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 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.

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

Statistical information basically helps to understand the _____________.

  1. economic problems

  2. formulation of economic policies

  3. both (A) and (B)

  4. neither (A) nor (B)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Statistics is useful in studying the role of the government in economic problems and formulation of policies to alleviate it. Through the collection and analysis of statistical data the government will be able to identify problems such as unusually high unemployment and then formulate the best policy to help solve the problem. 
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 can the use of statistics and statistical techniques 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
The computation of statistics is immensely helpful in the identification of economic problems and the planning of policies to solve them as the government can now see how the economy is progressing and implement targeted policies to improve the situation. E.g.: If the unemployment level is higher than average the government can choose to have targeted employment schemes in that area of the country.
Statistics is also highly useful to test and verify economic theories/principles and/or hypothesis. 
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

A pattern of low income and low economic growth which tend to perpetuate itself is known as ________.

  1. sterilization

  2. vicious circle of under-development

  3. transmission mechanism

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

The vicious circle of underdevelopment is a concept in development economics describing how low income leads to low savings, low investment, and low growth, which keeps the economy in a state of underdevelopment.