(Test Bank) Applied Statistics in Business and Economics

9781260716283, Doane,Seward, 7

Math & Statistics

Test Bank

7th Edition

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Description

Test Bank for Applied Statistics in Business and Economics, The downloadable file consists of 693 pages, and the total size of the file is 3.96 MB. Purchase now only for highly discounted price.

Author(s): Doane, Seward

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Study Note Preview

Version 1 1 Chapter 1 1) "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 2) 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 3) 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 fir ms rely on a large staff of expert statisticians. D) A statistical test result that is significant also has practical importance. 4) 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 5) 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 Version 1 2 A) relying on a sample instead of surveying every student. B) using a sample that may not be representative of all student s. C) failing to correct for unconscious interviewer bias. D) assuming cause and effect where none exists. 6) 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) always agrees with client ’s conclusions D) can deal with imperfect information 7) 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. 8) Which is not a practical constraint facing the business researcher or data analyst? Version 1 3 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. 9) Which is not an essential characteristic of a good business data analyst? A) is an effective writer B) stays current on techniques C) has a Ph.D. or Master ’s degree in statistics D) can deal with imperfect information 10) 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. 11) GM's experience with faulty 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. 12) Which is not a goal of the ethical data analyst? Version 1 4 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 13) 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 f irms rely on a large staff of expert statisticians. D) A statistical test may be significant yet have no practical importance. 14) "Smoking is not harmful. My Aunt Harriet smoked, but lived to age 90." This best illustrates which fallacy is not illustrated, A) Unconscious bias. B) Post hoc reasoning. C) Small sample generalization. 15) Which best illustrates the distinction between statistical significance and practical importance? Version 1 5 A) "This year, 360 of 440 statistics students at Oxnard Technical College rented their textbooks, compared with 110 of 330 students last year. This is a significant increase." 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." 16) "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 17) 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. 18) "Tom ’s SUV rolled over. SUVs are dangerous." This best illustrates which fallacy? Version 1 6 A) unconconcious bias B) significance versus practical importance C) post hoc reasoning D) small sample generalization 19) "Bob didn ’t wear his lucky T-shirt to class, so he failed his chemistry exam." This best illustrates which fallacy? A) pitfall 7 B) poor survey methods C) post hoc reasoning D) more than one of the above 20) 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 investment strategies 21) Which is least likely to involve the application of statistics in business? A) auditing supplier invoices for correct payment B) writing strategic decisions C) looking for patterns in a large marketing database D) making forecasts of several key product lines 22) Which is not a likely task of descriptive statistics? Version 1 7 A) summarizing a sample B) describing data numerically C) estimating unknown parameters D) making visual displays of data 23) 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 24) 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. 25) Which is not an analytical method commonly used to improve business decisions? A) descriptive analytics B) predictive analytics C) prescriptive analytics D) reactive analytics 26) Choosing actions that will result in the best outcome for the company and its customers is Version 1 8 A) descriptive analytics. B) predictive analytics. C) prescriptive analytics. D) reactive analytics. 27) Which issue isleast likely arise in machine learning (ML) and artificial intelligence (AI)? A) identifying ethical biases in training data B) improving natural language processing C) too many skilled programmers with business skills D) massive warehouses of real-time information 28) Which of the following statements isnot correct ? A) A parameter is a measure that is calculated from a population. B) Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. C) Most firms rely on employees who have basic statistical knowledge to perform day -to- day statistical analysis rather than hirin g a statistical consultant. D) A statistical test result that is significant also has practical importance. 29) Which of the following statements isnot correct ? Version 1 9 A) Summarizing performance measures from large data sets is an example of predictive analytics. B) Formulating a plan of action based on large data sets and algorithmic outputs is an example of prescriptive analytics. C) Calculating click -through rate for your online customers viewing your webpage is an example of descriptive analytics. D) Setting the optimal pricing scheme to maximize revenue for a hotel is an example of prescriptive analytics. 30) Using data to develop models that forecast customer behavior would be A) descriptive analytics. B) predictive analytics. C) prescriptive analytics. D) reactive analytics. 31) Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. ⊚ true ⊚ false 32) Inferential statistics refers to generalizing from a sample to a population, estimating unknown population parameters, drawing conclusions, and making decisions. ⊚ true ⊚ false 33) Descriptive statistics refers to summarizing data rather than generalizing about the population. Version 1 10 ⊚ true ⊚ false 34) Estimating parameters and testing hypotheses are important aspects of descriptive statistics. ⊚ true ⊚ false 35) Testing all incoming emergency patients for COVID -19 will yield a valid estimate of the disease prevalence in the general population. ⊚ true ⊚ false 36) Empirical data are collected through observations and experiments. ⊚ true ⊚ false 37) Business intelligence refers to collecting, storing, accessing, and analyzing data on the company ’s operations in order to make better business decisions. ⊚ true ⊚ false 38) 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 Version 1 11 39) A strong correlation between A and B would imply that B is caused by A. ⊚ true ⊚ false 40) When one concludes that because B follows A thenB is caused by A, they are falling subject to thepost hoc fallacy. ⊚ true ⊚ false 41) A statistical test may be significant yet have no practical importance. ⊚ true ⊚ false 42) Valid statistical inferences cannot be made when sample sizes are small. ⊚ true ⊚ false 43) 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 44) Statistical challenges include imperfect data, practical constraints, and ethical dilemmas. Version 1 12 ⊚ true ⊚ false 45) A business data analyst needs a Ph.D. in statistics. ⊚ true ⊚ false 46) The science of statistics tells us whether the sample evidence is convincing. ⊚ true ⊚ false 47) Pitfalls to consider in a statistical test include nonrandom samples, small sample size, and lack of causal links. ⊚ true ⊚ false 48) In business communication, a table of numbers is preferred to a graph because it is more able to convey meaning. ⊚ true ⊚ false 49) Statistical data analysis can often distinguish between realversus perceived ethical issues. ⊚ true ⊚ false Version 1 13 50) Excel has limited use in business because advanced statistical software is widely available. ⊚ true ⊚ false 51) Statistics helps surmount language barriers to solve problems in multinational businesses. ⊚ true ⊚ false 52) Statistics can help you handle either too little or too much information. ⊚ true ⊚ false 53) 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 54) Surveying electric vehicle owners would provide a representative random sample of Americans ’ views on global warming policies. ⊚ true ⊚ false 55) 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. Version 1 14 ⊚ true ⊚ false 56) The Bureau of Labor Statistics has forecasted a drop in the number of jobs requiring statistical knowledge for the next decade. ⊚ true ⊚ false 57) Analytics can only be used to look backwards at business performance. ⊚ true ⊚ false