Applied Statistics in Business and Economics

1) “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?

  1. A) Generalizing from a small sample
  2. B) Applying post hoc reasoning
  3. C) Failing to identify causes
  4. D) Using a biased sample

2) An ethical data analyst would be least likely to

  1. A) check data for accuracy.
  2. B) cite his/her data sources and their limitations.
  3. C) acknowledge sources of financial support.
  4. D) rely on consultants for all calculations.

3) “Tom’s SUV rolled over. SUVs are dangerous.” This best illustrates which fallacy?

  1. A) Unconscious bias
  2. B) Significance versus practical importance
  3. C) Post hoc reasoning
  4. D) Small sample generalization

4) “Bob didn’t wear his lucky T-shirt to class, so he failed his chemistry exam.” This best illustrates which fallacy?

  1. A) Small sample generalization
  2. B) Poor survey methods
  3. C) Post hoc reasoning
  4. D) More than one of the above

5) Which is not a reason for an average student to study statistics?

  1. A) Improve technical writing skills
  2. B) Gain information management skills
  3. C) Enhance technical literacy
  4. D) Learn stock market strategies

6) Which is not a likely area of application of statistics in business?

  1. A) Auditing supplier invoices for correct payment
  2. B) Questioning the executives’ strategic decisions
  3. C) Looking for patterns in a large marketing database
  4. D) Making forecasts of several key product lines

7) Which is not a likely task of descriptive statistics?

  1. A) Summarizing a sample
  2. B) Describing data numerically
  3. C) Estimating unknown parameters
  4. D) Making visual displays of data

8) We would associate the term inferential statistics with which task?

  1. A) Making visual displays of data
  2. B) Estimating unknown parameters
  3. C) Describing a sample of data
  4. D) Tabulating a survey

9) A good data analyst

  1. A) removes data if so instructed by client.
  2. B) works alone to avoid team conflicts.
  3. C) communicates with numbers rather than with graphs.
  4. D) reports findings that may contradict client’s ideas.

10) Which is not an analytical method commonly used to improve business decisions?

  1. A) Descriptive analytics.
  2. B) Predictive analytics.
  3. C) Prescriptive analytics.
  4. D) Reactive analytics.

 

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