Statistics for Business and Economics 11th Edition by Anderson Test bank

 
 
ANS: 
 
a.
30

b.
60%

c.
16%

 
 
PTS:   1                    TOP:  Descriptive Statistics
 
     8.   The following information regarding the top eight Fortune 500 companies was presented in an issue of Fortune Magazine.
 
 
Sales
$ Millions
Sales
Rank
Profits
$ Millions
Profits
Rank

Company

General Motors
161,315
1
2,956
30

Ford Motor
144,416
2
22,071
2

Wal-Mart Stores
139,208
3
4,430
14

Exxon
100,697
4
6,370
5

General Electric
100,469
5
9,269
3

Int'l Business Machines
81,667
6
6,328
6

Citigroup
76,431
7
5,807
8

Philip Morris
57,813
8
5,372
9

Boeing
56,154
9
1,120
82

AT&T
53,588
10
6,398
4

 
a.
How many elements are in the above data set?

b.
How many variables are in this data set?

c.
How many observations are in this data set?

d.
Which variables are categorical and which are quantitative variables?

e.
What measurement scale is used for each variable?

 
 
ANS: 
 
a.
10

b.
4

c.
10

d.
Sales and Profits are quantitative

 
Sales Rank, and Profits Rank are categorical

e.
Sales: ratio

 
Sales Rank: ordinal

 
Profits: ratio

 
Profits Rank: ordinal

 
 
PTS:   1                    TOP:  Descriptive Statistics
 
     9.   The following information regarding a sample of seven students is provided.
 
Student
Identification number
Grade Point Average
Classification
Gender
Rank in Class

Adam
1234
2.89
Senior
Male
15

Brandon
8978
2.01
Junior
Male
25

Jason
6578
3.97
Freshman
Male
3

Marissa
2345
3.98
Sophomore
Female
2

Michelle
8901
2.67
Senior
Female
18

Wendy
7789
4.00
Senior
Female
1

Webster
6780
3.77
Freshman
Male
4

 
a.
How many elements are in the above data set?

b.
How many variables are in this data set?

c.
How many observations are in this data set?

d.
Which variables are categorical and which are quantitative variables?

e.
What measurement scale is used for each variable?

 
 
ANS: 
a.
7
 

b.
5
 

c.
7
 

d.
Grade point average is quantitative.  All others are categorical.
 

e.
Identification Number:  nominal
 

 
Grade Point Average:  ratio
 

 
Classification:  ordinal
 

 
Gender:  nominal
 

 
Rank in Class:  ordinal
 

 
 
PTS:   1                    TOP:  Descriptive Statistics
 
   10.   The following information regarding the ten richest Americans was reported in a recent issue of Forbes.
 
Name
Ranking
Worth
($Billions)
Age
Marital Status
Source

Gates, William
1
59.0
51
married
Microsoft

Buffett, Warren
2
52.0
77
married
Berkshire Hathaway

Adelson, Sheldon
3
28.0
74
married
casinos, hotels

Ellison, L. J.
4
26.0
63
married
Oracle

Brin, Sergey
5
18.5
34
married
Google

Page, Larry
5
18.5
34
single
Google

Kerkorian, Kirk
7
18.0
90
divorced
investments, casinos

Dell, Michael
8
17.2
42
married
Dell

Koch, Charles