In: Business and Management

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1. Discuss the differences between statistics as numerical facts and statistics as a discipline or field of study.
10. The Wall Street Journal (WSJ) subscriber survey (October 13, 2003) asked 46 questions about subscriber characteristics and interests. State whether each of the following questions provided categorical or quantitative data and indicate the measurement scale appropriate for each.
a. What is your age? Quantitative
b. Are you male or female? Categorical
c. When did you first start reading the WSJ? High school, college, early career, midcareer, late career, or retirement? Categorical
d. How long have you been in your present job or position? Quantitative
e. What type of vehicle are you considering for your next purchase? Nine response categories include sedan, sports car, SUV, minivan, and so on. Categorical
15. The Food and Drug Administration (FDA) reported the number of new drugs approved over an eight-year period (The Wall Street Journal, January 12, 2004). Figure 1.9 provides a bar chart summarizing the number of new drugs approved each year.
a. Are the data categorical or quantitative? Quantitative
b. Are the data time series or cross-sectional? Data time series
c. How many new drugs were approved in 2003? About 20
d. In what year were the fewest new drugs approved? How many? 2002
e. Comment on the trend in the number of new drugs approved by the FDA over the
Eight-year period. The FDA approved of more new drugs between the years of 1996-1999 instead of the years of 2000-2004. It seems as if they were not approving of newer drugs in recent years.
24. A sample of midterm grades for five students showed the following results: 72, 65, 82, 90, 76. Which of the following statements are correct, and which should be challenged as being too generalized?
a. The average midterm grade for the sample of five students is 77....

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