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Basic Statistics for Business and Economics Douglas Lind 9e
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Basic Statistics for Business and Economics Douglas Lind 9e
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,Basic Statistics for Business and Economics, 9e (Lind)Chapter 1 What is Statistics?
1) A population is an entire set of 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
1
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
,4) The average number of passengers on commercial flights between Chicago and New York
City is an example of a statistic.
Answer: TRUE
Explanation: A statistic is a number used to communicate a piece of information. Statistics is
defined as a science of collecting, organizing, presenting, analyzing, and interpreting data to
assist in making more effective decisions. 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 defined as a science of collecting, organizing, presenting, analyzing,
and interpreting data to assist in making more effective decisions. 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
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
, 7) To infer something (i.e. estimate properties) 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: Remember
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 sampling to estimate a property 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
9) There are four levels of measurement: qualitative, quantitative, discrete, and continuous.
Answer: FALSE
Explanation: These are types of variables, not levels of measurement. The four levels of
measurement are nominal, ordinal, interval, and ratio. The items listed in the question
(qualitative, quantitative, discrete, and continuous) are types of variables.
Difficulty: 1 Easy
Topic: Levels of Measurement
Learning Objective: 01-05 Distinguish between nominal, ordinal, interval, and ratio levels of
measurement.
Bloom's: Remember
AACSB: Communication
Accessibility: Keyboard Navigation
3
Copyright 2019 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
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