STATISTICS FOR BUSINESS AND
ECONOMICS EXAM SCRIPT UPDATED
QUESTIONS AND ACCURATE ANSWERS
FULL SOLUTION
●● Descriptive Statistics
Answer: refers to the collection, organization, presentation, and
summary of data (either using charts and graphs or using a numerical
summary.)
●● Inferential Statistics
Answer: refers to generalizing from a sample to a population, estimating
unknown population parameters, drawing conclusions, and making
decisions.
●● Observation
Answer: is a single member of a collection of items that we want to
study, such as a person, firm, or region.
●● Variable
Answer: is a characteristic of the subject or individual, such as an
employee's income or an invoice amount
,●● Data Set
Answer: consists of all the values of all the variables for all the
observations we have chosen to observe.
●● Univariate Data Sets
Answer: one variable
●● Bivariate Data Sets
Answer: two variables
●● Multivariate Data Sets
Answer: more than two variables
●● Categorical Data
(Qualitative Data)
Answer: have values that are described by words rather than numbers
●● Numerical Data
(Quantitative Data)
Answer: arise from counting, measuring something, or some kind of
mathematical operation.
●● Coding
, Answer: values of the categorical variable might be represented using
numbers:
1 = Cash 2 = Credit 3 = Gift Card
●● Binary Variables
Answer: some categorical variables have only two values:
1 = female 2 = male
●● Discrete Data
Answer: a variable with a countable number of distinct values.
●● Continuous Data
Answer: a numerical variable that can have any value within an interval.
●● Time Series Data
Answer: each observation in the sample represents a different equally
spaced point in time (years, months, days)
●● Cross Sectional Data
Answer: each observation represents a different individual unit (a
person, firm, geographic area) at the same pint in time.
●● Nominal Data
ECONOMICS EXAM SCRIPT UPDATED
QUESTIONS AND ACCURATE ANSWERS
FULL SOLUTION
●● Descriptive Statistics
Answer: refers to the collection, organization, presentation, and
summary of data (either using charts and graphs or using a numerical
summary.)
●● Inferential Statistics
Answer: refers to generalizing from a sample to a population, estimating
unknown population parameters, drawing conclusions, and making
decisions.
●● Observation
Answer: is a single member of a collection of items that we want to
study, such as a person, firm, or region.
●● Variable
Answer: is a characteristic of the subject or individual, such as an
employee's income or an invoice amount
,●● Data Set
Answer: consists of all the values of all the variables for all the
observations we have chosen to observe.
●● Univariate Data Sets
Answer: one variable
●● Bivariate Data Sets
Answer: two variables
●● Multivariate Data Sets
Answer: more than two variables
●● Categorical Data
(Qualitative Data)
Answer: have values that are described by words rather than numbers
●● Numerical Data
(Quantitative Data)
Answer: arise from counting, measuring something, or some kind of
mathematical operation.
●● Coding
, Answer: values of the categorical variable might be represented using
numbers:
1 = Cash 2 = Credit 3 = Gift Card
●● Binary Variables
Answer: some categorical variables have only two values:
1 = female 2 = male
●● Discrete Data
Answer: a variable with a countable number of distinct values.
●● Continuous Data
Answer: a numerical variable that can have any value within an interval.
●● Time Series Data
Answer: each observation in the sample represents a different equally
spaced point in time (years, months, days)
●● Cross Sectional Data
Answer: each observation represents a different individual unit (a
person, firm, geographic area) at the same pint in time.
●● Nominal Data
