The statement that "you can prove anything with statistics" suggests that statistics can be used incorrectly. Discuss some ways statistics can be gathered or used incorrectly
Mistaken interpretation of statistics can arise from
1 . using samples that are not representative of the population.
2 . using samples that are too small or are studied over an insufficient time.
3 . using statistical procedures that are inappropriate to the data.
4 . failing to control variables.
5 . using an insufficient margin of error when interpreting results.
6 . incorrectly assuming that correlation establishes causation.
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Which of the following is the first step in the four-step process of setting the right price of a product?
A. Estimate demand, costs, and profits. B. Establish pricing goals. C. Choose a price strategy to help determine a base price. D. Fine-tune the base price with pricing tactics.
A retail company sells agricultural produce and consumer products. The company procures materials from farmers and local producers. This process is an example of ________.
A. internal marketing B. operational management C. inbound logistics D. customer service E. outbound logistics
Historically, interest rate movements have shown less variability and greater stability than exchange rate movements
Indicate whether the statement is true or false.
The acid-test ratio is
A. Cash, short-term investments, and accounts receivable divided by current liabilities. B. Cash and short-term investments divided by current liabilities. C. Cash, short-term investments, accounts receivable, and inventory divided by current liabilities. D. Current assets divided by current liabilities.