Tag: nature and scope of economics

Quizzes (5) Questions (86)

Questions Related to nature and scope of economics

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 points do not reflect statistics? 

  1. It describes ways of analyzing qualitative data.

  2. It is a wide subject of study.

  3. It describes methods for analyzing qualitative data.

  4. It describes methods of collecting, quantitative data.
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Statistics does not analyse qualitative phenomenon, statistical methods deal with those objects which can be measured in quantitative terms. Qualitative phenomenons such as beauty, goodwill etc cant be captured by statistics.

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 is 'Statistic' is basically used in two senses,i.e., as ________ and ______.

  1. Statistic Data and Statistic Method

  2. Organization and Presentation

  3. Statistic Data and Presentation

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

Statistics is defined in two senses: as statistical data (plural) and as statistical methods (singular).

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 sentence shows distrust about statistics?

  1. There are three types of lies-lies,damn lies and statistics.

  2. Figures do not lie; liars make figure.

  3. It can prove anything.

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

All three statements are related to a major limitation of statistics which is "improper use of statistics". There is a vast scope for error in the data and it may be misused by people with agendas, these people may manipulate the data to gain favour or popularity. 

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 Germans is ____________.

  1. statistik

  2. stato

  3. status

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

The word 'Statistics' is derived from the German word 'statistik', which was used to describe the political state.

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

Why do we use inferential statistics?

  1. Inferential statistics are used to help us to compare the sample to the whole population.

  2. Inferential statistics are used to help us to generalize from the sample to the whole population

  3. Inferential statistics are used to help us show the difference between the sample and whole population.

  4. All of the above apply to use of inferential statistics.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Inferential statistics involves using data from a sample to make estimates, decisions, or predictions about the larger population from which the sample was drawn.

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

Descriptive statistics is concerned with___while the goal of statistical inference is to ___with the help of ____

  1. Generalizing sample data, draw inductive conclusions, probabilities

  2. Summarizing data, draw inductive conclusions probabilities

  3. Decreasing data, draw deductive concussions, probabilities

  4. Summarizing data, draw deductive conclusions, histograms
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Descriptive statistics focuses on summarizing data, while inferential statistics uses probability to draw inductive conclusions about a population based on sample data.

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 the above.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Statistics is derived from the french word "Statistique"

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 study of the methods of organization summarization and presentation of statistical data is referred to as _______________.

  1. Inferential statistics

  2. Descriptive statistics

  3. Sampling

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

Descriptive statistics is the branch concerned with collecting, organizing, summarizing, and presenting data.

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

Nature of statistics is ________.

  1. a science

  2. an art

  3. neither science or art

  4. both a and b
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Statistics is considered a science because it uses systematic methods, and an art because it requires judgment and skill in the application of those methods.

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 the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Statistic must relate to aggregate facts only, it is not concerned with individuals. Statistical methods can be used to study and analyse only aggregate facts.