Tag: economics

Questions Related to economics

The collection of statistical data must be in a _____ manner.

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

  1. careful

  2. syntematic

  3. careful and systematic

  4. arbitrary

Show answer
Correct Option: C
Explanation:

Data should try to be collected as accurately as possible to ensure that error is minimum. As there could be undesirable consequences if the the data that is full of errors is the foundation of future research. 

Some of the sources of published data are_______.

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

  1. ILO

  2. IBRD

  3. WFCO

  4. All of the above

Show answer
Correct Option: D
Explanation:
Some of the sources of published data are:
a) ILO stands for International Labour Organization.
b) IBRD stands for International Bank for Reconstruction and Development.
c) WFCO is also a source of published data.

Secondary data is the data collected ________________.

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

  1.  by investigation

  2. from published sources

  3. by conducting survey

  4. Both A & C

Show answer
Correct Option: B
Explanation:

Secondary data is second hand data, it is data that has already been collected (likely with a different purpose in mind) and/or published. 

In order to save time and money, economists may collect their data by __________.

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

  1. door to door survey

  2. the use of censuses

  3. using the earlier research papers

  4. the use of samples

Show answer
Correct Option: D
Explanation:

In order to  save time and money, economists may collect their data by the use of samples.An observed set of the population that has been selected for analysis is called a sample. A sample is a small part of the whole information.

Data is_______________.

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

  1. Collectio of information about a person

  2. Collection of information regarding the comparative things

  3. Both A & B

  4. None of the above

Show answer
Correct Option: B
Explanation:

Data is collection of information regarding the comparative things. Data can consist both qualitative as well as quantitative information. It is usually formatted in a specific way.

When data is classified on the basis of attribute it is termed as________.

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

  1. Geographical

  2. Qualitative

  3. Chronological

  4. Both a&c

Show answer
Correct Option: B
Explanation:

When data is classified on the basis of attribute it is termed as qualitative data. Qualitative data highlights the quality of the information. Attribute gets the special emphasis in analysing the data.

The estimation of consumer demand by questioning a sample of consumer is referred to as the _________________.

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

  1. consumer survey approach

  2. product survey approach

  3. selling approach

  4. marketing approach

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Correct Option: A
Explanation:

The estimation of consumer demand by questioning a sample of consumer is referred to as the consumer survey approach. Estimation of consumer demand helps to analyse consumer's behaviour.

After doing the thorough calculation of consumer demand by setting up stimulated stores, providing a sample of consumers with money, and then allowing them to purchase and keep the commodities they select in the stores is called the ______________.

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

  1. consumer survey approach

  2. observational approach

  3. consumer clinic approach

  4. product research approach

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Correct Option: C
Explanation:

After doing the thorough calculation of consumer demand by setting up stimulated stores, providing a sample of consumers with money, and then allowing them to purchase and keep the commodities they select in the stores is called the consumer clinic approach. It is also known as 'Laboratory type' experiment. By this approach, a sample of consumers is given a specific budget and asked to plan out their expenditure.

The entities on which data are collected is known as ___________.

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

  1. variables

  2. data sets

  3. elements

  4. None of the above

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Correct Option: A
Explanation:

The entities on which data are collected is known as variables. A data item is also called as a variable. For example, age, sex, income, etc are referred as variables.

For checking how many students scored above $80\%$ marks in a class what should be the source of data?

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

  1. Secondary data

  2. Mailed questions

  3. Direct investigation

  4. Sample investigation

Show answer
Correct Option: C
Explanation:

For checking how many students scored above  80% marks in class, direct investigation should be conducted to collect the necessary data. Hence, direct investigation should be the source of data. Direct investigation is conducted by collecting the data directly from the students of the respective class.