Tag: introduction to statistical method and econometrics

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Questions Related to introduction to statistical method and econometrics

Multiple choice economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

A contractor employed 18 labourers at Rs 12 per day 10 labourers at Rs 13.50 per day 5 labourers at Rs 25 per day and 2 labourers at Rs 42 per day The average wage of a labourer per day is

  1. Rs 16

  2. Rs 20

  3. Rs 24

  4. Rs 28
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Total wages paid by contractor to 18 laborers Rs 12 per day =$18\times 12=216 Rs

And total wages paid by contractor to 10 laborers Rs 13.50 per day =$10\times 13.5=135 Rs
And total wages paid by contractor to 5 laborers Rs 25 per day =$5\times 25=125 Rs
And total wages paid by contractor to 2 laborers Rs 42 per day =$2\times 42=84 Rs
Then total wages paid by contractor to all laborers=216+135+125+84=560 Rs
And total  laborers=18+10+5+2=35
Then average wages =$\frac{560}{35}=16 $ Rs  

Multiple choice economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

Bankers use ______ approaches to estimate the number of people who will be making deposits compared to the number of people requesting loans.

  1. manipulative

  2. statistical

  3. arithmetic

  4. data analytic
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Bankers use statistical approaches to estimate the number of people who will be making deposits compared to the number of people requesting loans.

Multiple choice economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

Number of students in your class is an example of ______.

  1. statistics

  2. mean

  3. mode

  4. median
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Statistics is the collection of methods used in planning an experiment and analyzing data in order to draw accurate conclusions.
So, the number of students in your class is an example of statistics.

Multiple choice economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

Which one of the following is not correct ?

  1. Statistics is liable to be misused

  2. The data collected by the investigator to be used by himself are called primary data

  3. Statistical laws are exact

  4. Statistics do not take into account of individual cases
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Answer:- C) Statistical laws are exact.

Reason:-
The statistical laws are based on probability. Using probability we can only estimate the answer, it will not be accurate.
So statistical laws are not exact.

Multiple choice economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

_____ deals with collection, organization and interpretation of data.

  1. Probability

  2. Statistics

  3. Both

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Answer:- B) Statistics

Explanation:-
Statistics deals with data moreover with its collection, organising it in a proper form and using it to analyze given situation i.e. interpretation.

Multiple choice economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

A candidate who gets $20$% marks in an examination fails by $30$ marks but another candidate who gets $32$% gets $42$ marks more than the pass mark. Then, the percentage of pass mark is

  1. $52$
  2. $50$
  3. $33$
  4. $25$
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Let the total marks be $x$.
According to the question,
$\dfrac {20}{100}\times x + 30 = \dfrac {32}{100} \times x - 42$
$42 + 30 = \dfrac {32}{100}x - \dfrac {20}{100}x$
$72\times 100 = 12x \Rightarrow x = 600$
Passing marks $= \dfrac {20}{100}x + 30 = \dfrac {20}{100}\times 600 + 30 = 150$
Required percentage $= \dfrac {150}{600}\times 100 = 25$%.

Multiple choice maths frequency distribution tables and graphs introduction to statistics introduction to statistical method and econometrics partition values

Which of the following operations is conducted after a gap of every ten years?

  1. Economic survey

  2. Estimates of Foreign Direct Investment (FDI)

  3. Compilation of Human Development Report

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

General census is official counting of a region's or nation's people and compilation of economics , social and other data usually for formulation of development policies and plans etc.

General census is an operation which is conducted after a gap of every ten years .

Multiple choice maths frequency distribution tables and graphs introduction to statistics introduction to statistical method and econometrics partition values

More practical and inexpensive method of sampling is__________.

  1. lottery method.

  2. use of table of random numbers.

  3. both (A) and (B).

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

Use of table of random numbers is less time consuming and less expensive as compared to lottery as lottery deals with a large set of population or samples and also it is a time consuming method.

Multiple choice maths frequency distribution tables and graphs introduction to statistics introduction to statistical method and econometrics partition values

In a random number table, each digit appears with___________.

  1. the same frequency

  2. independent of each other

  3. dependent of each other

  4. both (A) and (B)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In a random number table, every digit has got an equal probability of being appearing and are independent of each other as selection of one number is not influenced by any other number.