Tag: economics

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Questions Related to economics

Multiple choice some mathematical tools used in economics step towards making a project basic statistics for economics economics

Which of the following statement is not correct?

  1. The money spent on the sample in collecting information is more than that is spent on population

  2. In an under developed economy, census method cannot be adopted because of the heavy cost

  3. The accuracy of the census method is tested by the information obtained by the sample method

  4. The error that occur in the study of the sample may be determined and steps may be taken to reduce it
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

As population is large in size as compared to samples. So, the money spent on gathering information through census is a costly affair than sampling.

Multiple choice some mathematical tools used in economics step towards making a project basic statistics for economics economics

A general rule is that a sample is to be replaced if the size of the sample ________.

  1. exceeds 2% of the population size

  2. exceeds 3% of the population size

  3. exceeds 4% of the population size

  4. exceeds 5%of the population size
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

General rule for the efficient sampling is that it should not exceed 5% of the population and if it exceeds,  then the sample needs to get replaced with the determination of the new sample.

Multiple choice some mathematical tools used in economics step towards making a project basic statistics for economics economics

Assertion (A) : In India, census is undertaken only once in five years.
Reason (R) : Taking census is a costly affair.

Which of the following is the correct assertion and its reason?

  1. (A) and (R) are true, and (R) is the correct explanation of (A).

  2. (A) and (R) are true, but (R) is not the correct explanation of (A).

  3. (A) is true but (R) is false.

  4. (A) is false but (R) is true.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In India, census is conducted in every ten years to get the correct estimation of its population though taking census is a very costly and time consuming process .

Multiple choice some mathematical tools used in economics step towards making a project basic statistics for economics economics

________ is the difference between the upper and the lower limit of the class.

  1. Class Interval

  2. Class Tally

  3. Class Frequency

  4. Class Mark
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The difference between the upper and  lower limit of class is the class interval.
Example class interval 10-20, here 10 is the lower limit and 20 is the upper limit.

Multiple choice some mathematical tools used in economics step towards making a project basic statistics for economics economics

Time series is an important statistical technique which is widely used by __________.

  1. business executives

  2. financial analysts

  3. economists

  4. all of above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Time series analysis is a versatile tool used across many disciplines, including economics, business, and finance, to analyze trends and make forecasts.

Multiple choice some mathematical tools used in economics step towards making a project basic statistics for economics economics

Time series is an important statistical technique which is widely used by _________.

  1. Scientists

  2. Sociologists

  3. Research workers

  4. All of above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Time series analysis is widely used across disciplines: Scientists use it for experimental data analysis, Sociologists study social trends over time, and Research workers in all fields analyze temporal patterns. Since all three groups use time series, option D is correct.

Multiple choice some mathematical tools used in economics step towards making a project basic statistics for economics economics

The distribution.
Values (less than)               20  25   30   35  40  45  50
Frequency is of the type     5   12    15   20  15   10   5 

  1. exclusive class type

  2. discrete type

  3. inclusive class type

  4. none of them
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The data provided is in a 'less than' cumulative frequency format, which is characteristic of an exclusive class type distribution where the upper limit of one class is the lower limit of the next.

Multiple choice some mathematical tools used in economics step towards making a project basic statistics for economics economics

The Multiplicative Model of a time series is expressed is :

  1. $Y _{t} = T _{t} \times C _{t} \times S _{t} \times R$
  2. $Y _{t} = T _{t} - C _{t} - S _{t} - R _{t}$
  3. $Y _{t} = T _{t} + C _{t} + S _{t} + R _{t}$
  4. $Y _{t} = T _{t}\cap C _{t}\cup S _{t} \cup R _{t}$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The multiplicative model assumes that the time series value is the product of its components: Trend (T), Cyclical (C), Seasonal (S), and Irregular (R) variations. This is expressed as Y = T * C * S * R.