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

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.

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 form.

  2. Statistics presents the large volume of complex data in meaningful and under standable 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 comprises data to present it in an understandable manner and relate it to a theory, it presents facts in a precise form and it makes the comparison of data possible.

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 deals with qualitative data.

  2. Statistics deals with individual figure.

  3. Statistics is a science which provides opportunities to individuals to enrich their knowledge and experience.

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

  1. Statistical facts are qualitatively expressed

  2. Statistical facts are affected by multiple causes

  3. Statistics deals with single fact

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

Statistical facts can be affected by multiple causes, there is a lot of scope for error to be embedded in the data collected, one reason is that people interviewed may be lying. There may be bias on the part of the interviewer etc. Thus large samples are taken to ensure error is reduced.

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___________.

  1. statistical data are enumerated or 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

Data for the entire population may not be available, or it may be impossible to collect and thus reasonable estimators must be used.  

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

____ provides the basis of theory of probability in statistics.

  1. Law of inertia of large numbers

  2. Law of statistical regularity

  3. Law of averages

  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 low of large numbers are laws of statistical regularity.