Applied Statistics in Business and Economics

 1) Which of the following is not a characteristic of an ideal statistician?

  1. A) Technically current (e.g., software)
  2. B) Communicates well (both written and oral)
  3. C) Advocates client’s objectives
  4. D) Can deal with imperfect information

2) Which of the following statements is not true?

  1. A) Statistics helps refine theories through ongoing hypothesis testing.
  2. B) Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.
  3. C) Estimating parameters is an important aspect of descriptive statistics.
  4. D) Statistical challenges include imperfect data and practical constraints.

3) Which is not a practical constraint facing the business researcher or data analyst?

  1. A) Time and money are always limited.
  2. B) The world is no laboratory, so some experiments are impractical.
  3. C) Research on human subjects is fraught with danger and ethical issues.
  4. D) Survey respondents usually will tell the truth if well compensated.

4) Which is not an essential characteristic of a good business data analyst?

  1. A) Effective writer
  2. B) Stays current on techniques
  3. C) Has a Ph.D. or master’s degree in statistics
  4. D) Can deal with imperfect information

5) An ethical statistical consultant would not always

  1. A) follow accepted statistical procedures.
  2. B) support management’s desired conclusions.
  3. C) acknowledge sources of financial support.
  4. D) report limitations of the data.

6) GM’s experience with ignition switches suggests that

  1. A) statistics is not applicable to automotive manufacturing.
  2. B) limited data may still contain important clues.
  3. C) good engineers can eliminate all risks.
  4. D) ignition switches are inherently dangerous.

7) Which is not a goal of the ethical data analyst?

  1. A) To be an honest broker of data.
  2. B) To learn to downplay inconvenient data.
  3. C) To understand the firm’s code of ethics (or help create one).
  4. D) To look for hidden agendas in data collection.

8) Which of the following statements is not true?

  1. A) A statistic is a single measure (usually numerical) that is calculated from a sample.
  2. B) Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.
  3. C) For day-to-day business data analysis, most firms rely on a large staff of expert statisticians.
  4. D) A statistical test may be significant yet have no practical importance.

9) “Smoking is not harmful. My Aunt Harriet smoked, but lived to age 90.” 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

10) Which best illustrates the distinction between statistical significance and practical importance?

  1. A) “In 2016, 240 out of 400 statistics students at Oxnard Technical College sold their textbooks at the end of the semester, compared with 220 out of 330 students in 2015, a significant decrease.”
  2. 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.”
  3. 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.”
  4. D) “The new Sky Penetrator IV business jet’s cruising range has increased significantly from 3,975 miles to 4,000 miles.”

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