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Applied Statistics in Business and Economics Quiz Essay

The can be used to differentiate the “vital few” causes of laity problems from the “trivial many” causes of quality problems. A) histograms) scatter plot) Parent Charta) box pleasanter: CA. When using a dot plot to visualize a distribution which of the following is least apparent? A) Dispersion of data within the distribution. B) Central tendency of data within the distribution. C) Location of data within the distribution. D) The shape of the distribution. Answer: DO. Which is not a useful characteristic of a dot plot? A) Simplicity. B) Legibility. C) Causation. D) Association. Answer: CA. Which display is most likely to reveal association?

A) Dot plot. B) Scatter plot. C) Histogram. D) Radar chart. Answer. 86 We expect that the ideal number to classes in a truculence distribute on will) reflect Sutures’ Rule. B) be based on aesthetic Judgment. C) provide “nice” class (bin) limits. D) have all of the above characteristics. Answer: DO. Which is a reason for using a log scale for time series data? A) It is easier to compare rates of change in time series of dissimilar magnitude. B) General business audiences find it easier to interpret a log scale. C) On a log scale, equal

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distance represents equal dollar amounts. D) Arithmetic scales are harder to interpret for most data.

Answer: AY. Pyramid charts) are generally preferred to bar charts. B) are generally preferred to line charts. C) should be avoided because it is hard to read their bar height. D) More than one of the above are true. Answer: CA. Which is not a reason why pie charts are popular in business? A) They can convey a general idea of the data to a non-technical audience. B) They can display major changes in parts of a whole (e. G. , market share). C) They are more precise than line charts, despite their low visual impact. D) They are can be labeled with data values to facilitate interpretation.

Answer: CIO. Which data would be suitable for a pie chart? A) Average starting salary of MBA graduates from six ivy-league universities. B) PAR interest rates charged by to top five credit U. S. Credit cards. C) Last semester’s average GAP for students in seven majors in a business school. D) None of the above would be suitable for a pie chart. Answer: D 1 Scatter plots area) setup in visualizing trends in time series data B) useful in identifying causal relationships between two quantitative variables. C) widely used in business, education, and science. D) More than one of the above. Answer: CA.

Which is not a characteristic of an effective table? A) The main point should be clear within 10 seconds. B) Data to be compared should be displayed in rows, not columns. C) Data should be rounded to 3 or 4 significant digits. D) Use space instead of lines to separate columns. Answer: 813. Pictogram’s area) attractive to statisticians, but not the general media. B) line graphs rather than pictures. C) attention-getting. D) Pictogram’s have all of these characteristics. Answer: CA. Which of the following is least useful in visualizing nominal data? A) Bar chart. B) Pie chart. C) Line Charta) Table. Answer: CLC 5.

Which is not considered a novelty chart? A) Pie chart. B) Spider chart. C) Pyramid chart. Answer: AAA. Which is not considered a deceptive graphical technique? A) Nonzero origin. B) Elastic graph proportions. C) Dramatic title. D) Axis demarcations. Answer: DAD. Which is the most serious deceptive graphical technique? A) Vague source. B) Using colors. C) Area trick. D) Distracting pictures. Answer: CA. Which of these results in major graphical deception? A) Vague or unclear B) Using more than one color or font. C) Using a dramatic graph title. D) None of these is a serious deception. Answer: DAD.

The distribution pictured below SIS) bimodal and skewed right. B) bimodal and skewed left. C) skewed right. D) skewed left. Answer: AAA. The distribution pictured below SIS) bimodal and skewed right. Answer: Detacher 421. Descriptive statistics does not seek to perform which task? A) Characterizing the “typical” or “middle” values of a data set. B) Infer the values of population parameters. C) Summarize the degree of dispersion in the data set. D) Clarity the shape to the data set. Answer: 822. Which is not an advantage of the method of medians to find IQ and SQ? A) Ease of interpolating quartile positions.

B) Ease of use in smaller data sets. C) Intuitive definitions without complex formulas. D) Applicability of formulas to larger samples. Answer: DAD. The position of the median SIS) n/2 in any sample. B) n/2 if n is even. C) n/2 if n is odd. D) n/2+1 if n is odd. Answer: CA. Achiever’s Theorems) applies to all samples. B) applies to samples from a normal population. C) gives a narrower range of predictions than the Empirical Rule. D) has all of the above characteristics. Answer: AAA. In a sample of 10,000 observations from a normal population, how many would you expect to lie beyond three standard deviations of the mean?

A) None of them. B) About 27. C) About 100. D) About 127. Answer: Peculation:The empirical rule says that for a mound-shaped, symmetric distribution:l . About 68% of all observations are within one standard deviation of the mean. About 95% of all observations are within two standard deviation of the mean. Almost all (more than 99%) of the observation are within three standard deviations of the mean. 26. Which is true of the kurtosis of a distribution? A) A distribution that is flatter than a normal distribution (I. E. , thicker tails) is mesenteric. B) A distribution that is more pea laterality. De than a normal distribution (I. E. , thinner TA C) It is risky to assess kurtosis if the sample size is less than 50. D) The expected range of the kurtosis coefficient narrows as n increases. Answer: 827. Which is not true of the keenness of a distribution? A) In business data, positive keenness is unusual. B) In a distribution that has a longer left tail the mean is likely to be less than the median. C) Keenness often is evidenced by one or more outliers. D) The expected range of the keenness coefficient narrows as n increases. Answer: AAA. Which is not true of the Empirical Rule?

A) The Empirical Rule can be applied to fewer distributions than Cubbyhole’s theorem. B) The Empirical Rule assumes that the distribution of data follows a bell shaped, normal curve. C) The Empirical Rule predicts fewer observations within k than Cubbyhole’s Theorem. D) The Empirical Rule applies to any distribution. Answer: DAD. If you have 256 data points, how many classes would Sutures’ Rule suggest? A) B) C) AD) answer: Dieback: Use k = 1 + Len(n) = 1 + In(n)/Len(2) or k = 1 + 3. 3 log(n). 30. A population consists of the following data: 7, 11, 12, 18, 20, 22, 25. The population Iranian SIS) 6. BOB) 36. 820 5. ADD) 22. Answer: Peculation:sample standard Deviation would like to know, how far the values vary (differ) from the center. This measure is the sample standard deviation. The standard deviation is most often defined relative to another measure of dispersion called the sample variance. The sample variance, , is the average of the squared deviation of the data values from the sample mean. The sample standard deviation, S, is the positive square root of the sample variance. The population variance and standard deviation represented by the Greek letter sigma), where is the population variance and is the population standard deviation.

There is a shortcut formula that reduces the number of calculations we have to perform to find sample variance:31. A sample of 50 breakfast customers of McDonald’s showed the spending below. Which statement is least likely to be correct? A) The median is very close to the middling. B) A typical customer spends a little less than $5. C) About 75 percent of the customers spend less than $7. D) The trimmed mean would be an unattractive measure of central tendency. Answer: DAD. Venally Market Research surveyed 50 individuals who recently researched a certain CD, revealing the age distribution shown below.

Which statement is least defensible? A) The mean age probably exceeds the median age. B) The mode would be a reasonable measure of central tendency. C) The data are somewhat skewed to the left. D) The CD is unlikely to appeal to retirees. Answer: AAA. In the following data set {7, 5, O, 2, 7, 15, 5, 2, 7, 18, 7, 3, O} a score of 7 SIS) the mean. B) the mode. C) the median. D) the mean and the mode. Answer: Boomed is the value which occurs the most in a set of data. 00223577Mode77151834. Three randomly chosen Michigan students were asked how any round trips they made to Canada last year. Their replies were 3, 4, 5.

The geometer mean SIS) 3. BIBB) 4. ICC) 4. 24TH) 3. 91 answer: GM = Geometer Mean =35. Three randomly chosen Colorado students were asked how many times they went rock climbing last month. Their replies were 5, 6, 7. The standard deviation SIS) 1. BIBB) 0. ICC) 1 . ODD) 1. Answerer: sample standard Deviation = s=standard Deviation ?find the mean find the deviation for each number from the mean – 6-1. 006-60. 007-61. Square the deviations (get rid of negative numbers)-AWAY. AAA. AAA. Sum the Squarest +0+ 1 = divide the sum by the umber of values for a population, and the n-l for a sample from a population.

Three randomly chosen Colorado students is a sample, not a population. So you divide the sum to the squares by n-l or 2 2/(3-1) = 1. This is the variance, the SST deep is the square root of the variances the square root of the variance=sort(l)l . 0036. Three randomly chosen Colorado students were asked how many times they went rock climbing last month. Their replies were 5, 6, 7. The coefficient of variation SIS) 16. 6%B) 13. 6%C) 20. 0%D) 35. 7%Answer: Coefficient of Variation = Standard Deviation / Mean = 1 / 6 = . 166= 16. 67. Heights of randomly-chosen students in a certain class have a mean of 69. 1 inches with a variance of 19. 78 inches. Convert theses statistics to centimeters. (Note: 1 inch = 2. 54 cmCM A) 175. 54 and 50. 24 rerespectively175. 54 and 127. 61 rerespectively7. 21 and 7. 79 rerespectivelyCannot be converted without knowing the distribution. Answer: BFFeedbackRequires knowing the rules for transforming a random variable. 38. Craig operates a part-time snow-plowing business using a 2002 GMGUM500 HDHADxtended cab short box truck. This bopostboxf MPMPEGn 195 tanks of gas does not show ththatthere are outliers. B) the distribution is strongly right-skewed.

C) the data are mostly concentrated in a narrow range. D) the inintrauterineange is a less than 2 MPMPEGAnswer: BCBecomingight tail is a little longer, but box is asymmetric left. 191 data values are inside the box, so actually quite concentrated. 39. Estimate the mean exam score for the 50 students in PrProofAxolotl’s class. A) 59. 2BB62. 00 63. 5DAD64. 1 Answer: 840 but less than 50456 6x6x4527050ut less than 605518 18 x 5599060 but less than 706514 14 x 6591070 but less than 80759 9 x 7567580 but less than 90853 3 x 85 255503100 3100/50=6240.

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