BNAD 276 Exam 1 Questions With
Correct Answers
Statistics (definition) - ANSWER statistics is the methodology of extracting
useful information from the data set
to do good statistical analysis, you must - ANSWER - find the right data
- use the appropriate statistical tools
- clearly communicate the numerical information into written language
Descriptive statistics - ANSWER collecting, organizing, and presenting the data
Inferential statistics - ANSWER drawing conclusions about a population based
on sample data from that population
Population - ANSWER consists of all items of interest
sample - ANSWER a subset of the population
The need for sampling - ANSWER - too expensive to gather info on the entire
population
- often impossible to gather info on the entire population
cross - sectional data - ANSWER - data collected by recording a characteristic
of many subjects at the same point in time, or without regard to differences in
time
- subjects might include individuals, households, firms, industries, regions, and
countries
cross sectional data examples - ANSWER
Time series data - ANSWER - data collected by recording a characteristic of a
subject over several time periods
- data can include daily, weekly, monthly, quarterly, or annual observations
time series data examples - ANSWER - U.S. GDP growth rate from 1980 to 2010
variable - ANSWER the general characteristic being observed on an object of
interest
qualitative - ANSWER gender, race, political affiliation
Correct Answers
Statistics (definition) - ANSWER statistics is the methodology of extracting
useful information from the data set
to do good statistical analysis, you must - ANSWER - find the right data
- use the appropriate statistical tools
- clearly communicate the numerical information into written language
Descriptive statistics - ANSWER collecting, organizing, and presenting the data
Inferential statistics - ANSWER drawing conclusions about a population based
on sample data from that population
Population - ANSWER consists of all items of interest
sample - ANSWER a subset of the population
The need for sampling - ANSWER - too expensive to gather info on the entire
population
- often impossible to gather info on the entire population
cross - sectional data - ANSWER - data collected by recording a characteristic
of many subjects at the same point in time, or without regard to differences in
time
- subjects might include individuals, households, firms, industries, regions, and
countries
cross sectional data examples - ANSWER
Time series data - ANSWER - data collected by recording a characteristic of a
subject over several time periods
- data can include daily, weekly, monthly, quarterly, or annual observations
time series data examples - ANSWER - U.S. GDP growth rate from 1980 to 2010
variable - ANSWER the general characteristic being observed on an object of
interest
qualitative - ANSWER gender, race, political affiliation
