Tag: nature and scope of economics

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Questions Related to nature and scope of economics

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

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

  1. Bowley

  2. Wappans

  3. Gottfried Achenwall

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

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

Multiple choice 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

Range of probability distribution with 68.26% lies within __________________.

  1. $(+ 3 \sigma$ and $-3\sigma )$
  2. $(+ 4 \sigma$ and $-4\sigma )$
  3. $(+ 1 \sigma$ and $-1\sigma )$
  4. $(+ 2 \sigma$ and $-2\sigma )$
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In a normal distribution, approximately 68.26% of the data falls within one standard deviation (sigma) of the mean, which is represented as the range between -1 sigma and +1 sigma.

Multiple choice 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

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

  1. True

  2. False

  3. Partly true

  4. None of above
Reveal answer Fill a bubble to check yourself
A Correct answer
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. 

Multiple choice 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

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

  1. Statistik

  2. Statista

  3. Status

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

The word 'Statistics' is derived from the Italian word 'Statista', which means a statesman or politician.

Multiple choice 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

Which of the following statements is false?

  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
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

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

Multiple choice 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

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

  1. True

  2. False

  3. Partly true

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

Multiple choice 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

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

  1. I only

  2. II only

  3. Both I and II

  4. I but not II
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Statistics is used in two senses: as plural (statistical data) and as singular (statistical methods/science). Therefore, both I and II are correct.

Multiple choice 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

Statistics must relate to_____facts.

  1. Aggregate

  2. Single

  3. Qualitative

  4. None of above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Statistics deals with aggregates of facts rather than single, isolated figures, as individual data points cannot be analyzed statistically.

Multiple choice 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

Statistics is applied in____.

  1. economics

  2. business management

  3. commerce and industry

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