Tag: economics

Questions Related to economics

Under which of the following method, investigators personally visit the respondents, ask them questions pertaining to the enquiry and collect the desired information?

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: D
Explanation:

Under direct personal interview method of data collection, investigators personally visit the respondents, ask them questions pertaining to the enquiry and collect the desired information. By this method more accurate and reliable data can be obtained as there is face to face communication.

Primary data may be collected by ______________.

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

  1. direct personal interview

  2. indirect oral interview

  3. information received from local agencies or correspondents

  4. Any of the above

Show answer
Correct Option: D
Explanation:

Primary data is the data, which is collected for the first time by investigators. It is also known as raw data. It is the first-hand information. It refers to the collection of data for a specific purpose. It is original in nature. Primary data is more reliable, accurate and adequate than the secondary data. it may be collected by direct personal interview, indirect oral interview and by information received from local agencies or correspondents.

Which of the following terms best describes data that we originally collected at an earlier time by a different person for a different purpose?

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

  1. Field note

  2. Experimental data

  3. Secondary data

  4. Primary data

Show answer
Correct Option: C
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.

Statistical data are collected only with ____________.

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

  1. 100% accuracy

  2. a reasonable degree of accuracy

  3. a reasonable degree of inaccuracy

  4. all of the above

Show answer
Correct Option: B
Explanation:

It is not possible for statistical data to be 100% accurate. 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 there may be biases on the part of the interviewer and/or the interviewee. Thus, large samples are taken to ensure reasonable degree of accuracy.

The source note is required if  _______ is used.

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

  1. primary data

  2. secondary data

  3. original data

  4. exceptional data

Show answer
Correct Option: B
Explanation:

The source note is required if secondary data is used since secondary data is second-hand information. It is not collected directly by the user. Therefore, source not is required.

In case of rail accident, the appropriate method of data collection is by a ________.

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

  1. direct interview

  2. personal interview

  3. indirect interview

  4. All of above

Show answer
Correct Option: C
Explanation:

Under indirect 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. In case of rail accident, the appropriate method of data collection is by indirect interview.

Statistical survey is a scientific process of ___________.

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

  1. collection of data

  2. collection and analysis of data

  3. analysis of data

  4. collection and analysis of numerical data

Show answer
Correct Option: D
Explanation:

Statistical survey is a scientific process of collection and analysis of numerical data. It helps to examine and analyse the characteristics of a given population. Proper statistical methodology is used to conduct statistical survey.

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 hyptothesis of the relevant present problem

  3. Defining the problem

  4. Interpret primary data more insightfully

Show answer
Correct Option: B
Explanation:

Secondary data collection are data which have already been collected for the purpose other than problem at hand. These data can be located for purposes quickly and inexpensively. 

Test the hyptothesis of the relevant present problem is not an objective of secondary data collection.

Excess demand generates greater employment opportunities in the economy.

economics income-output determination public debt public debt main feature of tax

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

Excess demand is a situation when there is no possibility of greater employment opportunities as economy is already at full employment level.

Which of the following is not a component of aggregate demand in a two-sector economy?

economics income-output determination public debt public debt main feature of tax

  1. Net Exports

  2. Government Expenditure

  3. Consumption

  4. Both (a) and (b)

Show answer
Correct Option: A
Explanation:

The aggregate demand in two sector economy only includes the expenditure made by the consumer sector and the producer sector. The expenditure by the government sector and net exports are not included in the two sector economy.