ECO 201: Exam 1 Questions and
Answers 100% Pass
Stats & Accounting - ✔✔Use Statistical Sampling procedures when conducting audits
for their clients.
Stats & Finance - ✔✔Use a variety of statistical info to guide their investment
recommendations.
Stats & Marketing - ✔✔Electronic scanners at retail checkout counters collect data for a
variety of marketing research applications.
Stats & Production - ✔✔Used to monitor the output of a production process.
Stats & Economics - ✔✔Provide forecasts about the future of the economy or some
aspect of it and use a variety of statistical information for it.
Stats & Information systems - ✔✔Statistical Information helps admin asses the
performance of computer networks.
Data - ✔✔The facts and figures collected, analyzed, and summarized for presentation
and interpretation.
Data set - ✔✔All the data collected in a particular study
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, Elements - ✔✔The entities on which data are collected
Variable - ✔✔a characteristic of interest for the elements
Observation - ✔✔The set of measurements obtained for a particular element
Categorical (Qualitative) Data - ✔✔Data that can be grouped by specific categories that
are non-numeric.
EX: Gender, Hair color
Quantitative Data - ✔✔Data that use numeric values to indicate how much or how
many.
EX: Age, Height
Nominal Scale - ✔✔When the data is labels or names used to identify an attribute of the
element
a. Used to measure Categorical (qualitative) data
b. No ranking/order & can be nonnumeric or Numeric
EX: Colors
Ordinal Scale - ✔✔Used when the order of the values is what is important and
significant, but the differences between each one is not known
a.Used to measure Categorical (qualitative) data
b.Order/ranking matters
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 2
Answers 100% Pass
Stats & Accounting - ✔✔Use Statistical Sampling procedures when conducting audits
for their clients.
Stats & Finance - ✔✔Use a variety of statistical info to guide their investment
recommendations.
Stats & Marketing - ✔✔Electronic scanners at retail checkout counters collect data for a
variety of marketing research applications.
Stats & Production - ✔✔Used to monitor the output of a production process.
Stats & Economics - ✔✔Provide forecasts about the future of the economy or some
aspect of it and use a variety of statistical information for it.
Stats & Information systems - ✔✔Statistical Information helps admin asses the
performance of computer networks.
Data - ✔✔The facts and figures collected, analyzed, and summarized for presentation
and interpretation.
Data set - ✔✔All the data collected in a particular study
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 1
, Elements - ✔✔The entities on which data are collected
Variable - ✔✔a characteristic of interest for the elements
Observation - ✔✔The set of measurements obtained for a particular element
Categorical (Qualitative) Data - ✔✔Data that can be grouped by specific categories that
are non-numeric.
EX: Gender, Hair color
Quantitative Data - ✔✔Data that use numeric values to indicate how much or how
many.
EX: Age, Height
Nominal Scale - ✔✔When the data is labels or names used to identify an attribute of the
element
a. Used to measure Categorical (qualitative) data
b. No ranking/order & can be nonnumeric or Numeric
EX: Colors
Ordinal Scale - ✔✔Used when the order of the values is what is important and
significant, but the differences between each one is not known
a.Used to measure Categorical (qualitative) data
b.Order/ranking matters
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 2
