# Applied Statistics in Business and Economics Ch 1

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Chapter 1 1. Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. TRUE 2. Inferential statistics refers to generalizing from a sample to a population, estimating unknown parameters, drawing conclusions, and making decisions. TRUE 3. Descriptive statistics refers to summarizing data rather than generalizing about the population. FALSE 4. Estimating parameters and testing hypotheses are important aspects of descriptive statistics. FALSE 5. Inconsistent treatment of data by a researcher is a symptom of poor survey or research design. FALSE 6. Empirical data are collected through observations and/or experiments. TRUE 7. Business intelligence refers to…show more content…
Which of the following is not a characteristic of an ideal statistician? 6) Advocates client's objectives. C 31. Which of the following statements is not true? 7) Estimating parameters is an important aspect of descriptive statistics. C 32. Which is not a practical constraint facing the business researcher or data analyst? 8) Survey respondents usually will tell the truth if well compensated D 33. Which is not an essential characteristic of a good business data analyst? 9) Has a Ph.D. or master's degree in statistics C 34. An ethical statistical consultant would not always 10) support management's desired conclusions B 35. The NASA experiences with Challenger and Columbia disasters suggest that 11) 36. Which is not a goal of the ethical data analyst? 12) To learn to downplay inconvenient data B 37. Which of the following statements is not true? 13) 38. "Smoking is not harmful. My Aunt Harriet smoked, but lived to age 90." This best illustrates which fallacy? 14) Small sample generalization D 39. Which best illustrates the distinction between statistical significance and practical importance? 15) "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." B 40. "Circulation fell in the month after the new editor