ESSENTIAL STATISTICS IN BUSINESS AND
ECONOMICS 3RD EDITION DOANE
COMPREHENSIVE QUESTIONS AND
SOLUTIONS UPDATED STUDY RESOURCE
◉ Data (1)
Answer: The facts and figures collected, analyzed, and
summarized for presentation and interpretation.
◉ Data Set (1)
Answer: All the data collected in a particular study.
◉ Elements (1)
Answer: The entities on which data are collected. Each nation
listed in Table 1.1 is an element with the nation or element name
shown in the first column. With 60 nations, the data set contains
60 elements.
◉ Variable (1)
Answer: A characteristic of interest for the elements. (World
Trade Organization membership status, Per Capita GDP ($), Trade
Deficit ($1000s), Fitch Rating, Fitch Outlook)
, ◉ Observation (1)
Answer: The set of measurements obtained for a particular
element. Measurements collected on each variable for every
element in a study provide the data.
◉ Nominal Scale (1)
Answer: The scale of measurement for a variable when the data
are labels or names used to identify an attribute of an element.
Nominal data may be nonnumeric or numeric. For example,
referring to the data in table 1.1, the scale of measurement for the
WTO Status variable is nominal because the data "member" and
"observer" are labels used to identify the status category for the
nation.
◉ Ordinal Scale (1)
Answer: The scale of measurement for a variable if the data
exhibit the properties of nominal data and the order or rank of the
data is meaningful. Ordinal data may be nonnumeric or numeric.
For example, referring to the data in table 1.1, the scale of
measurement for each Fitch Rating is ordinal because the rating
labels which range from AAA to F can be rank ordered from best
credit rating AAA to poorest credit rating F.
◉ Interval Scale (1)
Answer: The scale of measurement for a variable if the data
demonstrates the properties of ordinal data and the interval
between values is expressed in terms of a fixed unit of measure.
Interval data are always numeric. College admission SAT scores
ECONOMICS 3RD EDITION DOANE
COMPREHENSIVE QUESTIONS AND
SOLUTIONS UPDATED STUDY RESOURCE
◉ Data (1)
Answer: The facts and figures collected, analyzed, and
summarized for presentation and interpretation.
◉ Data Set (1)
Answer: All the data collected in a particular study.
◉ Elements (1)
Answer: The entities on which data are collected. Each nation
listed in Table 1.1 is an element with the nation or element name
shown in the first column. With 60 nations, the data set contains
60 elements.
◉ Variable (1)
Answer: A characteristic of interest for the elements. (World
Trade Organization membership status, Per Capita GDP ($), Trade
Deficit ($1000s), Fitch Rating, Fitch Outlook)
, ◉ Observation (1)
Answer: The set of measurements obtained for a particular
element. Measurements collected on each variable for every
element in a study provide the data.
◉ Nominal Scale (1)
Answer: The scale of measurement for a variable when the data
are labels or names used to identify an attribute of an element.
Nominal data may be nonnumeric or numeric. For example,
referring to the data in table 1.1, the scale of measurement for the
WTO Status variable is nominal because the data "member" and
"observer" are labels used to identify the status category for the
nation.
◉ Ordinal Scale (1)
Answer: The scale of measurement for a variable if the data
exhibit the properties of nominal data and the order or rank of the
data is meaningful. Ordinal data may be nonnumeric or numeric.
For example, referring to the data in table 1.1, the scale of
measurement for each Fitch Rating is ordinal because the rating
labels which range from AAA to F can be rank ordered from best
credit rating AAA to poorest credit rating F.
◉ Interval Scale (1)
Answer: The scale of measurement for a variable if the data
demonstrates the properties of ordinal data and the interval
between values is expressed in terms of a fixed unit of measure.
Interval data are always numeric. College admission SAT scores
