TEST BANK STATISTICS FOR BUSINESS AND
ECONOMICS 8TH EDITION NEWBOLD (CHAPTER 1-
1) QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) Q&A 2026|INSTANT DOWNLOAD PDF
1. What is the primary purpose of statistics in business?
A. To eliminate uncertainty completely
B. To collect, analyze, and interpret data
C. To replace decision-making
D. To avoid using mathematics
Rationale: Statistics helps in data-based decision-making, not
eliminating uncertainty.
Correct answer: B
2. Descriptive statistics refers to:
A. Forecasting future events
B. Summarizing and organizing data
C. Testing hypotheses only
D. Ignoring data variation
Rationale: Descriptive statistics summarizes data using tables,
graphs, and measures.
Correct answer: B
3. Inferential statistics is mainly used to:
A. Collect raw data
B. Describe sample data only
C. Make predictions about a population
D. Eliminate sampling error
,Rationale: It draws conclusions about populations from
samples.
Correct answer: C
4. A population in statistics is:
A. A subset of data
B. All possible outcomes
C. Entire group of interest
D. Random sample only
Rationale: Population includes all individuals or items under
study.
Correct answer: C
5. A sample is:
A. Entire dataset
B. A portion of the population
C. Always larger than population
D. A theoretical model
Rationale: A sample is a subset used to represent the
population.
Correct answer: B
6. Which is a qualitative variable?
A. Income
B. Age
C. Gender
D. Weight
Rationale: Gender is categorical, not numerical.
Correct answer: C
, 7. Which is a quantitative variable?
A. Color
B. Brand
C. Temperature
D. Type of car
Rationale: Temperature is measurable numerically.
Correct answer: C
8. Discrete data is:
A. Continuous measurements
B. Countable values
C. Always negative
D. Non-numeric
Rationale: Discrete data takes specific countable values.
Correct answer: B
9. Continuous data can:
A. Only be integers
B. Take any value within a range
C. Only be categorical
D. Be unrelated to measurement
Rationale: Continuous variables include decimals and ranges.
Correct answer: B
10. An example of a discrete variable is:
A. Height
B. Weight
C. Number of students
D. Temperature
ECONOMICS 8TH EDITION NEWBOLD (CHAPTER 1-
1) QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) Q&A 2026|INSTANT DOWNLOAD PDF
1. What is the primary purpose of statistics in business?
A. To eliminate uncertainty completely
B. To collect, analyze, and interpret data
C. To replace decision-making
D. To avoid using mathematics
Rationale: Statistics helps in data-based decision-making, not
eliminating uncertainty.
Correct answer: B
2. Descriptive statistics refers to:
A. Forecasting future events
B. Summarizing and organizing data
C. Testing hypotheses only
D. Ignoring data variation
Rationale: Descriptive statistics summarizes data using tables,
graphs, and measures.
Correct answer: B
3. Inferential statistics is mainly used to:
A. Collect raw data
B. Describe sample data only
C. Make predictions about a population
D. Eliminate sampling error
,Rationale: It draws conclusions about populations from
samples.
Correct answer: C
4. A population in statistics is:
A. A subset of data
B. All possible outcomes
C. Entire group of interest
D. Random sample only
Rationale: Population includes all individuals or items under
study.
Correct answer: C
5. A sample is:
A. Entire dataset
B. A portion of the population
C. Always larger than population
D. A theoretical model
Rationale: A sample is a subset used to represent the
population.
Correct answer: B
6. Which is a qualitative variable?
A. Income
B. Age
C. Gender
D. Weight
Rationale: Gender is categorical, not numerical.
Correct answer: C
, 7. Which is a quantitative variable?
A. Color
B. Brand
C. Temperature
D. Type of car
Rationale: Temperature is measurable numerically.
Correct answer: C
8. Discrete data is:
A. Continuous measurements
B. Countable values
C. Always negative
D. Non-numeric
Rationale: Discrete data takes specific countable values.
Correct answer: B
9. Continuous data can:
A. Only be integers
B. Take any value within a range
C. Only be categorical
D. Be unrelated to measurement
Rationale: Continuous variables include decimals and ranges.
Correct answer: B
10. An example of a discrete variable is:
A. Height
B. Weight
C. Number of students
D. Temperature
