Statistical Techniques in Business and Economics Douglas Lind 17th Edition-Test bank

,Statistical Techniques in Business and Economics, 17e (Lind)
Chapter 1 What is Statistics?

1) A population is a collection of all individuals, objects, or measurements of interest.

Answer: TRUE
Explanation: This is the definition of a population.
Difficulty: 1 Easy
Topic: Types of Statistics
Learning Objective: 01-03 Differentiate between descriptive and inferential statistics.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation

2) Statistics are used as a basis for making decisions.

Answer: TRUE
Explanation: This is the ultimate purpose of statistics. After we organize, summarize, and
analyze data, we make decisions based on our summaries and analysis.
Difficulty: 1 Easy
Topic: Why Study Statistics?
Learning Objective: 01-01 Explain why knowledge of statistics is important.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation

3) A listing of 100 family annual incomes is an example of statistics.

Answer: FALSE
Explanation: A listing of incomes is raw data. Statistics is used to organize, summarize, and
present the data.
Difficulty: 1 Easy
Topic: What is Meant by Statistics?
Learning Objective: 01-02 Define statistics and provide an example of how statistics is applied.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation




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,4) The average number of passengers on commercial flights between Chicago and New York
City is an example of a statistic.

Answer: TRUE
Explanation: Statistics is used to organize, summarize, and analyze raw data. Raw data would be
a list of all commercial flights between the two cities and the number of passengers on each,
while statistics would take that raw data and create summary measures, such as determining the
mean or average for these flights.
Difficulty: 1 Easy
Topic: What is Meant by Statistics?
Learning Objective: 01-02 Define statistics and provide an example of how statistics is applied.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation

5) Statistics is used to report the summary results of market surveys.

Answer: TRUE
Explanation: Statistics is used to summarize raw data into a more useful form. While we could
look at all the individual survey results, summarizing the results is helpful if we wish to make
decisions.
Difficulty: 1 Easy
Topic: What is Meant by Statistics?
Learning Objective: 01-02 Define statistics and provide an example of how statistics is applied.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation

6) A sample is a portion or part of the population of interest.

Answer: TRUE
Explanation: This is the definition of a sample.
Difficulty: 1 Easy
Topic: Types of Statistics
Learning Objective: 01-03 Differentiate between descriptive and inferential statistics.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation




2
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, 7) To infer something about a population, we usually take a sample from the population.

Answer: TRUE
Explanation: This is the purpose of inferential statistics, where we estimate or infer something
about a population based on a sample taken from that population.
Difficulty: 1 Easy
Topic: Types of Statistics
Learning Objective: 01-03 Differentiate between descriptive and inferential statistics.
Bloom's: Understand
AACSB: Communication
Accessibility: Keyboard Navigation

8) Descriptive statistics are used to find out something about a population based on a sample.

Answer: FALSE
Explanation: Inferential statistics uses sample information to find out something about a
population.
Difficulty: 1 Easy
Topic: Types of Statistics
Learning Objective: 01-03 Differentiate between descriptive and inferential statistics.
Bloom's: Understand
AACSB: Communication
Accessibility: Keyboard Navigation

9) There are four levels of measurement: qualitative, quantitative, discrete, and continuous.

Answer: FALSE
Explanation: The four levels of measurement are nominal, ordinal, interval, and ratio.
Difficulty: 1 Easy
Topic: Levels of Measurement
Learning Objective: 01-05 Distinguish between nominal, ordinal, interval, and ratio levels of
measurement.
Bloom's: Understand
AACSB: Communication
Accessibility: Keyboard Navigation

10) The ordinal level of measurement is considered the "lowest" level of measurement.

Answer: FALSE
Explanation: The nominal scale is the "lowest" level of measurement.
Difficulty: 1 Easy
Topic: Levels of Measurement
Learning Objective: 01-05 Distinguish between nominal, ordinal, interval, and ratio levels of
measurement.
Bloom's: Understand
AACSB: Communication
Accessibility: Keyboard Navigation
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Copyright © 2018 McGraw-Hill