Test Bank for Smith and Roberson’s Business Law, 17th Edition,

Test Bank for Smith and Roberson’s Business Law, 17th Edition, Statistical Techniques in Business and Economics, 17e (Lind) Chapter 1 What is Statistics? 1) A population is a collection of all 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 10 4) The average number of passengers on commercial flights between Chicago and New York City is an example of a statistic. Answer: TRUE Explanation: Statistics is used to organize, summarize, and analyze raw data. 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 used to summarize raw data into a more useful form. 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