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 definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

Characteristic(s) of statistics is(are) _______________.

  1. statistical facts are qualitatively expressed

  2. statistical facts are affected by multiplicity of causes

  3. statistics deals with single fact

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

A key characteristic of statistics is that it deals with aggregates affected by multiple causes, not single isolated factors. Statistical facts are numerically expressed (Option A is wrong), deal with aggregates not single facts (Option C is wrong), so Option D is incorrect.

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

Characteristic(s) of statistics is(are) _______________.

  1. statistical data are estimated

  2. statistical data are collected with a perfect degree of accuracy

  3. statistical data deals with actual facts only

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

Statistical data is often estimated or collected through sampling, as it is rarely possible to achieve a perfect degree of accuracy in large-scale data collection.

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 constitute statistics?

  1. Qualitative expression

  2. Numerical data

  3. Quantitative data

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

Statistics is defined as the science of numerical data. Both numerical and quantitative data are synonymous in this context.

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 can be treated as important function of statistics?

  1. Statistics presents the facts in a precise and definite from.

  2. Statistics presents the large volume of complex data in a meaningful and understandable form.

  3. Statistics makes comparison of data possible.

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

Statistics serves multiple functions, including making data precise, simplifying complex information, and enabling comparisons, so all listed options 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

The subject matter of statistics is ______________.

  1. researcher

  2. datum

  3. data

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

The main goal of statistics is to collect, collate and analyse data and present its findings is an accurate and precise manner such that it enables meaningful conclusions to be drawn from the 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

Statistics is ________________.

  1. an exact science

  2. a pure science

  3. a scientific method

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

Statistics is a scientific method used to draw conclusions out of raw data. Statistics uses qualitative data to draw conclusions and find evidences to prove the formulated hypothesis. 

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

What does statistics do?

  1. It enables an economist to present economic facts in a precise and definite form

  2. Helps in condensing the mass of data into a few numerical measures

  3. Statistics is used in finding relationships between different economic factors

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

Statistics helps in grasping the meaning of certain laws of behavior in social sciences and lends precision to scientific inquiry. It helps finding out how various factors of production interact and contribute to economic activity. Analysts are able to collect and collate data in a precise manner to provide empirical evidence to a theory. Thus, it helps in condensing the mass of data into a few numerical measures and it enables an economist to present economic facts in a precise and definite form.

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 involves which of the following?

  1. Collection and organisation of data

  2. Presentation of data

  3. Summarisation of data

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

Statistics is the study of the collection and analysis of data, which is then collated and presented to provide empirical evidence to a hypothesis. It can be used 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

Who has been elected as the President of Indian Statistical Institute recently?

  1. R.C. Lahoti

  2. Mahesh Sharme

  3. M.S Sahoo

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

Vijay Kelkar has served as the President of the Indian Statistical Institute.