Business Analytics Exam questions
and answers graded A+
In making an active prediction it is advantageous for the relationship being predicted to be of what
sort? - ANS✅✅Causal
Which of the following statements best summarizes the use of business analytics? - ANS✅✅The
use of data analysis to aid in business decision making
Suppose you collect monthly sales figures for each store location in your company as well as the
wages paid to employees for each store, and that you have a complete history for the last ten years
for each store. Provided this information is in table format, the information you've gathered is an
example of what type of data? - ANS✅✅Structured data
Suppose you've assumed the following two data-generating processes: (1) Yi = f (Hi, Ji) and (2) Ji = g
(Xi, Zi). What do these assumptions imply? - ANS✅✅Z has an indirect causal effect on Y.
In grouping customers into separate types according to their spending, internet browsing, payment
method, and age a firm is engaging in what sort of analysis? - ANS✅✅Cluster analysis
Quantitative measures meant to summarize and interpret properties of a dataset are instances of
________ - ANS✅✅descriptive statistics
Measures of the central tendencies of variables such as the mean, median, and mode are examples
of _________________. - ANS✅✅descriptive statistics
Measures of the spread of variables such as the variance and range are examples of
_______________ - ANS✅✅descriptive statistics
Suppose you want to answer the following question: "How will Sales of version 2.0 of our product
change when we release version 3.0 of our product?" What type of data analysis is crucial toward
answering this question? - ANS✅✅Passive prediction
The process of forming conclusions, judgments, or inferences from facts or premises is: -
ANS✅✅reasoning
, If you are intending to refute conclusions drawn via clear deductive reasoning, what must you
disagree with? - ANS✅✅The assumptions or the methods of proof
If you are trying to prove that A causes B, why does it make sense to have your null hypothesis be "A
does not cause B"? - ANS✅✅Data cannot confirm a hypothesis and it is easier to make strong
inductive arguments when rejecting a hypothesis
By showing your colleague that the conclusions of your analysis regarding the optimal pricing
strategy for the firm would be the same under a variety of different assumptions regarding the price
response of competitors is an example of: - ANS✅✅robustness
Which is not a primary component in deductive reasoning? - ANS✅✅Sample of observations
In the deductive reasoning behind the claim that "If firms sell homogenous products, then prices
should fall to marginal costs" the role of "firms sell homogenous products" is: - ANS✅✅an
assumption
Suppose we are proving the statement that if two integers are even, then their sum is even. We
execute the proof by first showing that if integer A and B are even, then they can be defined as A =
2k and B = 2m. We then note that their sum must be A + B = 2(k + m), which must be even. This is an
example of what type of proof? - ANS✅✅Direct proof
Which of the following are empirically testable conclusions? - ANS✅✅Price markups should be
lower in markets with more firms.
Degrees of support based off opinion and ultimately lacking any statistical foundation are often
termed: - ANS✅✅subjective degree of support
The primary distinction between a subjective degree of support and an objective degree of support
is the use of a(n): - ANS✅✅statistical foundation
Taking samples of registered voters and asking them to disclose their preferences leading up to
elections in order to assess the view of all registered voters on a particular candidate is an example
of what sort of reasoning? - ANS✅✅Inductive reasoning
and answers graded A+
In making an active prediction it is advantageous for the relationship being predicted to be of what
sort? - ANS✅✅Causal
Which of the following statements best summarizes the use of business analytics? - ANS✅✅The
use of data analysis to aid in business decision making
Suppose you collect monthly sales figures for each store location in your company as well as the
wages paid to employees for each store, and that you have a complete history for the last ten years
for each store. Provided this information is in table format, the information you've gathered is an
example of what type of data? - ANS✅✅Structured data
Suppose you've assumed the following two data-generating processes: (1) Yi = f (Hi, Ji) and (2) Ji = g
(Xi, Zi). What do these assumptions imply? - ANS✅✅Z has an indirect causal effect on Y.
In grouping customers into separate types according to their spending, internet browsing, payment
method, and age a firm is engaging in what sort of analysis? - ANS✅✅Cluster analysis
Quantitative measures meant to summarize and interpret properties of a dataset are instances of
________ - ANS✅✅descriptive statistics
Measures of the central tendencies of variables such as the mean, median, and mode are examples
of _________________. - ANS✅✅descriptive statistics
Measures of the spread of variables such as the variance and range are examples of
_______________ - ANS✅✅descriptive statistics
Suppose you want to answer the following question: "How will Sales of version 2.0 of our product
change when we release version 3.0 of our product?" What type of data analysis is crucial toward
answering this question? - ANS✅✅Passive prediction
The process of forming conclusions, judgments, or inferences from facts or premises is: -
ANS✅✅reasoning
, If you are intending to refute conclusions drawn via clear deductive reasoning, what must you
disagree with? - ANS✅✅The assumptions or the methods of proof
If you are trying to prove that A causes B, why does it make sense to have your null hypothesis be "A
does not cause B"? - ANS✅✅Data cannot confirm a hypothesis and it is easier to make strong
inductive arguments when rejecting a hypothesis
By showing your colleague that the conclusions of your analysis regarding the optimal pricing
strategy for the firm would be the same under a variety of different assumptions regarding the price
response of competitors is an example of: - ANS✅✅robustness
Which is not a primary component in deductive reasoning? - ANS✅✅Sample of observations
In the deductive reasoning behind the claim that "If firms sell homogenous products, then prices
should fall to marginal costs" the role of "firms sell homogenous products" is: - ANS✅✅an
assumption
Suppose we are proving the statement that if two integers are even, then their sum is even. We
execute the proof by first showing that if integer A and B are even, then they can be defined as A =
2k and B = 2m. We then note that their sum must be A + B = 2(k + m), which must be even. This is an
example of what type of proof? - ANS✅✅Direct proof
Which of the following are empirically testable conclusions? - ANS✅✅Price markups should be
lower in markets with more firms.
Degrees of support based off opinion and ultimately lacking any statistical foundation are often
termed: - ANS✅✅subjective degree of support
The primary distinction between a subjective degree of support and an objective degree of support
is the use of a(n): - ANS✅✅statistical foundation
Taking samples of registered voters and asking them to disclose their preferences leading up to
elections in order to assess the view of all registered voters on a particular candidate is an example
of what sort of reasoning? - ANS✅✅Inductive reasoning
