Statistics > TEST BANK > Test Bank Applied Statistics in Business and Economics 6th Edition by Doane, Seward (All)

Test Bank Applied Statistics in Business and Economics 6th Edition by Doane, Seward

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Student name:__________ TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) Statistics is the science of collecting, organizing, analyzing, interpreting, and presen... ting data. ⊚ true ⊚ false 2) Inferential statistics refers to generalizing from a sample to a population, estimating unknown parameters, drawing conclusions, and making decisions. ⊚ true ⊚ false 3) Descriptive statistics refers to summarizing data rather than generalizing about the population. ⊚ true ⊚ false 4) Estimating parameters and testing hypotheses are important aspects of descriptive statistics. ⊚ true ⊚ false 5) Inconsistent treatment of data by a researcher is a symptom of poor survey or research design. ⊚ true ⊚ false 6) Empirical data are collected through observations and/or experiments. ⊚ true ⊚ false 7) Business intelligence refers to collecting, storing, accessing, and analyzing data on the company’s operations in order to make better business decisions. ⊚ true ⊚ false 8) When a statistician omits data contrary to her findings in a study, she is justified as long as the sample supports her objective. ⊚ true ⊚ false 9) A strong correlation between A and B would imply that B is caused by A. ⊚ true ⊚ false 10) The post hoc fallacy says that when B follows A then B is caused by A. ⊚ true ⊚ false 11) A statistical test may be significant yet have no practical importance. ⊚ true ⊚ false 12) Valid statistical inferences cannot be made when sample sizes are small. ⊚ true ⊚ false 13) Statistics is an essential part of critical thinking because it allows us to transform the empirical evidence from a sample so it will agree with our preferred conclusions. ⊚ true ⊚ false 14) Statistical challenges include imperfect data, practical constraints, and ethical dilemmas. ⊚ true ⊚ false 15) A business data analyst needs a Ph.D. in statistics. ⊚ true ⊚ false 16) The science of statistics tells us whether the sample evidence is convincing. ⊚ true ⊚ false 17) Pitfalls to consider in a statistical test include nonrandom samples, small sample size, and lack of causal links. ⊚ true ⊚ false 18) In business communication, a table of numbers is preferred to a graph because it is more able to convey meaning. ⊚ true ⊚ false 19) Statistical data analysis can often distinguish between real versus perceived ethical issues. ⊚ true ⊚ false 20) Excel has limited use in business because advanced statistical software is widely available. ⊚ true ⊚ false 21) Statistics helps surmount language barriers to solve problems in multinational businesses. ⊚ true ⊚ false 22) Statistics can help you handle either too little or too much information. ⊚ true ⊚ false 23) Predicting a presidential candidate’s percentage of the statewide vote from a sample of 800 voters would be an example of inferential statistics. ⊚ true ⊚ false 24) Surveying electric vehicle owners would provide a representative random sample of Americans’ views on global warming policies. ⊚ true ⊚ false 25) An example of descriptive statistics would be reporting the percentage of students in your accounting class that attended the review session for the last exam. ⊚ true ⊚ false MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 26) "Bob must be rich. He’s a lawyer, and lawyers make lots of money." This statement best illustrates which fallacy? A) Using poor survey methods B) Confusing significance with importance C) Unconscious bias D) Generalizing from an average to an individual 27) Which is not an ethical obligation of a statistician? A) To know and follow accepted procedures B) To ensure data integrity and accurate calculations C) To support client wishes in drawing conclusions from the data D) To acknowledge sources of financial support 28) Which of the following statements is correct? A) A parameter is a measure that is calculated from a sample. B) Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. C) For day-to-day business data analysis, most firms rely on a large staff of expert statisticians. D) A statistical test result that is significant also has practical importance. 29) Which is least likely to be an application where statistics will be useful? A) Predicting whether an airfare is likely to rise or fall B) Designing the most desirable features for a ski pass C) Deciding whether offering Rice Krispies improves restaurant sales D) Choosing the wording of a corporate policy prohibiting smoking 30) Because 25 percent of the students in my morning statistics class watch eight or more hours of television a week, I conclude that 25 percent of all students at the university watch eight or more hours of television a week. The most important logical weakness of this conclusion would be A) relying on a sample instead of surveying every student. B) using a sample that may not be representative of all students. C) failing to correct for unconscious interviewer bias. D) assuming cause and effect where none exists. 31) Which of the following is not a characteristic of an ideal statistician? A) Technically current (e.g., software) B) Communicates well (both written and oral) C) Advocates client’s objectives D) Can deal with imperfect information 32) Which of the following statements is not true? A) Statistics helps refine theories through ongoing hypothesis testing. B) Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. C) Estimating parameters is an important aspect of descriptive statistics. D) Statistical challenges include imperfect data and practical constraints. 33) Which is not a practical constraint facing the business researcher or data analyst? A) Time and money are always limited. B) The world is no laboratory, so some experiments are impractical. C) Research on human subjects is fraught with danger and ethical issues. D) Survey respondents usually will tell the truth if well compensated. 34) Which is not an essential characteristic of a good business data analyst? A) Effective writer B) Stays current on techniques C) Has a Ph.D. or master’s degree in statistics D) Can deal with imperfect information 35) An ethical statistical consultant would not always A) follow accepted statistical procedures. B) support management’s desired conclusions. C) acknowledge sources of financial support. D) report limitations of the data. 36) GM’s experience with ignition switches suggests that A) statistics is not applicable to automotive manufacturing. B) limited data may still contain important clues. C) good engineers can eliminate all risks. D) ignition switches are inherently dangerous. 37) Which is not a goal of the ethical data analyst? A) To be an honest broker of data. B) To learn to downplay inconvenient data. C) To understand the firm’s code of ethics (or help create one). D) To look for hidden agendas in data collection. 38) Which of the following statements is not true? A) A statistic is a single measure (usually numerical) that is calculated from a sample. B) Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. C) For day-to-day business data analysis, most firms rely on a large staff of expert statisticians. D) A statistical test may be significant yet have no practical importance. 39) "Smoking is not harmful. My Aunt Harriet smoked, but lived to age 90." This best illustrates which fallacy? A) Unconscious bias B) Significance versus practical importance C) Post hoc reasoning D) Small sample generalization 40) Which best illustrates the distinction between statistical significance and practical importance? A) "In 2016, 240 out of 400 statistics students at Oxnard Technical College sold their textbooks at the end of the semester, compared with 220 out of 330 students in 2015, a significant decrease." B) "Our new manufacturing technique has increased the life of the 80 GB USB AsimoDrive external hard disk significantly, from 240,000 hours to 250,000 hours." C) "In 50,000 births, the new vaccine reduced the incidence of infant mortality in Morrovia significantly from 14.2 deaths per 1000 births to 10.3 deaths per 1000 births." D) "The new Sky Penetrator IV business jet’s cruising range has increased significantly from 3,975 miles to 4,000 miles." 41) "Circulation fell in the month after the new editor took over the newspaper Oxnard News Herald. The new editor should be fired." Which is not a serious fallacy in this conclusion? A) Generalizing from a small sample B) Applying post hoc reasoning C) Failing to identify causes D) Using a biased sample 42) An ethical data analyst would be least likely to A) check data for accuracy. B) cite his/her data sources and their limitations. C) acknowledge sources of financial support. D) rely on consultants for all calculations. 43) "Tom’s SUV rolled over. SUVs are dangerous." This best illustrates which fallacy? A) Unconscious bias B) Significance versus practical importance C) Post hoc reasoning D) Small sample generalization 44) "Bob didn’t wear his lucky T-shirt to class, so he failed his chemistry exam." This best illustrates which fallacy? A) Small sample generalization B) Poor survey methods C) Post hoc reasoning D) More than one of the above 45) Which is not a reason for an average student to study statistics? A) Improve technical writing skills B) Gain information management skills C) Enhance technical literacy D) Learn stock market strategies 46) Which is not a likely area of application of statistics in business? A) Auditing supplier invoices for correct payment B) Questioning the executives’ strategic decisions C) Looking for patterns in a large marketing database D) Making forecasts of several key product lines 47) Which is not a likely task of descriptive statistics? A) Summarizing a sample B) Describing data numerically C) Estimating unknown parameters D) Making visual displays of data 48) We would associate the term inferential statistics with which task? A) Making visual displays of data B) Estimating unknown parameters C) Describing a sample of data D) Tabulating a survey 49) A good data analyst A) removes data if so instructed by client. B) works alone to avoid team conflicts. C) communicates with numbers rather than with graphs. D) reports findings that may contradict client’s ideas. 50) Which is not an analytical method commonly used to improve business decisions? A) Descriptive analytics. B) Predictive analytics. C) Prescriptive analytics. D) Reactive analytics. Answer Key Test name: ch1 1) TRUE This is one of many good definitions of statistics. 2) TRUE We can use statistics either to describe data or to infer something about a population. 3) TRUE When we do not infer, we are only describing the available sample data. 4) FALSE When we generalize to a population, we are using inferential statistics. 5) FALSE Good survey data can still be misused or misinterpreted. 6) TRUE Empirical data are contrasted with <i>a priori</i> estimates (e.g., expecting 10 heads in 20 coin flips). 7) TRUE See Wikipedia for similar definitions of business intelligence. 8) FALSE We do not omit data unless it is proven to be an error. 9) FALSE Temporal sequence does not prove causation. 10) TRUE Temporal sequence does not prove causation. 11) TRUE Large samples sometimes reveal tiny effects that may not matter very much. 12) FALSE Small samples may be all that we have, and statistics does have rules for them. 13) FALSE Ethical analysts challenge their beliefs with data rather than forcing data to fit their beliefs. 14) TRUE The list is longer, but these three are big challenges. 15) FALSE Every business person does some statistics. 16) TRUE There are clear scientific rules for statistical inference. 17) TRUE These are among many other pitfalls. 18) FALSE Although tables can show exact numbers, a good graph may be more helpful. 19) TRUE Proper framing of a question may reveal that there is no real ethical issue. 20) FALSE Small businesses may lack advanced software (and the training to use it). 21) TRUE Statistics is part of the international language of science. 22) TRUE Statistical tasks include sampling to obtain more information or finding meaning in large piles of data. <b> </b> 23) TRUE Generalizing from a sample is an <i>inference</i>. 24) FALSE They are not a random sample of all Americans. 25) TRUE As long as you do not generalize, it is a descriptive statistic. 26) D Many lawyers do not work for big firms. (Remember My Cousin Vinnie?) 27) C The analyst must sometimes present findings that the client does not like. 28) B A parameter is a population characteristic. Firms often lack professional statisticians on staff, so all business graduates need some degree of statistical training to handle day-to-day problems. Sometimes an effect, while not due to chance, is too small to matter. 29) D Policy wording is probably left up to writers, not statisticians. 30) B Generalizing from a nonrandom sample is risky. The morning class may not be representative of all students. 31) C There is an unattractive name for a consultant who always agrees with the client. 32) C Estimating a population parameter is an inference rather than a description. 33) D Paid respondents may try to tell you what you want to hear. 34) C No advanced degree is required for ordinary data analysis, which is why all business students study it. 35) B There is a nasty name for a consultant who always agrees with management. 36) B When small samples are all that we have, we must study them carefully, especially when the consequences are extreme (e.g., car crashes). 37) B We do not ignore data unless it is an actual error. 38) C Few firms have staffs of statistics experts, so all of us need to know the basics. 39) D Individual cases sometimes deviate from the average. 40) B Consumers would not notice because 240,000 hours is approximately 27 years. 41) D There is no apparent bias here, just a shaky inference from a small sample with no apparent causal link. 42) D When you farm out your calculations, you have lost control of your work. 43) D One instance proves little. 44) C There is no credible causal link between these two events. 45) D Statistics helps improve writing and technical literacy, but to learn about the stock market, you should probably study finance. 46) B Business strategy may involve statistics, but not as much as the others listed here. 47) C Estimating a population parameter is an inference. 48) B Estimating a population parameter is an inference. 49) D Analysts study all the data, work on teams, and use charts to clarify all findings. 50) D See Minicase 1.1 Using Analytics to Improve Business. 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