o Time series data - An analyst studies a data set of the 2011 year-end book value per share for all companies listed on the New York Stock Exchange. This data set is best described as ___________. o Cross-sectional data - Which type of data, cross-sectional versus time series, is more important to research? o Time series data and cross-sectional data are equally as valuable in different types of research. - Which of the following variables is qualitative? o Gender - Which of the following variables is quantitative? o Temperature o House age OR House size OR House price (ALL) - Understand continuous or discrete variables
o San Francisco 49ers linebacker Patrick Willis won the Defensive Rookie of the Year Award in 2007 with a total of 174 tackles. Tackles are measured on what kind of a scale? Is a variable measuring the number of tackles considered continuous or discrete? Ratio scale; discrete o Which of the following variables is not continuous? The number of obtained heads when a fair coin is tossed 20 times Although in practice the exact values of such variables as height, time, and temperature are approximated, they are continuous in nature. If a fair coin is tossed 20 times, the possible numbers of obtained heads are 0, 1, 2, …, 20. - Define the scales of measurement o The ordinal scale of data measurement is _______________. More sophisticated than the nominal o The interval scale of data measurement is ______________. Less sophisticated than the ratio scale - A recent survey of 200 small firms (annual revenue less than $10 million) asked whether an increase in the minimum wage would cause the firm to decrease capital spending. Possible responses to the survey question were: "Yes," "No," or "Don't Know." This data is best classified as ___________. o Nominal scale - Which scale of data measurement is appropriate for the names of companies listed on the Dow Jones Industrial Average? o Nominal scale - An analyst collects data on the weekly closing price of gold throughout a year. The scale of this data is ________________. o Ratio scale There is not any natural ordering of the names of these 30 companies. - An undergraduate student's status (freshman, sophomore, junior, and senior) is an example of which scale of measurement? o Ordinal scale Undergraduate students are classified into the four categories based on the number of credit hours earned. There is a natural ordering between the four categories; sophomores have more credit hours than freshmen and so on.
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