Question 1

An analyst studies a data set of the year-end book value per share for all companies listed on the New York Stock Exchange. This data set is best described as

Accepted Answer

A)  time series data. 
B)  cross-sectional data. 
C)  neither time series nor cross-sectional data. 
D)  a combination of time series and cross-sectional data. 
A)  time series data. 
B)  cross-sectional data. 
C)  neither time series nor cross-sectional data. 
D)  a combination of time series and cross-sectional data. B

Question 2

A study of teen smoking is planned. Researchers are interested in collecting cross-sectional data, which allow them to draw conclusions about the likelihood, frequency, and longevity of teen smoking. You have been asked to design this study and will collect no more than five pieces of data. What information will you collect?

Accepted Answer

"What is your gender?" "What is your age?" "Do you smoke?" "How many cigarettes per day do you smoke?" "For how long have you smoked?" (Other reasonable answers are acceptable.)

Question 3

A sample statistic is an estimate of

Accepted Answer

A)  population parameter. 
B)  population statistic. 
C)  sample parameter. 
D)  descriptive statistic. 
A)  population parameter. 
B)  population statistic. 
C)  sample parameter. 
D)  descriptive statistic. A

Question 4

Which of the following is an example of time series data?

Accepted Answer

A)  The sale prices of townhouses sold last year 
B)  Quarterly housing starts collected over the last 60 years 
C)  Results of market research testing consumer preferences for soda 
D)  Starting salaries of recent business graduates at Penn State University 
A)  The sale prices of townhouses sold last year 
B)  Quarterly housing starts collected over the last 60 years 
C)  Results of market research testing consumer preferences for soda 
D)  Starting salaries of recent business graduates at Penn State University

Question 5

When reading published statistics (numerical facts), you should

Accepted Answer

A)  never believe what you read, because all statistics are lies. 
B)  only believe those statistics that are adequately supported. 
C)  believe what you read, because they wouldn't be published if they weren't correct. 
D)  only believe those statistics that are presented in so-called quality publications. 
A)  never believe what you read, because all statistics are lies. 
B)  only believe those statistics that are adequately supported. 
C)  believe what you read, because they wouldn't be published if they weren't correct. 
D)  only believe those statistics that are presented in so-called quality publications.

Question 6

The following data represent a sample of property sales in Cape May County during the year 2000. Identify the qualitative and quantitative variables. What are the natural categories for Town and Class? Identify the measurement scales for all variables.

Accepted Answer

Qualitative variables: Town, Class; Quan

Question 7

Which of the following are examples of cross-sectional data?

Accepted Answer

A)  The test scores of students in a class 
B)  The current average prices of regular gasoline in different states 
C)  The sales prices of single-family homes sold last month in California 
D)  All of these choices are correct. 
A)  The test scores of students in a class 
B)  The current average prices of regular gasoline in different states 
C)  The sales prices of single-family homes sold last month in California 
D)  All of these choices are correct.

Question 8

A discrete variable cannot assume an infinite number of values.

Accepted Answer

A) True 
 B)False

Question 9

An undergraduate student's status (freshman, sophomore, junior, or senior) is an example of which scale of measurement?

Accepted Answer

A)  Ratio scale 
B)  Ordinal scale 
C)  Interval scale 
D)  Nominal scale 
A)  Ratio scale 
B)  Ordinal scale 
C)  Interval scale 
D)  Nominal scale

Question 10

Differences between categories are meaningless with ________ data.

Accepted Answer

A)  ordinal 
B)  interval 
C)  ratio 
D)  continuous 
A)  ordinal 
B)  interval 
C)  ratio 
D)  continuous

Question 11

Body weight is an example of a discrete variable.

Accepted Answer

A) True 
 B)False

Question 12

Sampling is used heavily in manufacturing and service settings to ensure high-quality products. In which of the following areas would sampling be inappropriate?

Accepted Answer

A)  Computer assembly 
B)  Custom cabinet making 
C)  Cell phone manufacturing 
D)  Technical support by phone 
A)  Computer assembly 
B)  Custom cabinet making 
C)  Cell phone manufacturing 
D)  Technical support by phone

Question 13

The zero point of an interval scale reflects a complete absence of what is being measured.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following variables is not continuous?

Accepted Answer

A)  Height of NBA players 
B)  Time of a flight between Atlanta and Chicago 
C)  Average temperature in the month of July in Orlando 
D)  The number of obtained heads when a fair coin is tossed 20 times 
A)  Height of NBA players 
B)  Time of a flight between Atlanta and Chicago 
C)  Average temperature in the month of July in Orlando 
D)  The number of obtained heads when a fair coin is tossed 20 times

Question 15

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

Accepted Answer

A)  secondary data 
B)  qualitative data 
C)  descriptive statistics 
D)  inferential statistics 
A)  secondary data 
B)  qualitative data 
C)  descriptive statistics 
D)  inferential statistics

Question 16

The ordinal scale of data measurement is

Accepted Answer

A)  less sophisticated than the nominal scale. 
B)  more sophisticated than the interval scale. 
C)  more sophisticated than the nominal scale. 
D)  as equally sophisticated as the nominal scale. 
A)  less sophisticated than the nominal scale. 
B)  more sophisticated than the interval scale. 
C)  more sophisticated than the nominal scale. 
D)  as equally sophisticated as the nominal scale.

Question 17

A population is defined as all possible subjects of a specific group.

Accepted Answer

A) True 
 B)False

Question 18

Structured data tends to include numbers, dates, and groups of words and numbers called strings.

Accepted Answer

A) True 
 B)False

Question 19

In inferential statistics, we calculate statistics of sample data to

Accepted Answer

A)  estimate unknown population parameters. 
B)  conduct tests about unknown population parameters. 
C)  Both of these choices are correct. 
D)  Neither of these choices is correct. 
A)  estimate unknown population parameters. 
B)  conduct tests about unknown population parameters. 
C)  Both of these choices are correct. 
D)  Neither of these choices is correct.

Question 20

Population parameters are difficult to calculate due to

Accepted Answer

A)  cost prohibitions on data collection. 
B)  the infeasibility of collecting data on the entire population. 
C)  the fact that samples are difficult to draw due to the nature of the data. 
D)  both cost prohibitions on data collection and the infeasibility of collecting data on the entire population. 
A)  cost prohibitions on data collection. 
B)  the infeasibility of collecting data on the entire population. 
C)  the fact that samples are difficult to draw due to the nature of the data. 
D)  both cost prohibitions on data collection and the infeasibility of collecting data on the entire population.

An analyst studies a data set of the year-end book value per share for all companies listed on the New York Stock Exchange. This data set is best described as

A sample statistic is an estimate of

Which of the following is an example of time series data?

When reading published statistics (numerical facts), you should

The following data represent a sample of property sales in Cape May County during the year 2000. Identify the qualitative and quantitative variables. What are the natural categories for Town and Class? Identify the measurement scales for all variables.

Which of the following are examples of cross-sectional data?

A discrete variable cannot assume an infinite number of values.

An undergraduate student's status (freshman, sophomore, junior, or senior) is an example of which scale of measurement?

Differences between categories are meaningless with ________ data.

Body weight is an example of a discrete variable.

Sampling is used heavily in manufacturing and service settings to ensure high-quality products. In which of the following areas would sampling be inappropriate?

The zero point of an interval scale reflects a complete absence of what is being measured.

Which of the following variables is not continuous?

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

The ordinal scale of data measurement is

A population is defined as all possible subjects of a specific group.

Structured data tends to include numbers, dates, and groups of words and numbers called strings.

In inferential statistics, we calculate statistics of sample data to

Population parameters are difficult to calculate due to

Tabular and Graphical Methods

Numerical Descriptive Measures

Introduction to Probability

Discrete Probability Distributions

Continuous Probability Distributions

Sampling and Sampling Distributions

Interval Estimation

Hypothesis Testing

Statistical Inference Concerning Two Populations

Statistical Inference Concerning Variance

Chi-Square Tests

Analysis of Variance

Regression Analysis

Inference With Regression Models

Regression Models for Nonlinear Relationships

Regression Models With Dummy Variables

Time Series and Forecasting

Returns, Index Numbers, and Inflation

Nonparametric Tests

Filters

Exam 1: Statistics and Data

An analyst studies a data set of the year-end book value per share for all companies listed on the New York Stock Exchange. This data set is best described as

A sample statistic is an estimate of

Which of the following is an example of time series data?

When reading published statistics (numerical facts), you should

The following data represent a sample of property sales in Cape May County during the year 2000. Identify the qualitative and quantitative variables. What are the natural categories for Town and Class? Identify the measurement scales for all variables.

Which of the following are examples of cross-sectional data?

A discrete variable cannot assume an infinite number of values.

An undergraduate student's status (freshman, sophomore, junior, or senior) is an example of which scale of measurement?

Differences between categories are meaningless with ________ data.

Body weight is an example of a discrete variable.

Sampling is used heavily in manufacturing and service settings to ensure high-quality products. In which of the following areas would sampling be inappropriate?

The zero point of an interval scale reflects a complete absence of what is being measured.

Which of the following variables is not continuous?

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

The ordinal scale of data measurement is

A population is defined as all possible subjects of a specific group.

Structured data tends to include numbers, dates, and groups of words and numbers called strings.

In inferential statistics, we calculate statistics of sample data to

Population parameters are difficult to calculate due to

Tabular and Graphical Methods

Numerical Descriptive Measures

Introduction to Probability

Discrete Probability Distributions

Continuous Probability Distributions

Sampling and Sampling Distributions

Interval Estimation

Hypothesis Testing

Statistical Inference Concerning Two Populations

Statistical Inference Concerning Variance

Chi-Square Tests

Analysis of Variance

Regression Analysis

Inference With Regression Models

Regression Models for Nonlinear Relationships

Regression Models With Dummy Variables

Time Series and Forecasting

Returns, Index Numbers, and Inflation

Nonparametric Tests

Filters