BM 1200 Quantitative Methods & Analytics Week 2 Quiz: Data Measurement Levels
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Questions and Answers

Which type of data is defined by distinct categories?

  • Interval data
  • Quantitative data
  • Cross-sectional data
  • Ordinal data (correct)

    • Which type of data involves measured characteristics like weight and voltage?

  • Nominal data
  • Continuous data (correct)
  • Discrete data
  • Categorical data

    • Which type of data is observed at a single point in time?

  • Descriptive data
  • Nominal data
  • Cross-sectional data (correct)
  • Time series data

    • Which type of data visualization is used for comparing different categories?

    <p>Pie chart</p> Signup and view all the answers

    Which descriptive statistics provide a summary of the data in tabular format?

    <p>Frequency, percent frequency</p> Signup and view all the answers

    What is the recommended range of classes to use when summarizing quantitative data?

    <p>5 to 10</p> Signup and view all the answers

    In the context of summarizing quantitative data, what may happen if there are too many classes?

    <p>Gaps from empty classes may appear</p> Signup and view all the answers

    What is the approximate class width if the range of data is 60 and the number of classes is 10?

    <p>12</p> Signup and view all the answers

    How can the lower class limit be defined?

    <p>It is the smallest possible data value assigned to the class</p> Signup and view all the answers

    What does a bar chart emphasize in summarizing categorical data?

    <p>The distribution of each category</p> Signup and view all the answers

    What were the two key ideas championed by Adam Smith in The Wealth of Nations?

    <p>The division of labor and specialization of workers</p> Signup and view all the answers

    What insight did Adam Smith have regarding relatively unskilled workers?

    <p>They could be taught to perform simpler tasks within a complex production process</p> Signup and view all the answers

    What was the expected outcome of increased workforce participation according to Adam Smith?

    <p>Increased productivity and surplus goods for trade</p> Signup and view all the answers

    According to Adam Smith, what would nations be able to trade if they produced surplus goods?

    <p>Their surplus goods for products in other markets</p> Signup and view all the answers

    What was the key idea that reshaped how work was carried out in much of the Western world according to Adam Smith?

    <p>Division of labor</p> Signup and view all the answers

    What was one of Frederick Taylor's major innovations in scientific management?

    <p>Conducting time-and-motion studies to improve work processes</p> Signup and view all the answers

    What was the assumption about human nature underlying scientific management (SM)?

    <p>People are primarily economic actors motivated by financial rewards</p> Signup and view all the answers

    What was the outcome of the time-motion studies conducted by Frederick Taylor?

    <p>Implementation of job specialization through careful planning by managers</p> Signup and view all the answers

    What was the primary responsibility of managers in the context of time-and-motion studies?

    <p>To study the work being done in great detail and plan the work process</p> Signup and view all the answers

    What was the basis for linking pay to output in scientific management?

    <p>Assumption that financial rewards motivate workers to increase productivity</p> Signup and view all the answers

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