Introduction Test

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Introduction Test - 18

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Weekly Quiz Competition

Question 1
1 / -0

"Statistics are collection of noteworthy facts concerning state both historical and descriptive ". This definition is given by _________.

A
Wappans

B
Gottfried

C
Kendal

D
None of the above

Solution

Gottfried Achenwall defined statistics as "Statistics are collection of noteworthy facts concerning state both historical and descriptive".
Question 2
1 / -0

_______ is a prediction or estimation of future values of a variable like sales, demand, price, profits etc.

A
Planning

B
Decision making

C
Forecasting

D
None of above

Solution

Forecasting refers to predicting the imputed values of various economic variables like demand, supply etc. to develop premises for the economic plans for smooth conduct of production in the economy according to the plans that aims at achieving growth and development of the economy.
Question 3
1 / -0

As per the law of statistics given by king _________________.

A
if a data is chosen randomly from a large group than that data will invariably show the characteristic of the group.

B
the law developed by King is more accurate if applied for large group.

C
data sample which is to be taken for a large group should be systematic so that invariably it shows the characteristic of a large group.

D
Both A & B
Question 4
1 / -0

We use inferential statistic to generalize from our samples and descriptive statistics to describe our samples.

A
True

B
False

C
Partially true

D
None of the above
Question 5
1 / -0

The commonly found limitations to statistics are ________________.

A
it deals with individual elements

B
statistics gives precise and accurate information

C
results of statistics are based on assumptions.

D
all of the above

Solution

It is usually either impossible or impractical (eg: it would cost too much money for it to be efficient) to collect data from each unit of the universe, thus samples are assumed to carry the characteristics of the population, which might not exactly be true.
Question 6
1 / -0

The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called

A
Statistics

B
Descriptive statistics

C
Qualitative descriptive

D
Measurement of statistics
Question 7
1 / -0

In statistics the facts _______________.

A
should be expressed numerically

B
should be related to other facts for comparison

C
can't be estimated

D
both A & B

Solution

The data collected should be numerically expressed and collated in a way that enables to draw conclusions. Data should be collected with a purpose in order for it to be accurate. It can be estimated to a degree as it may be highly impossible to collect data for the entire population, thus data that has reasonable accuracy is sufficient. Statistics is not concerned with a single observation, and has to be related to aggregate facts to be comparable and carry meaning.
Question 8
1 / -0

Which of the following sentence shows distrust about statistics?
1. An ounce of truth will produce tonnes of statistics.
2. It can prove anything.
3. It can prove nothing.
Select the correct answer from the options given below:

A
1 only

B
1 and 2 only

C
2 and 3 only

D
All 1 , 2 and 3

Solution

All three statements are related to a major limitation of statistics which is "improper use of statistics". There is a vast scope for error in the data and it may be misused by people with agendas, these people may manipulate the data to gain favour or popularity.
Question 9
1 / -0

Which of the following is not a part of the opportunity cost of going on holiday?

A
The money you spent on a theatre show.

B
The money you could have made if you had stayed at home and worked.

C
The money you spent on airline tickets.

D
The money you spent on food.

Solution

The money spent on food is not a part of the opportunity cost of going on holiday.Opportunity cost of production of a commodity refers to the cost which has to be sacrificed in terms of the next best alternative which could be produced out of that cost. Therefore, food is part of our everyday expense which will not be considered as the sacrifice of any other commodity.
Question 10
1 / -0

Convertibility of rupee means _________.

A
determination its own exchange rate in international market

B
conversion of rupee into any foreign currency

C
transfer of funds in international market

D
none of these

Solution

Convertibility of rupees refers to the ability of rupees to be converted into any foreign currency backing with the exchange rate that prevails at the time of conversion.

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Re-Attempt Weekly Quiz Competition

Introduction Test - 18

Result

Introduction Test - 18

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Rank

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SHARING IS CARING

Question 1

Wappans

Gottfried

Kendal

None of the above

Solution

Question 2

Planning

Decision making

Forecasting

None of above

Solution

Question 3

if a data is chosen randomly from a large group than that data will invariably show the characteristic of the group.

the law developed by King is more accurate if applied for large group.

data sample which is to be taken for a large group should be systematic so that invariably it shows the characteristic of a large group.

Both A & B

Question 4

True

False

Partially true

None of the above

Question 5

it deals with individual elements

statistics gives precise and accurate information

results of statistics are based on assumptions.

all of the above

Solution

Question 6

Statistics

Descriptive statistics

Qualitative descriptive

Measurement of statistics

Question 7

should be expressed numerically

should be related to other facts for comparison

can't be estimated

both A & B

Solution

Question 8

1 only

1 and 2 only

2 and 3 only

All 1 , 2 and 3

Solution

Question 9

The money you spent on a theatre show.

The money you could have made if you had stayed at home and worked.

The money you spent on airline tickets.

The money you spent on food.

Solution

Question 10

determination its own exchange rate in international market

conversion of rupee into any foreign currency

transfer of funds in international market

none of these

Solution

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