Interpreting Data (AQA A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does correlation measure in marketing data?
What does correlation measure in marketing data?
Strength & direction of variable relationship
Which is an example of positive correlation?
Which is an example of positive correlation?
Higher advertising spend & increased sales
What type of correlation exists between price and demand for most products?
What type of correlation exists between price and demand for most products?
Negative correlation
Why must correlation data be interpreted with caution?
Why must correlation data be interpreted with caution?
Correlation doesn't prove causation
Research shows 60% prefer a product with ±5% confidence interval. What's the true range?
Research shows 60% prefer a product with ±5% confidence interval. What's the true range?
55% to 65%
How do smaller sample sizes affect the margin of error?
How do smaller sample sizes affect the margin of error?
Produce larger margins of error
What does a 95% confidence level mean?
What does a 95% confidence level mean?
95 of 100 studies fall within the interval
When is extrapolation less suitable for forecasting?
When is extrapolation less suitable for forecasting?
In rapidly changing industries like fashion
What does a price elasticity value greater than 1 indicate?
What does a price elasticity value greater than 1 indicate?
Elastic demand - very responsive
Which products typically have inelastic demand?
Which products typically have inelastic demand?
Necessities like bread and fuel