The Owner of a Car Dealership Planned to Develop Strategies

question 87

Multiple Choice

The owner of a car dealership planned to develop strategies to increase sales. He hoped to learn the reasons why many people who visit his car lot do not eventually buy a car from him. For one
Month he asked his sales staff to keep a list of the names and addresses of everyone who came in to test drive a car. At the end of the month he sent surveys to the people who did not buy the car, asking them why. About one third of them returned the survey, with 44% of those indicating that they found a lower price elsewhere. Which is true?
I. The population of interest is all potential car buyers. II. This survey design suffered from non-response bias.
III. Because it comes from a sample 44% is a parameter, not a statistic.

• A) I only
• B) I, II, and III
• C) II only
• D) I and II only
• E) II and III only

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Definitions:

Continuous Metric

A measurement scale that allows for an infinite number of values within a given range, indicating continuous variation.

Time

The indefinite continued progress of existence and events in the past, present, and future regarded as a whole.

Volume

The quantity of three-dimensional space enclosed by a closed surface or the amount of space that a substance or object occupies.

Financial and Market

Related to the economic activities and conditions that affect investment, trading, and valuation decisions in markets.