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Introduction to Statistics Test - 4

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Introduction to Statistics Test - 4
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Weekly Quiz Competition
  • Question 1
    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 2
    1 / -0

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

    Solution

    It implies importance of economics in governance

  • Question 3
    1 / -0

    Microeconomics studies

    Solution

    Microeconomics deal with individual units of an economy.

  • Question 4
    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 5
    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.

  • Question 6
    1 / -0

    Match the following, Options are

    Solution

    It's as defined in statistics.

  • Question 7
    1 / -0

    Which statistical tools is used by stage of statistical study – analysis of data

    Solution

    Percentage is used to analyse the achievement levels and average is used to analyse the general trend of data.

  • Question 8
    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 9
    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 10
    1 / -0

    Match the following. Options are

    Solution

    Same as defined in economics

  • Question 11
    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 12
    1 / -0

    Economic equilibrium means

    Solution

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

  • Question 13
    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

    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 14
    1 / -0

    Which of the following points highlight the importance of statistics in economics

    Solution

    All of these are defined in econometrics.

  • Question 15
    1 / -0

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

    Solution

    Given all these conditions , data are accurate with reason. Being accurate and reasonably accurate is different .

  • Question 16
    1 / -0

    An ideal feature of an average is that

    Solution

    Based on all observations ,average becomes representative of data.

  • Question 17
    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 18
    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 19
    1 / -0

    Dispersion in statistics means :

    Solution

    As per definition

  • Question 20
    1 / -0

    The long queues at railway booking counters, crowded buses and trains, shortage of essential commodities , rush to get a ticket to watch a new film etc. are all manifestations of

    Solution

    Rush, crowd etc at such places is due to inability of absorbing the wants which is due to scarcity.

  • Question 21
    1 / -0

    Scarcity arises because of

    Solution

    Had wants been limited, resources would have been abundant. But, it is the infinitude of wants which makes resources scarce.

  • Question 22
    1 / -0

    _______ are always scare in relation to _____

    Solution

    It's a fact from real world where wants exceed the means or resources .

  • Question 23
    1 / -0

    Which of the following statement is incorrect

    Solution

    All numbers are not purposeful and correct.

  • Question 24
    1 / -0

    Drawing conclusion from the data analyzed is the stage of

    Solution

    Interpretation of data refers to concluding it.

  • Question 25
    1 / -0

    Which of the following will give qualitative data

    Solution

    Intelligence is a quality which cannot be measured.

  • Question 26
    1 / -0

    Economics essentially the study of

    Solution

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

  • Question 27
    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 28
    1 / -0

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

    Solution

    Investment results in creation of additional wealth rather than consuming it. So, it generates income.

  • Question 29
    1 / -0

    Inter-temporal comparison means

    Solution

    It's as per the definition.

  • Question 30
    1 / -0

    Which of the following will give qualitative data

    Solution

    Quality like beauty cannot be measured.

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