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Introduction Test - 7

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Introduction Test - 7
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Weekly Quiz Competition
  • Question 1
    1 / -0

    _____ is the systematic body of knowledge

    Solution

    The method of enquiry in science is either deductive or inductive and all the steps are given. Art, economics and statistics are types of science. 

  • Question 2
    1 / -0

    Whether the statistics are collected for the purpose of knowing their economic position or distribution of land among them or their total population or for any other purpose all these objectives are

    Solution

    Pre determined purpose determines the type of data , we are going to collect. 

  • Question 3
    1 / -0

    In which stage of statistical methods averages , dispersion and correlation are drawn

    Solution

    Dispersion is used to analyse variability of data, average for concentration of data and correlated for relationship between two the variables. 

  • Question 4
    1 / -0

    Following are the drawback of statistics except

    Solution

    In statistics we find a number of mathematical relations between variables  . For example, Arithmetic mean =sum of observations /no.of observations. 

  • Question 5
    1 / -0

    Which of the following statement is incorrect

    Solution

    All numbers are not purposeful and correct. 

  • Question 6
    1 / -0

    Which is the third stage of statistical study

    Solution

    Once data are collected and organised, it's ready to be presented for further processes. 

  • Question 7
    1 / -0

    Which limitation of statistics is highlighted in the below example
    In cloth business profit earned in three years is Rs.1000, Rs.2000 and Rs.3000 and in paper business profit earned is Rs.3000, Rs.2000 and Rs.1000. Both businesses earning same average profit Rs.2000 that shows both have same economic status. But actually cloth business is making profit and paper business is declining

    Solution

    Cloth business shows a rising trend whereas the paper business shows a declining trend corresponding to their years of business respectively 

  • Question 8
    1 / -0

    Microeconomics studies

    Solution

    Microeconomics deal with individual units of an economy. 

  • Question 9
    1 / -0

    Inter-temporal comparison means

  • Question 10
    1 / -0

    Following are the factors of production except

    Solution

    It's not included in the traditional factors of production and is not a direct agent of production. 

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