Tag: economics

Questions Related to economics

'Collection of data' refers to systematic recording of results -
A. By counting
B. By enumeration
Select the correct answer from the options given below -

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

  1. B only

  2. A only

  3. Either A or B

  4. Neither A nor B

Show answer
Correct Option: C
Explanation:

'Collection of data' refers to systematic recording of results either by counting or by enumeration. Collecting data by enumeration is much more expensive than collecting data by counting.

International tourist is randomly selected on a beach in Singapore to ask how many days they spend in Singapore. Estimate the results that will be obtained by this method.

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

  1. This method will give reliable results if many tourists are asked

  2. This method will overestimate the time tourists stay in Singapore

  3. This method will underestimate the time tourists stay in Singapore

  4. This method will work only in sunny weather

Show answer
Correct Option: B
Explanation:
Option B is correct.
If international tourists are randomly selected on a beach in Singapore to ask how many days they spend in Singapore: This method will overestimate the time tourists stay in Singapore. This is because there can be some people who may stay for very little time whereas others may have come for a long stay. This will cause the results to be unfavourable and incorrect.

Which of the following organization collect and publish the primary data?

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

  1. Central statistical Organization (CSO)

  2. Reserve Bank of India (RBI)

  3. National Sample Survey (NSS)

  4. All of above

Show answer
Correct Option: D
Explanation:

Primary data is the data, which is collected for the first time by investigators. It s also known as raw data. It is the first-hand information. It refers to the collection of data for a specific purpose. Primary data is collected by the following organizations- Central statistical Organization, Reserve Bank of India and National Sample Survey.

For getting periodical information, the best way to seek data is to collect it ________.

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

  1. Indirectly by oral investigation

  2. Mailed questionnaire

  3. Information received from local agencies

  4. All of the above

Show answer
Correct Option: C
Explanation:

For getting periodical information, the best way to seek data is to collect it from the information received from local agencies. Periodical information refers to the data on the regular issues. Hence, local agencies can provide the best information.

_________refers to the data which is already collected and published by other authorities.

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

  1. Primary Data

  2. Unprocessed data

  3. Secondary Data

  4. None of above

Show answer
Correct Option: C
Explanation:

Secondary data is the second-hand information as it is not collected by the user. Thus, secondary data refers to the data which is already collected and published by other authorities. For example, government census report is a secondary data.

Which of these is not a method of data collection?

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

  1. Observation

  2. Experiments

  3. Interviews

  4. Questionnaires

Show answer
Correct Option: B
Explanation:

Experiment is not a method of data collection. Experiment is a procedure which can be repeated for indefinite times. It is also known as trial.

Secondary data is __________________.

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

  1. first hand information

  2. already published data

  3. original in nature

  4. (A) and (C)

Show answer
Correct Option: B
Explanation:

Secondary data is the second-hand information since the secondary  data is not collected or gathered by the user. It should be accurate, reliable and suitable. For example, government census report is a secondary data. Thus, secondary data that we originally collected at an earlier time by a different person for a different purpose. It is already published data.

_______ method of collecting information is usually adopted by newspaper agencies.

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

  1. Schedule sent through enumerators

  2. Mailed questionnaire method

  3. Information received from local agencies

  4. Experiments

Show answer
Correct Option: C
Explanation:

Information received from local agencies method of collecting information is usually adopted by newspaper agencies. Information received from local agencies are primary data, but when it is adopted by newspaper agencies it becomes the secondary data.

Under _______ of enquiry, the trained enumerators personally visits the informants and explain the objectives of enquiry, ask questions and record their replies.

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

  1. direct personal interview method

  2. information received from local agencies or correspondents

  3. indirect oral interview method

  4. questionnaire sent through enumerators methods

Show answer
Correct Option: D
Explanation:

Under questionnaire sent through enumerators method  of enquiry, the trained enumerators personally visits the informants and explain the objectives of enquiry, ask questions and record their replies. More reliable and accurate data can be obtained by this method since there is a face to face communication between the informants and the investigator.

Under which of the following method, investigators collect data by contacting third-party or informants who are supposed to possess the information on the problem under investigation?

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

  1. Indirect oral interview

  2. Schedule sent through enumerators

  3. Mailed questionnaire method

  4. Direct personal interview

Show answer
Correct Option: A
Explanation:

Under indirect oral interview method of data collection, investigators collect data by contacting third-party or informants who are supposed to possess the information on the problem under investigation. This method is usually used when the sensitive questions are to be asked, such as questions regarding income, illegal activities, etc.