ECON 265 (Ch. 1 & 2 Study Set)

True or False: Statistics are derived from a sample of data drawn from the population of interest.

True

__________ Statistics is the branch of statistics that involves using a subset of available data to make conclusions, estimations, or decisions about the larger data set.

1. Population

2. Estimative

3. Descriptive

4. Inferential

Inferential

True or False: A parameter is a numerical measure, which has been derived from the full set of population data, summarizing some attribute of a population.

True

True or False: A nutrition supplement company has created an herbal treatment for high blood pressure. It plans to conduct a series of double-blind clinical trials to determine if the supplement is effective at reducing blood pressure in hypertensive patients. In this situation, it is not possible for the company to test the supplement on every hypertensive person in the population.

True

True or False: A journalist is interested in the work habits of all successful CEOs, so he surveyed a random selection of 100 successful CEOs. Among other things, the survey asked about the number of hours each CEO devoted to work per week. The work-hours data taken from this survey is an example of sample data, which is used to obtain information about a population of interest.

True

True or False: The owner of a professional basketball team reports that the average salary for the athletes in the league this past year was $4,580,000. This average was calculated using every player's salary from the previous year. This average is an example of a population parameter.

True

True or False: A television producer for a cable sports channel is interested in the proportion of positive tweets directed at her channel's daily soccer show since its debut. An intern compiles every tweet directed at the show since its inception, and it is determined that 52% of the tweets were positive. This proportion is an example of a population parameter.

True

True or False: Discrete data often result from counting the number of items belonging to a set.

True

True or False: Inferential statistics is a branch of statistics that involves using a complete set of data to make conclusions, estimations, or decisions about a different, complete set of data.

Group starts

False

True or False: A fashion designer organizes the results of a study on fall color trends into a pie chart. This action fits under the umbrella of inferential statistics.

False

Statistics is a science that deals with the collection, organization, and ____________ of data.

1. Interpretation

2. Analysis

3. Presentation

4. All of the above

All of the above

True or False: Inferential statistics is the branch of statistics that involves using a subset of available data to make conclusions, estimations, or decisions about the larger data set.

True

True or False: Statistics is usually divided into two categories: descriptive and inferential statistics.

True

Statistics is a science that deals with which of the following with regard to data?

1. Collection and Organization

2. Interpretation

3. Presentation and Analysis

4. All of the above

All of the above

True or False: Statistics is a science that deals with the collection, organization, presentation, analysis, and interpretation of data.

True

A _____________ is a numerical measure summarizing some attribute of a set of sample data.

1. Both parameter & population

2. Statistic

3. Parameter

4. Population

Statistic

True or False: A frequency distribution groups qualitative data into categories called classes and shows the number of observations belonging to each class.

True

True or False: Relative class frequency is the fraction or proportion of observations that occur within a class.

True

A coffee shop wants to know the relative popularity of different sizes for its drinks. A sample of drink orders has been organized into a frequency table. Use the table below to find the relative frequency for drink orders in a size small. 

Size → Frequency

Small → 12

Medium → 12

Large → 23

What is the relative frequency for drinks orders in a size small?

Relative frequency for drink orders in a size small = .120

Molly's Candle Shop has several retail stores in the coastal areas of North and South Carolina. Many of Molly's customers ask her to ship their purchases. The following chart shows the number of packages shipped per day for the last 100 days.

A. What is the chart called?

1. Histogram

2. Bar chart

3. Frequency polygon

Histogram

B. What is the total number of frequencies?

Frequencies = 100

C. What is the class interval?

5

D. What is the class frequency of the 10 up to 15 class?

Class frequency = 28

E. What is the relative frequency of the 10 up to 15 class?

Relative frequency = 0.28

F. What is the midpoint of the 25 up to 30 class?

Midpoint= 27.5

G. On how many days were there 25 or more packages shipped?

Number of days = 13

Refer to the following frequency distribution on days absent during a calendar year by employees of a manufacturing company:

Days Absent	Number of Employees
32 up to 37	63
37 up to 42	37
42 up to 47	10
47 up to 52	4
52 up to 57	2

How many employees were absent fewer than fourty two days?

1. 51

2. 100

3. 37

4. 63

100

Refer to the following distribution of commissions:

Monthly commissions	Class Frequencies
$600-$800	8
800-1000	8
1000-1200	14
1200-1400	20
1400-1600	24
1600-1800	29
1800-2000	34
2000-2200	37

  
What is the relative frequency of those salespersons that earn $1,600 or more?

1. 57.5%

2. 43.1%

3. 24.1%

57.5%

A group of 100 students was surveyed about their interest in a new International Studies program. Interest was measured in terms of high, medium, or low. 21 students responded high interest; 30 students responded medium interest; 49 students responded low interest. What is the relative frequency of students with high interest?

1. .21

2. .49

3. .30

4. Cannot be determined
   
   

.21

A frequency _____________ is used to organize numerical data, while a frequency ______________ is used to organize qualitative data.

1. table; category

2. category; distribution

3. distribution; table

4. table; distribution

distribution; table

A ____________ organizes categorical data into an easy-to-read format the shows the number of observations in each class.

1. Pie chart

2. Nominal chart

3. Frequency table

Frequency table

_________________ indicate the proportion of subjects that fall into each class of a frequency table. To calculate them, we divide the class frequency by the sum of all the frequencies.

1. Standardized frequencies

2. Frequencies

3. Class frequencies

4. Relative frequencies

Relative frequencies

A designer sells a scarf in three different colors. In order to understand the sales of the colors of the scarf, the designer's team could create a _______________.

1. Scatter plot

2. Frequency chart

3. Category table

4. Frequency table

Frequency table

A travel agency has surveyed 50 customers regarding what their preferred vacation destination would be: the beach, the mountains, a big city or taking a cruise.  The results are shown below.

Customer	Preferred Destination
1	Beach
2	Cruise
3	Beach
4	Mountains
5	Beach
6	Big City
7	Cruise
8	Mountains
9	Beach
10	Beach
11	Beach
12	Mountains
13	Cruise
14	Mountains
15	Big City
16	Mountains
17	Cruise
18	Cruise
19	Beach
20	Mountains
21	Beach
22	Beach
23	Cruise
24	Beach
25	Mountains
26	Beach
27	Beach
28	Mountains
29	Beach
30	Beach
31	Beach
32	Big City
33	Cruise
34	Mountains
35	Big City
36	Beach
37	Mountains
38	Cruise
39	Cruise
40	Mountains
41	Big City
42	Beach
43	Mountains
44	Beach
45	Mountains
46	Cruise
47	Mountains
48	Big City
49	Big City
50	Mountains

A. Complete the frequency table below using this data

Enter your frequencies as whole numbers.  Round your relative frequencies to two decimal places.

 

Preference	Frequency	Relative Frequency
Beach	18	.36
Mountains	15	.30
Big City	7	.14
Cruise	10	.20
Total	50	1.00

B.  Based on these results, which vacation destination was most popular among the customers surveyed?

1. Mountains

2. Cruise

3. Beach

4. Big City

Beach

C.  Based on these results, which vacation destination was least popular among the customers surveyed?

1. Mountains

2. Beach

3. Big City

4. Cruise

Big City