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Introduction to Statistics Test - 2

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Introduction to Statistics Test - 2
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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
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    Economics is divided into three parts

    Solution

    A good or service is firstly produced then distributed and ultimately consumed. Moreover

     

  • Question 3
    1 / -0

    Mode is a value of a variable which

    Solution

    Mode is a value of variable which has maximum frequency in the given data. 

     

  • Question 4
    1 / -0

    It deals with the collection, presentation, analysis and interpretation of quantitative information. This statement defines

    Solution

    The word statistics is used both as singular and plural . As singular , it stands for collection, presentation ,analysis and interpretation of data whereas as plural it means numerical facts collected for a specific purpose. 

     

  • Question 5
    1 / -0

    Which of the following is a social activity

    Solution

    It implies no personal motive and is therefore social work . 

     

  • Question 6
    1 / -0

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

    Solution

    Utility refers to want satisfying power of a commodity which induces consumption. 

     

  • Question 7
    1 / -0

    The study of mankind in the ordinary business of life

    Solution

    The phrase 'business of life ' implies all the three aspects of economics : production  , distribution and consumption  .This definition was given by Alfred Marshall.

     

  • Question 8
    1 / -0

    Economic activity which is concerned with production of capital goods for further production of goods and services

    Solution

    Investment refers to purchase of capital goods to create wealth rather than consuming it.

     

  • Question 9
    1 / -0

    Economic equilibrium means

    Solution

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

     

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