TEST BANK- BUSINESS AND ECONOMIC STATISTICS EXAM LATEST

TEST BANK- BUSINESS AND ECONOMIC STATISTICS EXAM LATEST Statistics - CORRECT ANSWER-is the science of collecting, organizing, presenting analyzing, and drawing conclusions from data Descriptive statistics - CORRECT ANSWER-organizing, summarizing (central tendency and dispersion) presenting (frequency distributions, charts) Parameter - CORRECT ANSWER-numerical measure that describes a characteristic of a population Sample - CORRECT ANSWER-a subset of the population selected for study in some prescribed manner Primary sources - CORRECT ANSWER-when the data collector is the one using the data for analysis Secondary Sources - CORRECT ANSWER-someone already took the sample Quantitative variable - CORRECT ANSWER-if each observation is a number: age weight distance # of objects Qualitative Variable - CORRECT ANSWER-collection of responses if the response to a query is a category Discrete Data - CORRECT ANSWER-usually arises when each observation is found by counting. Think number line. There are 'gaps' between the values Continuous Data - CORRECT ANSWER-when values from an entire interval on the number line. Results from measuring. Probability Sample - CORRECT ANSWER-selecting items whereby the researcher knows the probability of selecting each item in the sample. Non-probability Sample - CORRECT ANSWER-the selection of items for your sample without knowing their probability of selection When studying the simultaneous responses to two categorical questions you should set up a - CORRECT ANSWER-Contingency Table A type of vertical bar chart in which the categories are plotted in the descending rank order of the magnitude of their frequencies is called a - CORRECT ANSWER-Pareto Chart The width of each bar in a histogram corresponds to the - CORRECT ANSWER-differences between the boundaries of the class T or F: The main principle behind the Pareto Chart is the ability to separate the vital few from the trivia many. - CORRECT ANSWER-True T or F: The stem and leaf display is often superior to the frequency distribution i that it maintains the original values for further analysis - CORRECT ANSWER-true T or F: A histogram can have gaps between the bars, whereas bar charts cannot have gaps. - CORRECT ANSWER-false In order to compare one large set of numerical data to another, a ______ distribution must be developed from the frequency distribution. - CORRECT ANSWER-Relative frequency A _____ is a summary table in which numerical data are tallied into class intervals or categories. - CORRECT ANSWER-Frequency Distribution The addition of visual elements that either fail to convey any useful information or that obscure important points about the data in an attempt to enhance the visualization of data is called - CORRECT ANSWER-Chart Junk IN constructing a polygon, each class grouping is represented by its_____ and then these are consecutively connected to one another. - CORRECT ANSWER-Midpoint Chapter 3 Which of the following statistics is not a measure of central tendency? - CORRECT ANSWER-Q1, Q3 Which of the following is sensitive to extreme values? - CORRECT ANSWER-The arithmetic mean T or F: If the data set is approximately bell shaped, the empirical rule will more accurately reflect the greater concentration of data close to the mean as compared to the Chebyshev Rule - CORRECT ANSWER-True According to the empirical rule, if the data form a bell shaped normal distribution, ____ percent of the observations will be contained within three standard deviations around the arithmetic mean. - CORRECT ANSWER-99.7 T o F: The Z score of a value measures how many standard deviations the value is from the mean. - CORRECT ANSWER-True In general, which of the following descriptive summary measures cannot be easily approximated from a box plot? - CORRECT ANSWER-The variance List the