AECP3 PRELIM EXAM

True or False: The primary purpose of descriptive statistics is to make decisions about population characteristics.

• True

• False

True or False: A population is a subset of the units of a sample.

• True

• False

True or False: A statistic is a number that describes a characteristic of a sample.

• True

• False

True or False: A designed experiment involves observing units in their natural setting and recording variables of interest.

• True

• False

True or False: Qualitative data are measurements that are recorded on a naturally occurring numerical scale.

• True

• False

True or False: The 'science of data' involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical information.

• True

• False

True or False: Financial trends and consumer preferences are examples of statistical applications in business.

• True

• False

True or False: A process is a series of actions that transforms inputs to outputs.

• True

• False

True or False: Measurement error is the result of a subset of a population being excluded from a sample.

• True

• False

True or False: Inferential statistics involves estimation and hypothesis testing to make decisions about population characteristics.

• True

• False