Introduction Test

Result

Introduction Test - 9

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Weekly Quiz Competition

Question 1
1 / -0

Which characteristics of statistics is depends upon purpose of investigation, its nature, size and available resources

A
Multiplicity of cause

B
Reasonable accuracy

C
Numerically expressed

D
Aggregates of facts

Solution

Given all these conditions , data are accurate with reason. Being accurate and reasonably accurate is different .
Question 2
1 / -0

Economic equilibrium means

A
Where demand is equal to supply

B
State of balance in economic variables

C
Both

D
None

Solution

When demand =supply, saving =investment etc, we say that equilibrium has taken place.

Question 3

1 / -0

Match the following. Options are

a. Consumption	i. study wants, their origin, nature and characteristics and the laws governing them
b. Production	ii. studies how income is distributed among the factors
c. Distribution	iii. all activities which are undertaken to produce goods and services

a(i), b(ii), c(iii)

a(i), b(iii), c(ii)

a(ii), b(iii), c(i)

a(iii), b(i), c(ii)

Solution

Same as defined in economics .

Question 4
1 / -0

Which of the following is false regarding Importance of Statistics in Economics

A
It helps in studying market structure

B
Statistics is used in administration and efficient functioning of government departments

C
It helps in understanding and solving economic problem.

D
It helps in finding mathematical relations between variables

Solution

It implies importance of economics in governance .
Question 5
1 / -0

Dispersion in statistics means :

A
Degree of scatteredness from a central value of a variable.

B
Lack of variability

C
Lack of correlation.

D
None.

Solution

As per definition
Question 6
1 / -0

Economics is the study of how ___ and _____ chose to employ scare resources that could have alternative uses in order to produce various commodities that satisfy their wants

A
Investor and distributor

B
Producer and consumer

C
People and society

D
None

Solution

Economics has emerged due to scarcity of resources amid infinite wants .But, these scarce resources have alternative uses which are discussed in economic theories.
Question 7
1 / -0

The process of using up utility value of goods and services for the direct satisfaction of our wants

A
Production

B
Consumption

C
Economic

D
Utility

Solution

Utility refers to want satisfying power of a commodity which induces consumption.
Question 8
1 / -0

It is the expenditure on the purchase of such assets which help us to generate income

A
Saving

B
Consumption

C
Investment

D
None

Solution

Investment results in creation of additional wealth rather than consuming it. So , it generates income.
Question 9
1 / -0

An ideal feature of an average is that

A
It's based on middle observations.

B
It's based on all observations.

C
It's based on extreme observations.

D
None .

Solution

Based on all observations ,average becomes representative of data.
Question 10
1 / -0

Economics essentially the study of

A
National problem

B
Economic problems

C
Society problem

D
None

Solution

Central problems of an economy comprises the subject matter of economics divided into microeconomics and macroeconomics.

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Introduction Test - 9

Result

Introduction Test - 9

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SHARING IS CARING

Question 1

Multiplicity of cause

Reasonable accuracy

Numerically expressed

Aggregates of facts

Solution

Question 2

Where demand is equal to supply

State of balance in economic variables

Both

None

Solution

Question 3

a(i), b(ii), c(iii)

a(i), b(iii), c(ii)

a(ii), b(iii), c(i)

a(iii), b(i), c(ii)

Solution

Question 4

It helps in studying market structure

Statistics is used in administration and efficient functioning of government departments

It helps in understanding and solving economic problem.

It helps in finding mathematical relations between variables

Solution

Question 5

Degree of scatteredness from a central value of a variable.

Lack of variability

Lack of correlation.

None.

Solution

Question 6

Investor and distributor

Producer and consumer

People and society

None

Solution

Question 7

Production

Consumption

Economic

Utility

Solution

Question 8

Saving

Consumption

Investment

None

Solution

Question 9

It's based on middle observations.

It's based on all observations.

It's based on extreme observations.

None .

Solution

Question 10

National problem

Economic problems

Society problem

None

Solution

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