Tag: definition, scope, importance and limitation of statistics

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Questions Related to definition, scope, importance and limitation of 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

Statistical information basically helps to understand the _____________.

  1. economic problems

  2. formulation of economic policies

  3. both (A) and (B)

  4. neither (A) nor (B)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Statistics is useful in studying the role of the government in economic problems and formulation of policies to alleviate it. Through the collection and analysis of statistical data the government will be able to identify problems such as unusually high unemployment and then formulate the best policy to help solve the problem. 
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 can the use of statistics and statistical techniques 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
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. E.g.: If the unemployment level is higher than average the government can choose to have targeted employment schemes in that area of the country.
Statistics is also highly useful to test and verify economic theories/principles and/or 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

A pattern of low income and low economic growth which tend to perpetuate itself is known as ________.

  1. sterilization

  2. vicious circle of under-development

  3. transmission mechanism

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

The vicious circle of underdevelopment is a concept in development economics describing how low income leads to low savings, low investment, and low growth, which keeps the economy in a state of underdevelopment.

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 to State Authorities as it helps them in formulating ______________.

  1. fiscal policies

  2. personal policies

  3. training policies

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

Statistics provides the empirical evidence necessary for state authorities to formulate effective fiscal, personnel, and training policies. It is essential for evidence-based governance.

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 is responsible for collecting & presenting statistics in India ________.

  1. ISI

  2. CSO

  3. ICAER

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

The Central Statistics Office (CSO) is the primary government agency in India responsible for the collection, coordination, and publication of statistical 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

In India, in which of the following, Foreign Direct Investment (FDI) is not allowed?

  1. Construction and Maintenance of Roads

  2. Atomic Energy

  3. Airport

  4. Hotels and Tourism
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In India, Foreign Direct Investment (FDI) is prohibited in atomic energy for national security reasons. It is allowed in most other sectors like infrastructure and tourism.

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 pairs is not correctly matched?

  1. WTO - Generally forbids the use of quantitative restrictions on trade

  2. IMF - Provides finance to correct disequilibrium in balance of payments

  3. RBI - Promotes trade among countries

  4. IBRD - Gives long term loans for development
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Option C incorrectly matched as RBI promotes monetary policy in India and the WTO promotes trade among countries.

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

An economy is underdeveloped if __________.

  1. the standard of living is poor

  2. the population is growing at a high rate

  3. the main occupation of a majority of the population is agriculture

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

Underdeveloped economies are typically characterized by low standards of living, high population growth rates, and a heavy reliance on agriculture, among other factors.