Tag: nature and scope of economics

Questions Related to nature and scope of economics

"Statistics are collection of noteworthy facts concerning state both historical and descriptive". This definition of Statistics was given by____.

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  1. Bowley

  2. Wappans

  3. Gottfried Achenwall

  4. Webster

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Correct Option: C
Explanation:

Gottfried Achenwall defined statistics as "Statistics are collection of noteworthy facts concerning state both historical and descriptive".

Range of probability distribution with 68.26% lies within __________________.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. $(+ 3 \sigma$ and $-3\sigma )$

  2. $(+ 4 \sigma$ and $-4\sigma )$

  3. $(+ 1 \sigma$ and $-1\sigma )$

  4. $(+ 2 \sigma$ and $-2\sigma )$

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Correct Option: C

Statistics helps to formulate various principles and enables us to compare the theories in real life situations.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. True

  2. False

  3. Partly true

  4. None of above

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Correct Option: A
Explanation:

Statistics collates data in a manner that makes it easy to draw meaningful conclusions from, which provided the empirical evidence that allows us to prove or disprove theories. 

The word 'Statistics' as used in earlier days by Italian____.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. Statistik

  2. Statista

  3. Status

  4. Statustic

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Correct Option: B

Which of the following statements is false?

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. Statistics is derived from the Latin word 'Status'

  2. Statistics is derived from the Italian word 'Statista'

  3. Statistics is derived from the French word 'Statistik'

  4. None of these

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Correct Option: D
Explanation:

The word Statistics stems from the word Statistik, from the German language as introduced by Gottfried Achenwall.

Statistic is an exact science or pure science like physics, chemistry etc.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. True

  2. False

  3. Partly true

  4. None of above

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Correct Option: B
Explanation:

No, Statistics isn't a pure science like physics or chemistry as it is not absolute and universal in nature. The observations made in statistics are more susceptible to a change in the situation, which will give a wildly different conclusion. 

Statistics tries to make sense of  ____ data.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. qualitative

  2. quantitative

  3. mental

  4. social

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Correct Option: B
Explanation:

Statistics uses quantitative data to draw conclusions and find evidences to prove the formulated hypothesis. 

In which sense the word 'Statistic' is basically used?
I. Statistics Data
II. Statistical Method
Select the correct answer from the options given below___.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. I only

  2. II only

  3. Both I and II

  4. I but not II

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Correct Option: C

Statistics must relate to_____facts.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. Aggregate

  2. Single

  3. Qualitative

  4. None of above

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Correct Option: A

Statistics is applied in____.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. economics

  2. business management

  3. commerce and industry

  4. all of above

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Correct Option: D
Explanation:

Statistics is widely used in economics, business management, commerce and industry as it provides empirical evidence for theories constructed in these fields of study.