Tag: economics

Quizzes (361) Questions (3598)

Questions Related to economics

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

Simple random sampling can be classified into___________.

  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
Reveal answer Fill a bubble to check yourself
D Correct answer
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.

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

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

  1. Job evaluation

  2. Job analysis

  3. Job title

  4. Job identification
Reveal answer Fill a bubble to check yourself
B Correct answer
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.

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

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

  1. Identify the problem

  2. Test the hypothesis of the relevant present problem

  3. Better define the problem

  4. Interpret primary data more insightfully
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Secondary data is collected for purposes other than the current research problem. Therefore, it is generally used to define or understand the problem, but it is not sufficient for testing hypotheses specific to a new, unique primary research problem.

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

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

  1. Data analysis

  2. Data collection

  3. Developing the research plan

  4. Report writing
Reveal answer Fill a bubble to check yourself
B Correct answer
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. 

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

Statistical data are collected only with____.

  1. 100% perfection

  2. a reasonable degree of accuracy

  3. a reasonable degree of inaccuracy

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

Statistical data relating to any subject could be collected____.

  1. by actual counting

  2. by measurement

  3. by estimation

  4. any of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
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.

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

Statistical data of estimation should ________________.

  1. be able to draw meaningful conclusion

  2. have reasonable accuracy

  3. both A & B

  4. none of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
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.