Tag: some mathematical tools used in economics

Questions Related to some mathematical tools used in economics

Population that are limited in size are referred to as __________.

  1. finite populations.

  2. infinite populations.

  3. census method.

  4. none of the above


Correct Option: A
Explanation:

Population refers to the whole group of objects or individuals present for the purpose of collecting data. Population can be finite i.e. it can be easily calculated for example: Number of students in a classroom.

Examples of infinite population__________.

  1. the stars in the sky and the cars in a town

  2. the stars in the sky and the books in a library

  3. the cars in a town and the books in a library

  4. output from a machine and births of insect


Correct Option: D
Explanation:

Infinite population refers to the population that cannot be calculated easily i.e. they are unlimited in size. Example : births of insect, as one cannot calculate the birth of insects easily.

Which of the following are important laws on which sampling is based?
I. Law of statistical regularity
II. Law of Inertia of large numbers
Ill. Law of Inertia of small numbers
IV. Law of Statistical irregularity

  1. Both II and IV 

  2. Both Ill and IV 

  3. Both I and II

  4. Both I and Ill 


Correct Option: C
Explanation:

Sampling is based basically on two laws i.e. law of statistical regularity which states that data can be collected easily and that ensures regularity and also law of inertia of large numbers as sampling can be done with the small section of population.

To prevent frauds in multiple mortgage cases, under SARFAESI Act, 2002, one special thing has been created and made operative from 01-04-2011. Which one is that from the following? 

  1. Special Register Office at Lucknow

  2. Special Central Arbitration Bureau at Lucknow

  3. Central SARFAESI Tribunals at six centres

  4. Central Electronic Registry


Correct Option: D

Which of the following statement is not correct?

  1. The money spent on the sample in collecting information is more than that is spent on population

  2. In an under developed economy, census method cannot be adopted because of the heavy cost

  3. The accuracy of the census method is tested by the information obtained by the sample method

  4. The error that occur in the study of the sample may be determined and steps may be taken to reduce it


Correct Option: A
Explanation:

As population is large in size as compared to samples. So, the money spent on gathering information through census is a costly affair than sampling.

A general rule is that a sample is to be replaced if the size of the sample ________.

  1. exceeds 2% of the population size

  2. exceeds 3% of the population size

  3. exceeds 4% of the population size

  4. exceeds 5%of the population size


Correct Option: D
Explanation:

General rule for the efficient sampling is that it should not exceed 5% of the population and if it exceeds,  then the sample needs to get replaced with the determination of the new sample.

Assertion (A) : In India, census is undertaken only once in five years.
Reason (R) : Taking census is a costly affair.

Which of the following is the correct assertion and its reason?

  1. (A) and (R) are true, and (R) is the correct explanation of (A).

  2. (A) and (R) are true, but (R) is not the correct explanation of (A).

  3. (A) is true but (R) is false.

  4. (A) is false but (R) is true.


Correct Option: D
Explanation:

In India, census is conducted in every ten years to get the correct estimation of its population though taking census is a very costly and time consuming process .

Expand the term BCBS.

  1. Bank's Committee on Banking Supervision

  2. Basel Committee on Banking Supervision

  3. Bank's Commission on Banking Supervision

  4. Basel Commission on Banking Supervision


Correct Option: D

Fill in the blanks with appropriate substitute given in the brackets.
Statistics involve collection of _________.

  1. diagrams

  2. laws

  3. graphs

  4. data


Correct Option: D

________ is the difference between the upper and the lower limit of the class.

  1. Class Interval

  2. Class Tally

  3. Class Frequency

  4. Class Mark


Correct Option: A
Explanation:

The difference between the upper and  lower limit of class is the class interval.
Example class interval 10-20, here 10 is the lower limit and 20 is the upper limit.