Stats HW 1

Frequency distributions may be used to describe which of the following types of data? Nominal, ordinal, interval, and ratio data Nominal and interval data only Nominal and ordinal data only Nominal, ordinal, and interval data only

Nominal, ordinal, interval, and ratio data (frequency distributions may be used to describe all types of data)

Which of the following is an example of time series data? Starting salaries of recent business graduates at IU Quarterly housing starts collected over the last 60 years Results of market research testing consumer preferences for soda The sale prices of townhouses sold last year

Quarterly housing starts collected over the last 60 years

Which of the following represents a population and a sample from that population? Teachers of a high school and members of the parent-teacher group Residents of Albany, New York, and registered voters in Albany, New York Fans at a concert who purchase T-shirts, and fans at a concert who purchase soda Freshmen at IU and basketball players at IU

Residents of Albany, New York, and registered voters in Albany, New York

Which of the following is an example of cross-sectional data?GDP of the United States from 1990-2010 Daily price of DuPont stock during the first quarter Results of market research testing consumer preferences for soda Quarterly housing starts collected over the last 60 years

Results of market research testing consumer preferences for soda (Cross-sectional data refers to data collected by recording a characteristic of many subjects at the same point in time, or without regard to differences in time)

Which of the following is a quantitative variable? House price House size House age All of the suggested choices

All of the suggested choices (quantitative variable assumes meaningful numerical values)

Which scales of data measurement are associated with quantitative data?

Interval and ratio

The data represents the stock price for Google at the end of the past four quarters. Which of the following types of data best describes these values? Ordinal Time series Cross-sectional Nominal

time series (time series data refers to data collected by recording a characteristic of a subject over several time periods)

Which of the following characteristics does the interval scale NOT have? Numerical values are used to measure various characteristics. Values can be ranked. The differences between values are valid. There is a true zero point.

There is a true zero point. (Only ratio scale data have a true zero point.)

A population consists of a subject of interest in a sample a subject of interest in a study all items of interest in a study all items of interest in a sample

all items of interest in a study

Population parameters are difficult to calculate due to the fact that samples are difficult to draw due to the nature of the data the infeasibility of collecting data on the entire population cost prohibitions on data collection both cost prohibitions on data collection and the infeasibility of collecting data on the entire population

both cost prohibitions on data collection and the infeasibility of collecting data on the entire population (gathering population data can be very expensive and difficult if not impossible to obtain)

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

descriptive statistics

In inferential statistics, we calculate sample statistics to estimate unknown population parameters summarize the information about the sample make conclusions about the sample Neither of suggested choices is correct

estimate unknown population parameters (Inferential statistics is concerned with estimating unknown population parameters from the information based on the sample)

Which of the following variables is qualitative? Gender Temperature Height Weight

gender (Values corresponding to a qualitative variable are typically expressed in words.)

The Fahrenheit scale for measuring temperature would be classified as a(n)

interval scale (Zero in Fahrenheit degrees does not mean "no temperature")

A recent survey of 200 small firms (annual revenue less than $10 million) asked whether an increase in the minimum wage would cause the firm to decrease capital spending. Possible responses to the survey question were: "Yes," "No," or "Don't Know." The scale of measurement for the data generated by this survey question is best classified as interval ratio ordinal nominal

nomina;

Differences between categories are meaningless with __ data

ordinal

What is the scale of measurement of the distance between any two locations?

ratio (because zero is meaningful, the distance between two locations is an example of ratio scale)

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

statistic