Understanding Statistics in Data-driven Economy

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10 Questions

Which type of data has constant differences between observations with arbitrary zero points and can only be added and subtracted?

Interval data

Which type of data involves categories that cannot be multiplied, divided, added, or subtracted?

Nominal data

What distinguishes ratio data from interval data?

Ratio data has a true zero point.

Which type of data involves values that can be compared in terms of order but cannot be added or subtracted?

Ordinal data

Which type of data does not have a true zero point and allows negative numbers?

Interval data

What is the primary focus of a pie chart?

Depicting proportions, ratios, shares, percentages

Which type of chart should NOT be used for displaying frequency distribution?

Pie chart

In a frequency distribution, what does the frequency represent?

The number of observations in each class

What is the purpose of a donut plot in data visualization?

Depicting proportions and percentages

How do you calculate the midpoint in a frequency distribution?

(Lower limit + Upper limit) / 2

Explore the importance of statistics in a data-driven global economy and how data analysis skills are becoming increasingly valuable for various job roles. Learn about the significance of data in making strategic decisions.

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