ecn 221 asu exam 1 Question and
answers already passed 2025
nominal data - correct answer ✔names indicating characteristic
ex: NYSE, NASDAQ
ordinal data - correct answer ✔can be ordered/ranked
ex: gold, silver, bronze
interval data - correct answer ✔quantitative AND can be ranked BUT is a
fixed unit of measurement
ex: SAT scores, credit score
ratio data - correct answer ✔quantitative AND can be ranked BUT is a fixed
unit of measurement AND the ratio is meaningful
categorical data (qualitative) - correct answer ✔identify characteristics of
element
ex: gender, marital status
ALSO: zip code, phone number
quantitative data - correct answer ✔numeric: how much/how many
cross sectional data - correct answer ✔data covered at some point in time
ACROSS MULTIPLE ELEMENTS/OBSERVATIONS
ex: price of coffee in different cities
, time series data - correct answer ✔data collected over MULTIPLE TIME
PERIODS
ex: price of coffee over 1 year
A data set consists of the number of new stores opened each year,
internationally, for the years 1995 through 2015. That is, there are 21
observations, one for each of the years and the variable reported is the
number of new stores.
T/F: The data in this data set are time series data. - correct answer ✔TRUE
A data set consists of all businesses in Tempe that accept Discover Card
branded credit cards. The variables in the data set are the total amount of
purchases using Discover Card credit cards and how many purchases were
made using the card and all the data are for the year 2008.
T/F: The data in this data set constitute a cross section, i.e., they are cross
sectional data. - correct answer ✔TRUE
Which of the following best describes Starbucks' stock price data? Starbucks
stock is traded on the NASDAQ stock exchange. - correct answer ✔These
data are always time series data.
Which of the following uses the nominal measurement scale? - correct
answer ✔The city where a school is located.
Which of the following uses the ratio measurement scale? - correct answer
✔The amount of money a firm spends on advertising.
relative frequency - correct answer ✔=(frequency of class/n)*100
answers already passed 2025
nominal data - correct answer ✔names indicating characteristic
ex: NYSE, NASDAQ
ordinal data - correct answer ✔can be ordered/ranked
ex: gold, silver, bronze
interval data - correct answer ✔quantitative AND can be ranked BUT is a
fixed unit of measurement
ex: SAT scores, credit score
ratio data - correct answer ✔quantitative AND can be ranked BUT is a fixed
unit of measurement AND the ratio is meaningful
categorical data (qualitative) - correct answer ✔identify characteristics of
element
ex: gender, marital status
ALSO: zip code, phone number
quantitative data - correct answer ✔numeric: how much/how many
cross sectional data - correct answer ✔data covered at some point in time
ACROSS MULTIPLE ELEMENTS/OBSERVATIONS
ex: price of coffee in different cities
, time series data - correct answer ✔data collected over MULTIPLE TIME
PERIODS
ex: price of coffee over 1 year
A data set consists of the number of new stores opened each year,
internationally, for the years 1995 through 2015. That is, there are 21
observations, one for each of the years and the variable reported is the
number of new stores.
T/F: The data in this data set are time series data. - correct answer ✔TRUE
A data set consists of all businesses in Tempe that accept Discover Card
branded credit cards. The variables in the data set are the total amount of
purchases using Discover Card credit cards and how many purchases were
made using the card and all the data are for the year 2008.
T/F: The data in this data set constitute a cross section, i.e., they are cross
sectional data. - correct answer ✔TRUE
Which of the following best describes Starbucks' stock price data? Starbucks
stock is traded on the NASDAQ stock exchange. - correct answer ✔These
data are always time series data.
Which of the following uses the nominal measurement scale? - correct
answer ✔The city where a school is located.
Which of the following uses the ratio measurement scale? - correct answer
✔The amount of money a firm spends on advertising.
relative frequency - correct answer ✔=(frequency of class/n)*100
