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Exam (elaborations)

Basic Statistics for Business and Economics, Lind - Solutions, summaries, and outlines. 2022 updated

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Uploaded on
February 8, 2022
Number of pages
471
Written in
2021/2022
Type
Exam (elaborations)
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Chapter 1

What is Statistics?

1. a. Interval

a. Ratio

b. Ratio

c. Nominal

d. Ordinal

e. Ratio

a. Nominal

b. Ordinal

c. Nominal

d. Ratio (LO1-6)



2. a. Ratio

b. Ratio

c. Ratio

d. Ratio

e. Ratio

f. Ratio (LO1-6)



3. Answers will vary (LO1-6)



4. a. Sample

b. Population

c. Population

, d. Sample (LO1-3)



5. Qualitative data are not numerical, whereas quantitative data are numerical. Examples
will vary by student. (LO1-4)



6. A population is the entire group which you are studying. A sample is a subset taken
from a population. (LO1-3)



7. Discrete variables can assume only certain values, whereas continuous variables can
assume any value within a specific range. Examples will vary. (LO1-5)



8. a. A sample is used because it is difficult to locate every student.

b. A population is employed because the information is easy to find.

c. A population is used because the information is easy to find.

d. A sample works because it is difficult to locate every musical. (LO1-3)



9. a. continuous, quantitative, ratio

b. discrete, qualitative, nominal

c. discrete, quantitative, ratio

d. discrete, qualitative, nominal

e. continuous, quantitative, interval

f. continuous, quantitative, interval

g. discrete, qualitative, ordinal

h. discrete, qualitative, ordinal

i. discrete, quantitative, ratio (LO1-4, 1-5 & 1-6)

, 10. The cell phone provider is nominal level data. The minutes used are ratio level.
Satisfaction is ordinal level. (LO1-6)



11. If you were using one store as typical of all of the stores selling electronic book readers in
the mall then it would be sample data. However, if you were considering all of the stores
selling electronic book readers in the mall, then the data would be population data.
(LO1-3)



12. Various answers. (LO1-6)



13. Based on these findings, we can infer that 270/300 or 90 percent of the executives would
move. (LO1-3)



14. The clear majority of customers tested (400/500, or 80%) believe this take-out service is
excellent. Based on these findings, we can expect a similar proportion of all customers to
feel the same way. (LO1-3)



15. a 2015 total sales = 1 000 772; 2014 total sales = 942 973; total sales
increased about 6% from 2014 to 2015.

b. Hockey (Men’s Finals) and Hockey – Women’s experienced losses of 17 and
19 percent, respectively. Meanwhile, Hockey (Women’s Finals) gained 9.5
percent and Figure Skating – Juniors about 9 percent. So it would appear that
there has been a significant shift within the market from 2014 to 2015.
(LO1-5)



16. a. qualitative

b. nominal (LO1-4)



17. a. quantitative

b. discrete

c. interval (LO1-4, 1-5 & 1-6)

, 18. a. quantitative

b. discrete

c. ratio (LO1-4, 1-5 & 1-6)



19. a. quantitative

b. discrete

c. ratio (LO1-4, 1-5 & 1-6)



20. sample (LO1-3)



21. a. quantitative

b. continuous

c. ratio (LO1-4, 1-5 & 1-6)



22. population (LO1-3)



23. sample (LO1-3)



24. a. qualitative

b. nominal (LO1-4 & 1-6)



25. a. qualitative

b. nominal (LO1-4 & 1-6)

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