Test Bank for Statistical Techniques in Business

17) The CIA World Factbook cited these numbers for the United States: • The birthrate is 13.66 births per 1,000 of the population. • The average life expectancy for females is 81.17 years. • Approximately 316.7 million persons reside in the United States. Each of these numbers is referred to as a statistic. Answer: TRUE Explanation: Statistics are numbers used to communicate a piece of information. Each of the statistics provided in this list is a summary of the data for the population as a whole. 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 18) If we select 100 persons from 25,000 registered voters and question them about candidates and issues, the 100 persons are referred to as the population. Answer: FALSE Explanation: The 100 people are a sample or portion of the population of 25,000 registered voters. 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 19) Statistics is defined as a body of techniques used to facilitate the collection, organization, presentation, analysis, and interpretation of information for the purpose of making better decisions. Answer: TRUE Explanation: This is the definition of the term statistics. 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 15 20) Categorizing voters as Democrats, Republicans, and Independents is an example of interval level measurement. Answer: FALSE Explanation: Political party is a label that corresponds to a nominal 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: Apply AACSB: Communication Accessibility: Keyboard Navigation 21) The order in which runners finish in a race would be an example of continuous data. Answer: FALSE Explanation: The order in which runners finish a race is an example of an ordinal level of measurement and is discrete data. Difficulty: 2 Medium Topic: Types of Variables Learning Objective: 01-04 Classify variables as qualitative or quantitative, and discrete or continuous. Bloom's: Understand AACSB: Communication Accessibility: Keyboard Navigation 22) Based on a sample of 3,000 people, the civilian unemployment rate in the United States was 5.5%. 5.5% is referred to as a statistic.