o
Time series data

An analyst studies a data set of the 2011 yearend book value per share for all companies listed on the New
York Stock Exchange. This data set is
best
described as ___________.
o
Crosssectional data

Which type of data, crosssectional versus time series, is more important to research?
o
Time series data and crosssectional 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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 Spring '11
 Leany
 Statistics, Standard Deviation, Mean