ecn 221 asu exam 1 UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS
nominal data names indicating characteristic
ex: NYSE, NASDAQ
, ordinal data can be ordered/ranked
ex: gold, silver, bronze
interval data quantitative AND can be ranked BUT is a fixed unit of measurement
ex: SAT scores, credit score
ratio data quantitative AND can be ranked BUT is a fixed unit of measurement AND the ratio
is meaningful
categorical data (qualitative) identify characteristics of element
ex: gender, marital status
ALSO: zip code, phone number
quantitative data numeric: how much/how many
cross sectional data data covered at some point in time ACROSS MULTIPLE
ELEMENTS/OBSERVATIONS
ex: price of coffee in different cities
time series data data collected over MULTIPLE TIME PERIODS
ex: price of coffee over 1 year
A data set consists of the number of new stores opened TRUE
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.
A data set consists of all businesses in Tempe that accept TRUE
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.
Which of the following best describes Starbucks' stock These data are always time series data.
price data? Starbucks stock is traded on the NASDAQ
stock exchange.
Which of the following uses the nominal measurement The city where a school is located.
scale?
Which of the following uses the ratio measurement scale? The amount of money a firm spends on advertising.
relative frequency =(frequency of class/n)*100
Bar charts are a useful way to display: categorical data
nominal data names indicating characteristic
ex: NYSE, NASDAQ
, ordinal data can be ordered/ranked
ex: gold, silver, bronze
interval data quantitative AND can be ranked BUT is a fixed unit of measurement
ex: SAT scores, credit score
ratio data quantitative AND can be ranked BUT is a fixed unit of measurement AND the ratio
is meaningful
categorical data (qualitative) identify characteristics of element
ex: gender, marital status
ALSO: zip code, phone number
quantitative data numeric: how much/how many
cross sectional data data covered at some point in time ACROSS MULTIPLE
ELEMENTS/OBSERVATIONS
ex: price of coffee in different cities
time series data data collected over MULTIPLE TIME PERIODS
ex: price of coffee over 1 year
A data set consists of the number of new stores opened TRUE
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.
A data set consists of all businesses in Tempe that accept TRUE
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.
Which of the following best describes Starbucks' stock These data are always time series data.
price data? Starbucks stock is traded on the NASDAQ
stock exchange.
Which of the following uses the nominal measurement The city where a school is located.
scale?
Which of the following uses the ratio measurement scale? The amount of money a firm spends on advertising.
relative frequency =(frequency of class/n)*100
Bar charts are a useful way to display: categorical data
