Test Bank for Statistical Techniques in Business and Economics 17th Edition By Douglas Lind, William Marchal, Samuel Wathen, ISBN 10: , ISBN 13:

Test Bank for Statistical Techniques in Business and Economics 17th Edition By Douglas Lind, William Marchal, Samuel Wathen, ISBN 10: 0, ISBN 13: 6 Statistical Techniques in Business and Economics, 17e (Lind) Chapter 1 What is Statistics? 1) A population is a collection of all individuals, objects, or measurements of interest. 2) Statistics are used as a basis for making decisions. 3) A listing of 100 family annual incomes is an example of statistics. 4) The average number of passengers on commercial flights between Chicago and New York City is an example of a statistic. 5) Statistics is used to report the summary results of market surveys. 6) A sample is a portion or part of the population of interest. 7) To infer something about a population, we usually take a sample from the population. 8) Descriptive statistics are used to find out something about a population based on a sample. 9) There are four levels of measurement: qualitative, quantitative, discrete, and continuous. 10) The ordinal level of measurement is considered the "lowest" level of measurement. Statistical Techniques in Business and Economics, 17e (Lind) Chapter 1 What is Statistics? 1) A population is a collection of all individuals, objects, or measurements of interest. Answer: TRUE Explanation: This is the definition of a population. Difficulty: 1 Easy Topic: Types of Statistics Learning Objective: 01-03 Differentiate between descriptive and inferential statistics. Bloom's: Remember AACSB: Communication Accessibility: Keyboard Navigation 2) Statistics are used as a basis for making decisions. Answer: TRUE Explanation: This is the ultimate purpose of statistics. After we organize, summarize, and analyze data, we make decisions based on our summaries and analysis. Difficulty: 1 Easy Topic: Why Study Statistics? Learning Objective: 01-01 Explain why knowledge of statistics is important. Bloom's: Remember AACSB: Communication Accessibility: Keyboard Navigation 3) A listing of 100 family annual incomes is an example of statistics. Answer: FALSE Explanation: A listing of incomes is raw data. Statistics is used to organize, summarize, and present the data. Difficulty: 1 Easy Topic: What is Meant by Statistics? Learning Objective: 01-02 Define statistics and provide an example of how statistics is applied. Bloom's: Remember AACSB: Communication Accessibility: Keyboard Navigation 10 4) The average number of passengers on commercial flights between Chicago and New York City is an example of a statistic. Answer: TRUE Explanation: Statistics is used to organize, summarize, and analyze raw data. Raw data would be a list of all commercial flights between the two cities and the number of passengers on each, while statistics would take that raw data and create summary measures, such as determining the mean or average for these flights. Difficulty: 1 Easy Topic: What is Meant by Statistics? Learning Objective: 01-02 Define statistics and provide an example of how statistics is applied. Bloom's: Remember AACSB: Communication Accessibility: Keyboard Navigation 5) Statistics is used to report the summary results of market surveys. Answer: TRUE Explanation: Statistics is used to summarize raw data into a more useful form. While we could look at all the individual survey results, summarizing the results is helpful if we wish to make decisions. Difficulty: 1 Easy Topic: What is Meant by Statistics? Learning Objective: 01-02 Define statistics and provide an example of how statistics is applied. Bloom's: Remember AACSB: Communication Accessibility: Keyboard Navigation 6) A sample is a portion or part of the population of interest. Answer: TRUE Explanation: This is the definition of a sample. Difficulty: 1 Easy Topic: Types of Statistics Learning Objective: 01-03 Differentiate between descriptive and inferential statistics. Bloom's: Remember AACSB: Communication Accessibility: Keyboard Navigation 11 7) To infer something about a population, we usually take a sample from the population. Answer: TRUE Explanation: This is the purpose of inferential statistics, where we estimate or infer something about a population based on a sample taken from that population. Difficulty: 1 Easy Topic: Types of Statistics Learning Objective: 01-03 Differentiate between descriptive and inferential statistics. Bloom's: Understand AACSB: Communication Accessibility: Keyboard Navigation 8) Descriptive statistics are used to find out something about a population based on a sample. Answer: FALSE Explanation: Inferential statistics uses sample information to find out something about a population. Difficulty: 1 Easy Topic: Types of Statistics Learning Objective: 01-03 Differentiate between descriptive and inferential statistics. Bloom's: Understand AACSB: Communication Accessibility: Keyboard Navigation 9) There are four levels of measurement: qualitative, quantitative, discrete, and continuous. Answer: FALSE Explanation: The four levels of measurement are nominal, ordinal, interval, and ratio. Difficulty: 1 Easy Topic: Levels of Measurement Learning Objective: 01-05 Distinguish between nominal, ordinal, interval, and ratio levels of measurement. Bloom's: Understand AACSB: Communication Accessibility: Keyboard Navigation 10) The ordinal level of measurement is considered the "lowest" level of measurement. Answer: FALSE Explanation: The nominal scale is the "lowest" level of measurement. Difficulty: 1 Easy Topic: Levels of Measurement Learning Objective: 01-05 Distinguish between nominal, ordinal, interval, and ratio levels of measurement. Bloom's: Understand AACSB: Communication Accessibility: Keyboard Navigation