Tag: business economics and quantitative methods

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Questions Related to business economics and quantitative methods

Multiple choice business economics and quantitative methods ict, investigations and problem solving-1 estimating angles terms used in statistics definition, scope, importance and limitation of statistics

"Statistics refers to the classified facts representing the conditions of the people in the State, especially those facts which can be stated in numbers or in tables of numbers or in any tabular classified arrangement".

This definition of statistics was given by _____________.

  1. Bowley

  2. Wappans

  3. Prof. Horace Secrist

  4. Webster
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

According to Webster,  "Statistics refers to the classified facts representing the conditions of the people in the State, especially those facts which can be stated in numbers or in tables of numbers or in any tabular classified arrangement"

Multiple choice business economics and quantitative methods ict, investigations and problem solving-1 estimating angles terms used in statistics definition, scope, importance and limitation of statistics

In ancient days, the word statistics was used only for facts and figures required by the state for its official use and was known as ___________.

  1. the science of king

  2. the science of state craft

  3. political arithmetic

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Statistic has been called "science of king" as in ancient times it was mainly used by kings to collect information about their kingdom and the people in it (similar to the government today). This is why its also called "political arithmetic" or "the science of state craft" as politicians may use it as a powerful tool to gain popularity among the public (by boasting about high economic growth or low unemployment and inflation rates) and thus get votes to remain in power. 

Multiple choice business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

When all the observations are same, the relation between A.M., G.M and H.M is _________.

  1. A.M. = G.M. = H.M.

  2. A.M. = G.M. > H.M.

  3. A.M. > G.M. > H.M.

  4. A.M. < G.M. < H.M.
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

When all observations in a dataset are identical, the Arithmetic Mean (AM), Geometric Mean (GM), and Harmonic Mean (HM) are all equal to that constant value.

Multiple choice business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

A frequency distribution having two modes is said to be ________.

  1. unimodal

  2. bimodal

  3. trimodal

  4. without mode
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A frequency distribution with two modes is called bimodal. Unimodal has one mode, and trimodal has three.

Multiple choice business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

Geometric mean of two observations can be calculated only if ________.

  1. both the observations are positive

  2. one of the two observations is zero

  3. one of them is negative

  4. both of them are zero
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The geometric mean involves taking the nth root of the product of n numbers. If any number is negative, the root may be imaginary; if zero, the product is zero. Thus, it is typically defined for positive observations.

Multiple choice business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

For further algebraic treatment geometric mean is _______.

  1. suitable

  2. not suitable

  3. sometime suitable

  4. none of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The geometric mean is not suitable for further algebraic treatment (like calculating the mean of means) because it is based on products rather than sums.

Multiple choice business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

Extreme value have no effect on _______.

  1. average

  2. median

  3. geometric mean

  4. harmonic mean
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The median is a positional average and is not affected by extreme values (outliers) in the dataset, unlike the arithmetic mean.

Multiple choice business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

If modal value is not clear in a distribution, it can be ascertained by the method of ________.

  1. grouping

  2. guessing

  3. summarizing

  4. trial and error
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

When the mode is not clearly identifiable in a frequency distribution, the grouping method is used to determine the modal class or value.

Multiple choice business economics and quantitative methods measures of dispersion and skewness shortcut method for calculating mean deviation about mean mean deviation about mean and median range and mean deviation

For further algebraic treatment harmonic mean is ______.

  1. suitable

  2. not suitable

  3. sometime suitable

  4. none of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Like the geometric mean, the harmonic mean is not suitable for further algebraic treatment because it is based on the reciprocal of the values.