Test Bank for Statistical Techniques in Business and Economics 18th Edition

Test Bank for Statistical Techniques in Business and Economics 18th Edition TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) A population is a collection of all individuals, objects, or measurements of interest. ⊚ true ⊚ false 2) Statistics are used as a basis for making decisions. ⊚ true ⊚ false 3) A listing of 100 family annual incomes is an example of statistics. ⊚ true ⊚ false 4) The average number of passengers on commercial flights between Chicago and New York City is an example of a statistic. ⊚ true ⊚ false 5) Statistics is used to report the summary results of market surveys. ⊚ true ⊚ false Answer Key Test name: chapter 1 1) TRUE This is the definition of a population. 2) TRUE This is the ultimate purpose of statistics. After we organize, summarize, and analyze data, we make decisions based on our summaries and analysis. 3) FALSE A listing of incomes is raw data. Statistics is used to organize, summarize, and present the data. 4) TRUE Statistics is used to organize, summarize, and analyze raw data. Raw data would be a list of all commercial flights between the two cities and the number of passengers on each, while statistics would take that raw data and create summary measures, such as determining the mean or average for these flights. 5) TRUE Statistics is used to summarize raw data into a more useful form. While we could look at all the individual survey results, summarizing the results is helpful if we wish to make decisions.