Tag: economics

Questions Related to economics

Simple random sampling can be classified into___________.

economics planning and collecting data different types of data primary and secondary data collecting data

  1. proportionate and disproportionate sampling

  2. probability and non-probability sampling

  3. systematic and Stratified sampling

  4. lottery method and using the table as random numbers

Show answer
Correct Option: D
Explanation:

Simple random sampling can be further classified into lottery method and using the table as random numbers as every number has an equal opportunity of being selected without giving any preference to any particular number.

The process of studying and collecting information relating to the operation and responsibilities of a specific job is known as:

economics planning and collecting data different types of data primary and secondary data collecting data

  1. Job evaluation

  2. Job analysis

  3. Job title

  4. Job identification

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Correct Option: B
Explanation:

Job Analysis is the process of gathering and analyzing information about the content and requirements of job as well as the  context in which job are performed. It is the process of studying and collecting information relating to the operation and responsibilities of a specific job.

What is multistage stratified random sampling?

economics planning and collecting data different types of data primary and secondary data collecting data

  1. Probability Sampling

  2. Selective Sampling

  3. Non-Probability Sampling

  4. None of the above

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Correct Option: A

Schedules help us in collecting ________.

economics planning and collecting data different types of data primary and secondary data collecting data

  1. secondary data

  2. qualitative data

  3. primary data

  4. none of the above

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Correct Option: C
Explanation:

Schedules refers to the chronological pattern of collecting data which helps us to collect primary data from the primary source for the purpose to analyse a certain situation.

Which one of the following objectives is not the objective of secondary data collection?

economics planning and collecting data different types of data primary and secondary data collecting data

  1. Identify the problem

  2. Test the hypothesis of the relevant present problem

  3. Better define the problem

  4. Interpret primary data more insightfully

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Correct Option: B

Which one of the following stages of the marketing research process is most expensive?

economics planning and collecting data different types of data primary and secondary data collecting data

  1. Data analysis

  2. Data collection

  3. Developing the research plan

  4. Report writing

Show answer
Correct Option: B
Explanation:

Data collection refers to the collection of data from several sources for the purpose of research so that the sampling process can be carried forward easily. Therefore, it is one of the most expensive process as it is required to be collected from various sources. 

Unique Identification Authority of India will set up data basic for __________.

economics planning and collecting data different types of data primary and secondary data collecting data

  1. identity and bio metrics details of Indian residents

  2. identity and bio metrics details of Indian citizens

  3. identity and bio metrics details of persons residents in India or visiting India

  4. all the above

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Correct Option: B

Statistical data are collected only with____.

economics planning and collecting data different types of data primary and secondary data collecting data

  1. 100% perfection

  2. a reasonable degree of accuracy

  3. a reasonable degree of inaccuracy

  4. all of the above

Show answer
Correct Option: B
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.

Statistical data relating to any subject could be collected____.

economics planning and collecting data different types of data primary and secondary data collecting data

  1. by actual counting

  2. by measurement

  3. by estimation

  4. any of the above

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Correct Option: D
Explanation:

Statistical data relating to any subject could be collected by any of the following- by actual counting, by measurement and by estimation. By a system of measuring a particular information, data could be collected by measurement. Whereas, by estimation, a point estimate is calculated to obtain a statistical data.

Statistical data of estimation should ________________.

economics planning and collecting data different types of data primary and secondary data collecting data

  1. be able to draw meaningful conclusion

  2. have reasonable accuracy

  3. both A & B

  4. none of the above

Show answer
Correct Option: C
Explanation:

Statistical data should be numerically expressed and collated in a way that it enables to draw conclusions. Data should be collected with a purpose in order to for it to be accurate. It can be estimated to a degree as it may be highly impossible to collect data for the entire population, thus data that has reasonable accuracy is sufficient.