Basic Statistics for Business and Economics Douglas Lind 9th Edition

Chapter 1   What is Statistics?

1) A population is an entire set of individuals, objects, or measurements of interest.

2) Statistics are used as a basis for making decisions.

3) A listing of 100 family annual incomes is an example of statistics.

4) The average number of passengers on commercial flights between Chicago and New York City is an example of a statistic.

5) Statistics is used to report the summary results of market surveys.

6) A sample is a portion or part of the population of interest.

7) To infer something (i.e. estimate properties) about a population, we usually take a sample from the population.

8) Descriptive statistics are used to find out something about a population based on a sample.

9) There are four levels of measurement: qualitative, quantitative, discrete, and continuous.

10) The ordinal level of measurement is considered the “lowest”, or the most primitive, level of measurement.