Tag: introduction - statistics for economics

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Questions Related to introduction - statistics for 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

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.

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.