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

According to_____, the larger the size of sample, the more accurate the results are likely to be.

  1. law of inertia of large numbers

  2. law of statistical regularity

  3. law of social sciences

  4. Both a and b
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The law of large numbers theorem states that identically distributed random variables will approach their normal distribution, theoretical mean and the size of the sample increases.

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 condition is necessary to hold good the law of statistical regularity?

  1. Random sample is taken.

  2. The size of sample is large.

  3. The size of sample is low.

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

The law of statistical regularity states that a large sample taken at random from a population will likely possess the characteristics of the population. Therefore, both a large sample size and random sampling are necessary conditions.

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

According to _____ , if a large sample is taken from a population in a random way, it is bound to be fairly representative of the population.

  1. law of inertia of large numbers

  2. law of statistical regularity

  3. law of social sciences

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

Statistical regularity is a law in statistics that states that random events will exhibit similar properties when repeated enough times, that it they will follow a regular pattern. All central limit theorems and law of large numbers are laws of statistical regularity.

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

_____ covers those methods and techniques of statistics which are used to draw conclusions and statistical inferences about the parameters of population on the basis of estimates derived from a sample.

  1. inductive statistics

  2. inferential statistics

  3. applied statistics

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

Inferential statistics is the branch concerned with drawing conclusions or making inferences about a population based on sample data. It uses sample statistics to estimate population parameters.

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

Business forecasting is done with the help of____.

  1. inferential statistics

  2. inductive statistics

  3. mathematical statistics

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

Inductive statistics, often used interchangeably with inferential statistics in some contexts, involves drawing general conclusions from specific observations. Business forecasting relies on these inductive processes to predict future trends based on historical 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

______ is that branch of statistics which is concerned with the application of various mathematical theories and techniques such as theory of measures and integration,differentiation,algebra,trigonometry,matrix theory,etc. to develop various statistical theories and techniques.

  1. Inferential statistics

  2. Inductive statistics

  3. Mathematical statistics

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

Mathematical statistics is the branch that provides the theoretical foundation for statistics. It involves the application of advanced mathematics like calculus and algebra to develop new statistical 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

In which of the following fields/ areas the use of statistics and statistical techniques can be better examined? 

  1. Test and verification of economic theories /principles / hypothesis.

  2. Understanding and study of economic problems.

  3. Economic planning.

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

Statistics is a versatile tool used extensively in economics for testing hypotheses, analyzing problems, and planning. All the listed areas are standard applications of statistical techniques in 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

Statistics is useful State Authorities as it helps in formulating____.

  1. fiscal policies

  2. personal policies

  3. training policies

  4. all of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
The computation of statistics is immensely helpful in the identification of economic problems and the planning of policies to solve them as the government can now see how the economy is progressing and implement targeted policies to improve the situation. eg: if the unemployment level is higher than average the government can choose to have targeted employment schemes in that area of the country. 
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 of the following fields/ areas the use of statistics and statistical techniques can be better examined?

  1. Measurement of national income and components.

  2. Business management.

  3. Biology

  4. All of the above
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 natural sciences and lends precision to scientific inquiry.  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, or enables a scientist to draw conclusions from an experiment or allow an entrepreneur to construct a sales trendline to make the next business strategy. 
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 limitation of statistics?

  1. Statistics deal with figures which are innocent by themselves and do not bear on their face the level of their quality and can be easily distorted, manipulated by dishonest politicians or unscrupulous people for their selfish motives.

  2. Statistics deals with groups and not with individuals.

  3. Statistics does not deals with qualitative data and descriptive facts.

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

Statistics has several limitations: it deals with aggregates rather than individuals, it can be misused or manipulated, and it primarily focuses on quantitative data rather than qualitative attributes. All these are recognized limitations.