Statistics for Business and
Economics - Chapter 1 Exam
Questions with Answers
Statistics - Correct Answers: the science of data. It involves collecting, classifying, summarizing,
organizing, analyzing, and interpreting numerical and categorical information.
Descriptive statistics - Correct Answers: utilizes numerical and graphical methods to explore data, i.e., to
look for patterns in a data set, to summarize the information revealed in a data set, and to present the
information in a convenient form.
Inferential statistics - Correct Answers: utilizes sample data to make estimates, decisions, predictions, or
other generalizations about a larger set of data.
sampling - Correct Answers: data are selected from some larger set of data whose characteristics we
wish to estimate.
experimental (or observational) unit - Correct Answers: an object (e.g., person, thing, transaction, or
event) upon which we collect data.
population - Correct Answers: a set of units (usually people, objects, transactions, or events) that we are
interested in studying.
variable - Correct Answers: a characteristic or property of an individual experimental (or observational)
unit.
Measurement - Correct Answers: the process we use to assign numbers to variables of individual
population units.
census - Correct Answers: When we measure a variable for every experimental unit of a population
Economics - Chapter 1 Exam
Questions with Answers
Statistics - Correct Answers: the science of data. It involves collecting, classifying, summarizing,
organizing, analyzing, and interpreting numerical and categorical information.
Descriptive statistics - Correct Answers: utilizes numerical and graphical methods to explore data, i.e., to
look for patterns in a data set, to summarize the information revealed in a data set, and to present the
information in a convenient form.
Inferential statistics - Correct Answers: utilizes sample data to make estimates, decisions, predictions, or
other generalizations about a larger set of data.
sampling - Correct Answers: data are selected from some larger set of data whose characteristics we
wish to estimate.
experimental (or observational) unit - Correct Answers: an object (e.g., person, thing, transaction, or
event) upon which we collect data.
population - Correct Answers: a set of units (usually people, objects, transactions, or events) that we are
interested in studying.
variable - Correct Answers: a characteristic or property of an individual experimental (or observational)
unit.
Measurement - Correct Answers: the process we use to assign numbers to variables of individual
population units.
census - Correct Answers: When we measure a variable for every experimental unit of a population
