Test Bank For Introductory Business Statistics International Edition 7th Edition by Ronald M. Weiers

Chapter 3: Statistical Description of Data

TRUE/FALSE

1.True or False

Characteristics of the population are referred to as parameters, while characteristics of the sample are referred to as statistics.

ANS: T PTS: 1 OBJ: Section 3.1

2.True or False

When a distribution has more values to the left and tails to the right, we say it is skewed negatively.

ANS: F PTS: 1 OBJ: Section 3.2

3.True or False

When a distribution has more values to the right and tails to the left, we say it is skewed positively.

ANS: F PTS: 1 OBJ: Section 3.2

4.True or False

The weights for a weighted mean calculation must sum up to 1.0.

ANS: F PTS: 1 OBJ: Section 3.2

5.True or False

The mode is defined as the value that has just as many values above it as it has below it.

ANS: F PTS: 1 OBJ: Section 3.2

6.True or False

Measures of dispersion describe typical values in the data.

ANS: F PTS: 1 OBJ: Section 3.3

7.True or False

The midrange is the average of the two middle data values.

ANS: F PTS: 1 OBJ: Section 3.3

8.True or False

Percentiles divide the values into 100 parts of equal size, each comprising 1% of the observations.

ANS: T PTS: 1 OBJ: Section 3.3

9.True or False

The mean of a set of values describes the 50th percentile.

ANS: F PTS: 1 OBJ: Section 3.3

10.True or False

Standardized values have no units, even though the original data, the standard deviation, and the mean may each represent units such as dollars, hours, or pounds.

ANS: T PTS: 1 OBJ: Section 3.4