ECN 221 ASU EXAM 1 QUESTIONS AND VERIFIED ANSWERS
|100% CORRECT | ALREADY GRADED A
nominal data Correct Answers names indicating characteristic
ex: NYSE, NASDAQ
ordinal data Correct Answers can be ordered/ranked
ex: gold, silver, bronze
interval data Correct Answers quantitative AND can be ranked BUT is a
fixed unit of measurement
ex: SAT scores, credit score
ratio data Correct Answers quantitative AND can be ranked BUT is a
fixed unit of measurement AND the ratio is meaningful
categorical data (qualitative) Correct Answers identify characteristics of
element
ex: gender, marital status
ALSO: zip code, phone number
quantitative data Correct Answers numeric: how much/how many
cross sectional data Correct Answers data covered at some point in time
ACROSS MULTIPLE ELEMENTS/OBSERVATIONS
, ex: price of coffee in different cities
time series data Correct Answers data collected over MULTIPLE TIME
PERIODS
ex: price of coffee over 1 year
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 Answers
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 Answers TRUE
Which of the following best describes Starbucks' stock price data?
Starbucks stock is traded on the NASDAQ stock exchange. Correct
Answers These data are always time series data.
|100% CORRECT | ALREADY GRADED A
nominal data Correct Answers names indicating characteristic
ex: NYSE, NASDAQ
ordinal data Correct Answers can be ordered/ranked
ex: gold, silver, bronze
interval data Correct Answers quantitative AND can be ranked BUT is a
fixed unit of measurement
ex: SAT scores, credit score
ratio data Correct Answers quantitative AND can be ranked BUT is a
fixed unit of measurement AND the ratio is meaningful
categorical data (qualitative) Correct Answers identify characteristics of
element
ex: gender, marital status
ALSO: zip code, phone number
quantitative data Correct Answers numeric: how much/how many
cross sectional data Correct Answers data covered at some point in time
ACROSS MULTIPLE ELEMENTS/OBSERVATIONS
, ex: price of coffee in different cities
time series data Correct Answers data collected over MULTIPLE TIME
PERIODS
ex: price of coffee over 1 year
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 Answers
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 Answers TRUE
Which of the following best describes Starbucks' stock price data?
Starbucks stock is traded on the NASDAQ stock exchange. Correct
Answers These data are always time series data.
