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

Important techniques from the part of analytical statistics includes____.

  1. association of attributes

  2. correlation and regression.

  3. mathematics of finance

  4. A and B
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Analytical statistics focuses on relationships between variables. Correlation and regression are the primary tools used to measure and model these relationships.

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 limitation of statistics?

  1. Statistics does not deal with qualitative data and descriptive facts.

  2. Statistics deals with groups and not with individuals.

  3. Statistical laws are not exact.

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

Statistics are aggregate of facts, a single numerical fact can't be called statistics. Thus they only deal with groups and not individuals. Statistics only deals with quantitative data it does not deal well with qualitative data beauty, honesty, goodwil etc cant be measured. The laws of statistic are not exact and they might be used improperly to misinform. Political parties may create misleading statistics to gain favor with the people.

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 sentence shows distrust about statistics?
1. An ounce of truth will produce tonnes of statistics.
2. It can prove anything.
3. It can prove nothing.
Select the correct answer from the options given below:

  1. 1 only

  2. 1 and 2 only

  3. 2 and 3 only

  4. All 1 , 2 and 3
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

All three statements are related to a major limitation of statistics which is "improper use of statistics". There is a vast scope for error in the data and it may be misused by people with agendas, these people may manipulate the data to gain favour or popularity. 

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 limitation of statistics?

  1. Statistics helps in the formulation of various policies.

  2. Statistical laws are not exact.

  3. Statistics make forecasting easier.

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

A major limitation of statistics which is "improper use of statistics" which is a result of the laws of statistic not being an exact science. There is a vast scope for error in the data and it may be misused by people with agendas, these people may manipulate the data to gain favour or popularity. eg. politicians publishing misleading statistics on employment and inflation to remain in power.

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

____________________ formulated in mathematical theory of probability lays down that a moderately large number of items chosen at random from a very large group are almost sure on the average to have the characteristic of the large group"

  1. Law of inertia of large numbers

  2. Law of statistical regularity

  3. Descriptive statistics

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

The law of statistical regularity states that, as the sample size is increased, the data collected from this group will reflect the data of the population, i.e., irregularities in the data begin diminishing as the size of the sample increases, as the characteristics of the group is the characteristics of the 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

Which is not a stage of statistical inquiry?

  1. Collection of data

  2. Organisation and presentation of numerical data

  3. Analysis of numerical data

  4. Preciseness and definiteness
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Option D is correct. Preciseness and definiteness do not feature in process of data collection and analysis, rather it is an innate quality that is likely to be ensured at each stage of the data collection and refinement process. 

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 are the characteristics of statistics?

  1. Numerically expressed

  2. Affected by multiplicity of causes

  3. Aggregate of facts

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

Statistics are numerically expressed as it solely deals with quantitative data. They are aggregate of facts as a single numerical fact cannot be termed as statistics, and only then can these facts be compared and conclusion drawn about the aggregate general facts.

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

Both descriptive and inferential statistic is used to change data into information that in turn is converted into_______that lead to better decision making. 

  1. Knowledge

  2. A process

  3. A forecast

  4. A parameter
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The progression in data analysis is data to information, and information to knowledge. Knowledge is what allows for informed decision-making.

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

Inferential statistics is a process that involves all of the following EXCEPT?

  1. Estimating a parameter

  2. Estimating a statistic

  3. Test a hypothesis

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

Inferential statistics involves using sample statistics to estimate population parameters and test hypotheses. Estimating a statistic is a descriptive process, not an inferential one, as the statistic is already calculated from the sample.

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 general process of gathering, organizing, summarizing, analyzing, and interpreting data is called

  1. Statistics

  2. Descriptive statistics

  3. Qualitative descriptive

  4. Measurement of statistics
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Statistics is broadly defined as the science of collecting, organizing, summarizing, analyzing, and interpreting data to make decisions.