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Ecn 221 Asu Exam 1 Questions And Answers
100% Pass
Nominal data - ANS names indicating characteristic
ex: NYSE, NASDAQ
ordinal data - ANS can be ordered/ranked
ex: gold, silver, bronze
interval data - ANS quantitative AND can be ranked BUT is a fixed unit of measurement
ex: SAT scores, credit score
ratio data - ANS quantitative AND can be ranked BUT is a fixed unit of measurement AND the
ratio is meaningful
categorical data (qualitative) - ANS identify characteristics of element
ex: gender, marital status
ALSO: zip code, phone number
quantitative data - ANS numeric: how much/how many
cross sectional data - ANS data covered at some point in time ACROSS MULTIPLE
ELEMENTS/OBSERVATIONS
, ©EVERLY 2025 ALL RIGHTS RESERVED
ex: price of coffee in different cities
time series data - ANS 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. - ANS 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. -
ANS TRUE
Which of the following best describes Starbucks' stock price data? Starbucks stock is traded on
the NASDAQ stock exchange. - ANS These data are always time series data.
Which of the following uses the nominal measurement scale? - ANS The city where a school
is located.
Which of the following uses the ratio measurement scale? - ANS The amount of money a
firm spends on advertising.
relative frequency - ANS =(frequency of class/n)*100
Ecn 221 Asu Exam 1 Questions And Answers
100% Pass
Nominal data - ANS names indicating characteristic
ex: NYSE, NASDAQ
ordinal data - ANS can be ordered/ranked
ex: gold, silver, bronze
interval data - ANS quantitative AND can be ranked BUT is a fixed unit of measurement
ex: SAT scores, credit score
ratio data - ANS quantitative AND can be ranked BUT is a fixed unit of measurement AND the
ratio is meaningful
categorical data (qualitative) - ANS identify characteristics of element
ex: gender, marital status
ALSO: zip code, phone number
quantitative data - ANS numeric: how much/how many
cross sectional data - ANS data covered at some point in time ACROSS MULTIPLE
ELEMENTS/OBSERVATIONS
, ©EVERLY 2025 ALL RIGHTS RESERVED
ex: price of coffee in different cities
time series data - ANS 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. - ANS 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. -
ANS TRUE
Which of the following best describes Starbucks' stock price data? Starbucks stock is traded on
the NASDAQ stock exchange. - ANS These data are always time series data.
Which of the following uses the nominal measurement scale? - ANS The city where a school
is located.
Which of the following uses the ratio measurement scale? - ANS The amount of money a
firm spends on advertising.
relative frequency - ANS =(frequency of class/n)*100
