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 which deals with the numerical data can be classified as____.

  1. inductive statistics

  2. inferential statistics

  3. applied statistics

  4. descriptive statistics
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Descriptive statistics is the branch that deals with the numerical data collected, organized, and summarized to describe the main features of a dataset.

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

_____ include the techniques such as collection and tabulation of data, averages or measures of central tendency,index number,dispersion, skewness,which help in summarizing and describing the main features of data.

  1. Inductive statistics

  2. Inferential statistics

  3. Applied statistics

  4. Descriptive statistics
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Descriptive statistics includes techniques like collection, tabulation, averages, dispersion, and skewness, which are used to summarize and describe 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

This division of statistics is concerned with the application of statistical methods and techniques to the specific problems and facts of real life situations as they exist can be classified as____.

  1. inductive statistics

  2. inferential statistics

  3. applied statistics

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

Applied statistics involves the practical application of statistical methods to real-world problems and data. Descriptive and inferential statistics are branches of statistics, but applied statistics specifically focuses on the use of these tools in actual situations.

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.