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

Select the principles and methods used in Statistics __________.

  1. organization of data

  2. collection of data

  3. interpretation of data

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

Statistics encompasses the entire lifecycle of data, including collection, organization, analysis, and interpretation.

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 commonly found limitations to statistics are  ________________.

  1. it deals with individual elements

  2. statistics gives precise and accurate information

  3. results of statistics are based on assumptions.

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

It is usually either impossible or impractical (eg: it would cost too much money for it to be efficient) to collect data from each unit of the universe, thus samples are assumed to carry the characteristics of the population, which might not exactly be true.

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 in the sense of numerical data basically refers to ______ aspects.

  1. qualitative

  2. quantitative

  3. mental

  4. social
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
Statistics is a scientific method used to draw conclusions through data analysis. Statistics uses quantitative data to draw conclusions and find evidences to prove the formulated hypothesis. Statistics cannot analyse qualitative phenomenon. Things like goodwill, beauty, integrity cannot be quantitatively measured and thus is statistical methods are not useful.
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

Important techniques from analytical statistics includes _______________.

  1. association of attributes

  2. correlation and regression.

  3. mathematics of finance

  4. both (A) and (B)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Correlation and regression is a technique used to analyse measurable variables. The association of attributes is used to measure categorical variables. 
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

............. consists of those method which are used in establishing functional relationship between variables. It is attempted through comparison, between two sets of data at a point of time in cross-section data or between two points of time otherwise. 

  1. Inductive Statistics

  2. Mathematical Statistics

  3. Applied Statistics

  4. Analytical Statistics
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Analytical statistics is defined by its focus on establishing functional relationships between variables through comparison, whether cross-sectional or longitudinal.

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

It is not possible to think of any sphere of human activity where statistics has not crept in.

  1. True

  2. False

  3. Partly true

  4. None of above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Statistics is widely used in all fields of human activity, these include but are not limited to economics, business studies, natural sciences, political science etc. 

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 helps in the formulation of various policies.

  2. Statistics makes forecasting easier.

  3. Statistics helps to formulate hypothesis and test its validity.

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

Statistic usually relies on empirical evidence of the past in order to formulate a hypothesis and the possible long run path. Since the hypothesis is based on real data, it makes forecasting easier, it can help verify hypothesis which in turn can then help form targeted policies to aid in economic growth. 

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

________ refers to those methods and techniques of statistics which help in estimating a particular phenomenon on the basis of random observation.

  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 involves drawing conclusions about a larger population based on random observations or samples. It is the process of moving from the specific to the general.

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 the branch of statistics that is concerned with the application of various mathematical theories and techniques such as theory of measures and integration, differentiation, algebra, trigonometry, matrix, 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 applies mathematical theories (like calculus, matrix theory, etc.) to develop the underlying theories and techniques used in other branches of statistics.