey indicates that she drives a Ford Taurus. This is an example of qualitative data.

True

Business Analytics are statistics applied to the business world in an effort to improve people's decision making in fields such as marketing research, operations, finance, and advertising.

True

Deciding that a process that fills bottles with soda is functioning properly by checking the weights for a sample of bottles is an example of inferential statistics.

True

Determining the proportion of customers who have credit scores greater than 700 is an example of descriptive statistics.

True

Education level is an example of nominal data.

True

One of the major reasons to use statistics is to transform data into information.

True

Primary data is data collected by the person or organization that eventually uses the data.

True

Statistics can be misused by making differences seem greater or lesser by adjusting the scale on graphs.

True

Statistics is the mathematical science that deals with the collection, analysis, and presentation of data-data that can then be used as a basis for inference and induction.

True

The interval measurement level is considered quantitative data.

True

The number of pages in your business statistics textbook is an example of quantitative data.

True

The purpose of inferential statistics is to make claims or conclusions about a population based on a sample.

True

To help ensure good questionnaire design, it is recommended that a survey is tested on a small group of respondents before releasing it to the actual participants.

True

Collecting data about the number of television viewers for the Summer Olympics is an example of using statistics in the field of ________.

advertising

A ________ sample does not represent the intended population and can lead to distorted findings.

biased sample

The following table shows the market share for flat-panel television sales in the second quarter of 2013. Company Market Share Samsung 26.5% LG 16.3% Sony 8.0% Panasonic 5.3% Guangdong 5.1% Other 38.8% Which of the following data types best describe these values?

cross-sectional data

A method of gathering data while the subjects of interest are in their natural environment, often unaware they are being watched, is known as ____________.

direct observation

A Bank of America employee records the amount of time that customers spend using the ATM machine at her branch. This method of gathering data is known as _______________.

direct observations

A method of gathering data when subjects are exposed to certain treatments and the data of interest is recorded is known as ____________.

experiments

The manager at the local Ruby Tuesday's restaurant wanted to investigate the effect of music on the average revenue per customer. Each night for one month, fast-paced music was played. The following month, slow-paced music was played every night. The average revenue per customer for each month was compared. This method of gathering data is known as __________.

experiments

A method of gathering data when individuals are paid to discuss their attitudes towards products or services in a group setting controlled by a moderator is known as ____________.

focus groups

Bridgestone would like to estimate the average tread life of a particular brand of automobile tire. Fifty customers who have purchased this tire are sampled and asked about the tread life of their tires. This is an example of using _______________.

inferential statistics

General Mills is considering offering a new type of yogurt. To gauge interest, they are performing taste tests at different locations around the country. Based on the results of these samples, they will decide whether or not to market the new yogurt. This is an example of using ________________.

inferential statistics

Which levels of measurement are considered quantitative data?

interval and ratio

Gathering information from potential customers in an effort to determine their preferences is an example of using statistics in the field of ________.

marketing research

A respondent of a survey indicates that he is a resident in the state of Ohio. This is an example of _________ data.

nominal

A respondent of a survey indicates that he owns the home that he currently resides. This is an example of ____________ data.

nominal data

A respondent of a survey indicates that she is currently in her junior year at the University of Texas. This is an example of _________ data.

ordinal

Data that describe a characteristic about a population is known as a ________.

parameter

A ________ represents all possible subjects of interest.

population

In a Major League Baseball game today, the Philadelphia Phillies scored six runs against the New York Mets. This is an example of _________ data.

ratio

A ________ is a portion of a population that is representative of the population from which it is selected.

sample

Data that describe a characteristic about a sample is known as a ________.

statistic

A telemarketer calls individuals at home over the phone and ask them the likelihood that they will purchase a timeshare property over the next 12 months. This method of gathering data is known as ____________.

surveys

Which of the following is an example of qualitative data?

your last name