Test Bank for Business Statistics A First Course 8th Edition David M. Levine, Kathryn A. Szabat, David F. Stephan

Test Bank for Business Statistics A First Course 8th Edition David M. Levine, Kathryn A. Szabat, David F. Stephan-1. The process of using data collected from a small group to reach conclusions about a large group is called a) statistical inference. b) DCOVA framework. c) operational definition. d) descriptive statistics. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: inferential statistics 2. Those methods involving the collection, presentation, and characterization of a set of data in order to properly describe the various features of that set of data are called a) statistical inference. b) DCOVA framework. c) operational definition. d) descriptive statistics. ANSWER: d TYPE: MC DIFFICULTY: Easy KEYWORDS: descriptive statistics 3. The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example of a) inferential statistics. b) descriptive statistics. c) operational definition. d) DCOVA framework. ANSWER: b TYPE: MC DIFFICULTY: Easy KEYWORDS: descriptive statistics 4. The estimation of the population average family expenditure on food based on the sample average expenditure of 1,000 families is an example of a) inferential statistics. b) descriptive statistics. c) DCOVA framework. d) operational definition. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: inferential statistics 5. Which of the following is not an element of descriptive statistical problems? a) An inference made about the population based on the sample. First Thing First 2 b) The population or sample of interest. c) Tables, graphs, or numerical summary tools. d) Identification of patterns in the data. ANSWER: a TYPE: MC DIFFICULTY: Moderate KEYWORDS: descriptive statistics 6. A study is under way in Yosemite National Forest to determine the adult height of American pine trees. Specifically, the study is attempting to determine what factors aid a tree in reaching heights greater than 60 feet tall. It is estimated that the forest contains 25,000 adult American pines. The study involves collecting heights from 250 randomly selected adult American pine trees and analyzing the results. Identify the variable of interest in the study. a) The age of an American pine tree in Yosemite National Forest. b) The height of an adult American pine tree in Yosemite National Forest. c) The number of American pine trees in Yosemite National Forest. d) The species of trees in Yosemite National Forest. ANSWER: b TYPE: MC DIFFICULTY: Easy KEYWORDS: variable 7. Most analysts focus on the cost of tuition as the way to measure the cost of a college education. But incidentals, such as textbook costs, are rarely considered. A researcher at Drummand University wishes to estimate the textbook costs of first-year students at Drummand. To do so, she monitored the textbook cost of 250 first-year students and found that their average textbook cost was $600 per semester. Identify the variable of interest to the researcher. a) The textbook cost of first-year Drummand University students. b) The year in school of Drummand University students. c) The age of Drummand University students. d) The cost of incidental expenses of Drummand University students. ANSWER: a TYPE: MC DIFFICULTY: Easy KEYWORDS: variable 8. True or False: Problems may arise when statistically unsophisticated users who do not understand the assumptions behind the statistical procedures or their limitations are misled by results obtained from computer software. ANSWER: True TYPE: TF DIFFICULTY: Easy KEYWORDS: statistical package 9. True or False: Managers need an understanding of statistics to be able to present and describe information accurately, draw conclusions about large populations based on small samples, improve processes, and make reliable forecasts.