Chapter 1 Business Statistics

Which of the following is an example of quantitative data?
the number of people in a waiting line
Which of the following is an example of categorical data?
social security number
A characteristic of interest for the elements is called a(n)
variable
In a data set, the number of observations will always be the same as the number of
elements
Quantitative data
are always numeric
Categorical data
are labels used to identify attributes of elements
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Ordinary arithmetic operations are meaningful
only with quantitative data
Data collected at the same, or approximately the same, point in time are
cross-sectional data
Data collected over several time periods are
time series data
Statistical studies in which researchers do not control variables of interest are
observational studies
Statistical studies in which researchers control variables of interest are
experimental studies
The most common type of observational study is
a survey
The summaries of data, which may be tabular, graphical, or numerical, are referred to as
descriptive statistics
A Scanner Data User Survey of 50 companies found that the average amount spent onscanner data per category of consumer goods was $387,325 (Mercer Management Consulting,Inc., April 24, 1997). The $387,325 is an example of
Both quantitative data and a descriptive statistic are correct.
Statistical inference
is the process of drawing inferences about the population based on the information
taken from the sample
A portion of the population selected to represent the population is called
a sample
In a sample of 800 students in a university, 360, or 45%, live in the dormitories. The 45% isan example of
descriptive statistics
In a sample of 800 students in a university, 160, or 20%, are Business majors. Based on theabove information, the school’s paper reported that “20% of all the students at the university areBusiness majors.” This report is an example of
statistical inference
Six hundred residents of a city are polled to obtain information on voting intentions in anupcoming city election. The six hundred residents in this study is an example of a(n)
sample