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ECON1005 (Statistics) > Unit I > Flashcards

Unit I Flashcards

1
Q

What are the 8 steps to the research process ?

A

Step 1: pick a specific question you want to answer.
Step 2: decide on your problem.
Step 3: select a sample
Step 4: decide whether to conduct an observational study or experiment
Step 5: choose your response variable and your explanatory variables; decide on treatments for experiment
Step 6: collect the data
Step 7: analyze your data
Step 8: State Your conclusions

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2
Q

What does exploratory data analysis involve?

A

Looking for trends /relationships in the actual data.

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3
Q

What does formal statistical inference involve ?

A

Answering statistical questions with a known degree of confidence.

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4
Q

What is statistics?

A

The branch of mathematics that deals with the collection, organization, interpretation and analysis of numerical data.

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5
Q

What do statistics deal with specifically?

A

Drawing general conclusions about a population based on information from a sample.

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6
Q

What is a population in statistics?

A

The entire Group from which data is being collected.

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7
Q

What is a sample?

A

Data collected from a subset of elements from the general population.

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8
Q

What is a parameter?

A

A value collected from the population. (ie. If you have a population of 100 persons, and collected each individual’s age, then age would be the parameter)

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9
Q

What is a statistic?

A

A value calculated from the sample.

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10
Q

What is an inference?

A

A conclusion about the population based on the sampling information.

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11
Q

What is a census?

A

An attempt to collect information from all the elements within the population.

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12
Q

What is a voluntary response sample ?

A

This is when people self- select.

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13
Q

What is a randomly selected sample?

A

When all members of a population have a known probability of being included in the sample.

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14
Q

What are 2 advantages of voluntary sampling?

A
  1. Persons are willing to participate.
  2. Those who participate usually have strong opinions.
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15
Q

What are 2 disadvantages of voluntary sampling?

A
  1. Only people with some degree of interest will participate.
  2. Might exclude representative groups. (JPS example)
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16
Q

What is an advantage of randomly selected sample?

A

When you have a known probability, the inference you get from the statistic will be more meaningful.

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17
Q

What are 3 disadvantages of randomly selected sample?

A

1.it may be difficult to choose a method, because it may be hard to determine when the positives outweigh the negatives (or vice versa).
2. Not all persons selected will respond.
3. Not all respondents will fell the truth.

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18
Q

What is simple random sampling?

A

This is when ‘N’ individuals/objects from the population are selected in a way that each individual has an equal chance of being selected.

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19
Q

What is the basic essence of stratified random sampling?

A
  1. The population is divided into different strata.
  2. A SRS is taken from each strata.
  3. All the SRS collected is combined to form the final sample.
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20
Q

What is a multistage sample?

A

One which is done at several stages.

21
Q

What are the 4 steps taken to conduct a multistage sample ?

A

Step 1: divide the population into homogeneous groups.
Step 2: select a SRS of the different groups.
Step 3: select a SRS of each of the groups.
Step 4: continue to take a SRS from each group/example in the previous step.

22
Q

What is a cluster sample?

A

A sample type which is used when a list of all the elements of the population ere inaccessible to the researcher, but instead, a list of all the subgroups within that population are.

23
Q

What are the 3 steps in conducting a cluster sample?

A

Step 1: divide the population into subgroups (clusters)
Step 2: randomly select the required number of subgroups required to complete the sample
Step 3: collect information from all elements within the subgroups selected.

24
Q

What is anecdotal evidence?

A

A type of study in which the researcher draws conclusions based on their own experiences.

25
Q

What is an observational study?

A

A type of study in which the researcher gathers data without interfering with the sample.

26
Q

What is an experiment/ experimental study?

A

A type of study in which the researcher manipulates the conditions of the study.

27
Q

What are the 3 ways in which we will categorize our data?

A
  1. The data source ( primary vs. secondary(
  2. What the data represents (qualitative/categorical vs. Quantitative)
  3. What the data measures (discrete vs. Continuous)
28
Q

What is primary data?

A

Data collected by the researcher for a specific purpose.

29
Q

What is secondary data?

A

Data that has been collected by someone else for another purpose, but is being used by the researcher/ investigator for the current research.

30
Q

What is a variable?

A

A in a characteristic being studied.

31
Q

What are categorical/qualitative variables ?

A

Variables that record a Thought, observation, opinion or words; they are data expressed as words.

32
Q

What are qualitative variables?

A

Variables that express information in the form of numbers; they usually answer the questions, ‘how many? “ and “how often?”

33
Q

What are discrete variables?

A

Variables that can only take on certain values.
For example: if you we dealing with people, that would be a discrete variable because you cannot have 4 and a half persons, therefore it would only be able to take on whole number values.

34
Q

What de continuous variables ?

A

Variables that have an infinite number of options because they can take on ANY value.
For example: time, temperature, etc.

35
Q

What are the 4 levels of measurement?

A
  1. Nominal data/variables
  2. Ordinal data/variables
  3. Internal data/variables
  4. Ratio data/variables
36
Q

What is nominal data ?

A

Categorical data in which the order of the data does NOT matter.

37
Q

What is ordinal data?

A

Categorical data in which the order of the data DOES matter.

38
Q

What is interval data ?

A

Quantitative data in which these is NO true zero value; mathematical calculations are possible.
For example: zero degrees celcisus doesn’t mean there is no temperature, it just means it’s really cold.

39
Q

What is ratio data?

A

Quantitative data in which the data DOES have a true zero value; mathematical calculations are possible.
For example: if you see $0.00 in your bank account, then it means that you actually have no money.

40
Q

True or false: A categorical variable can be both nominal and ordinal.

A

True

41
Q

True or false: Order is important for ordinal data/variables.

A

True

42
Q

True or false: You can add and subtract/multiply and divide values for both interval and ratio data variables.

A

True.

43
Q

True or false: ratio data/variables has a true zero.

A

True.

44
Q

What is data?

A

Measurements/observations/facts of a single variable or a set of variables, which when collected, organized and evaluated become information.

45
Q

What is a population?

A

The group of all units or subjects under investigation.

46
Q

What is a census?

A

An enumeration/ listing of the entire set of measurements taken from the whole population.

47
Q

What are 2 types of statistics?

A
  1. Descriptive statistics
  2. Inferential statistics
48
Q

What is descriptive statistics?

A

A collection of techniques used to organize, summarize and characterize data.
For example: tables, graphs and statistics such as MODE and MEAN.

49
Q

What is inferential statistics?

A

A Collection of techniques used to interpret and make inferences about a population based on the sample information.
For example: confidence intervals and hypothesis tests.

ECON1005 (Statistics) (3 decks)

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