ECN221 - Exam 1 | Chapter 1-5 Professor Dornelles Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: EX of ordinal data
Answer:
- EX: freshman, sophomore, junior, and senior
o A nonnumeric label or numeric code may be used
EX: 1 denotes freshman, 2 denotes junior, etc.)
Q: Ratio data
Answer:
- has all the properties of interval data and the ratio of two values is meaningful
and is always numerical
zero value is included in this scale
Q: EX of ratio data
Answer:
- EX: Price of a book at a retail store is $200, while the price of the same
book sold online is $100. The ratio property shows that retail stores charge twice the
online
price. A book can cost $ 0!
, ECN221 - Exam 1 | Chapter 1-5 Professor Dornelles Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: Interval
Answer:
- has the properties of ordinal data, and the interval between observations is
expressed in terms of a fixed unit of measure
interval data are ALWAYS NUMERIC
zero does not mean absence of
Most likely zero is not included in this scale
Q: EX of interval data
Answer:
- EX: Melissa has an SAT score of 1985, while Kevin has an SAT score of
1880. Melissa scored 105 points more than Kevin.
EX: Temperature 0 F does not mean absence of temperature.
, ECN221 - Exam 1 | Chapter 1-5 Professor Dornelles Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: Categorical
Answer:
- Labels or names are used to identify an attribute of each element
Often refereed to as qualitative data
Use either nominal or ordinal scale of measurement
Can be either numeric or nonnumeric
Appropriate statistical analyses are rather limited
Q: Quantitative
Answer:
- Indicates how many or how much
Can be measured or counted
Always numeric
Ordinary arithmetic operations are meaningful for quantitative data
, ECN221 - Exam 1 | Chapter 1-5 Professor Dornelles Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: Frequency distribution
Answer:
a tabular summary of data showing the number (frequency) of
observations in each of several non-overlapping categories or classes (EX: academic
level in our
ECN 221)
Q: Central tendency
Answer:
a single value used to describe the center point of a data set
Q: Measure of central tendency
Answer:
mean, median, mode
Answers with Verified Solutions | Latest 2026 Update
Q: EX of ordinal data
Answer:
- EX: freshman, sophomore, junior, and senior
o A nonnumeric label or numeric code may be used
EX: 1 denotes freshman, 2 denotes junior, etc.)
Q: Ratio data
Answer:
- has all the properties of interval data and the ratio of two values is meaningful
and is always numerical
zero value is included in this scale
Q: EX of ratio data
Answer:
- EX: Price of a book at a retail store is $200, while the price of the same
book sold online is $100. The ratio property shows that retail stores charge twice the
online
price. A book can cost $ 0!
, ECN221 - Exam 1 | Chapter 1-5 Professor Dornelles Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: Interval
Answer:
- has the properties of ordinal data, and the interval between observations is
expressed in terms of a fixed unit of measure
interval data are ALWAYS NUMERIC
zero does not mean absence of
Most likely zero is not included in this scale
Q: EX of interval data
Answer:
- EX: Melissa has an SAT score of 1985, while Kevin has an SAT score of
1880. Melissa scored 105 points more than Kevin.
EX: Temperature 0 F does not mean absence of temperature.
, ECN221 - Exam 1 | Chapter 1-5 Professor Dornelles Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: Categorical
Answer:
- Labels or names are used to identify an attribute of each element
Often refereed to as qualitative data
Use either nominal or ordinal scale of measurement
Can be either numeric or nonnumeric
Appropriate statistical analyses are rather limited
Q: Quantitative
Answer:
- Indicates how many or how much
Can be measured or counted
Always numeric
Ordinary arithmetic operations are meaningful for quantitative data
, ECN221 - Exam 1 | Chapter 1-5 Professor Dornelles Questions and
Answers with Verified Solutions | Latest 2026 Update
Q: Frequency distribution
Answer:
a tabular summary of data showing the number (frequency) of
observations in each of several non-overlapping categories or classes (EX: academic
level in our
ECN 221)
Q: Central tendency
Answer:
a single value used to describe the center point of a data set
Q: Measure of central tendency
Answer:
mean, median, mode
