nominal data - CORRECT ANSWER names indicating characteristic
ex: NYSE, NASDAQ
ordinal data - CORRECT ANSWER can be ordered/ranked
ex: gold, silver, bronze
interval data - CORRECT ANSWER quantitative AND can be ranked BUT is a fixed unit of measurement
ex: SAT scor...
ordinal data - CORRECT ANSWER can be ordered/ranked
ex: gold, silver, bronze
interval data - CORRECT ANSWER quantitative AND can be ranked BUT is a
fixed unit of measurement
ex: SAT scores, credit score
ratio data - CORRECT ANSWER quantitative AND can be ranked BUT is a fixed
unit of measurement AND the ratio is meaningful
categorical data (qualitative) - CORRECT ANSWER identify characteristics of
element
ex: gender, marital status
ALSO: zip code, phone number
quantitative data - CORRECT ANSWER numeric: how much/how many
cross sectional data - CORRECT ANSWER data covered at some point in time
ACROSS MULTIPLE ELEMENTS/OBSERVATIONS
ex: price of coffee in different cities
time series data - CORRECT ANSWER data collected over MULTIPLE TIME
PERIODS
ex: price of coffee over 1 year
, ECN 221 ASU EXAM 1 2024-2025
QUESTIONS WITH COMPLETE ANSWERS
A data set consists of the number of new stores opened 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. - CORRECT ANSWER TRUE
A data set consists of all businesses in Tempe that accept 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. - CORRECT ANSWER TRUE
Which of the following best describes Starbucks' stock price data? Starbucks stock
is traded on the NASDAQ stock exchange. - CORRECT ANSWER These data
are always time series data.
Which of the following uses the nominal measurement scale? - CORRECT
ANSWER The city where a school is located.
Which of the following uses the ratio measurement scale? - CORRECT ANSWER
The amount of money a firm spends on advertising.
relative frequency - CORRECT ANSWER =(frequency of class/n)*100
Bar charts are a useful way to display: - CORRECT ANSWER categorical data
A histogram is useful for - CORRECT ANSWER observing relative frequencies
of categorical data.
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