0

Statistics in economics - class-XII

Attempted 0/85 Correct 0 Score 0

Range of probability distribution with 68.26% lies within __________________.

  1. $(+ 3 \sigma$ and $-3\sigma )$

  2. $(+ 4 \sigma$ and $-4\sigma )$

  3. $(+ 1 \sigma$ and $-1\sigma )$

  4. $(+ 2 \sigma$ and $-2\sigma )$


Correct Option: C

Statistics helps to formulate various principles and enables us to compare the theories in real life situations.

  1. True

  2. False

  3. Partly true

  4. None of above


Correct Option: A
Explanation:

Statistics collates data in a manner that makes it easy to draw meaningful conclusions from, which provided the empirical evidence that allows us to prove or disprove theories. 

Which of the following statements is false?

  1. Statistics is derived from the Latin word 'Status'

  2. Statistics is derived from the Italian word 'Statista'

  3. Statistics is derived from the French word 'Statistik'

  4. None of these


Correct Option: D
Explanation:

The word Statistics stems from the word Statistik, from the German language as introduced by Gottfried Achenwall.

Statistic is an exact science or pure science like physics, chemistry etc.

  1. True

  2. False

  3. Partly true

  4. None of above


Correct Option: B
Explanation:

No, Statistics isn't a pure science like physics or chemistry as it is not absolute and universal in nature. The observations made in statistics are more susceptible to a change in the situation, which will give a wildly different conclusion. 

Statistics tries to make sense of  ____ data.

  1. qualitative

  2. quantitative

  3. mental

  4. social


Correct Option: B
Explanation:

Statistics uses quantitative data to draw conclusions and find evidences to prove the formulated hypothesis. 

In which sense the word 'Statistic' is basically used?
I. Statistics Data
II. Statistical Method
Select the correct answer from the options given below___.

  1. I only

  2. II only

  3. Both I and II

  4. I but not II


Correct Option: C

Statistics is applied in____.

  1. economics

  2. business management

  3. commerce and industry

  4. all of above


Correct Option: D
Explanation:

Statistics is widely used in economics, business management, commerce and industry as it provides empirical evidence for theories constructed in these fields of study. 

Which of the following points do not reflect statistics? 

  1. It describes ways of analyzing qualitative data.

  2. It is a wide subject of study.

  3. It describes methods for analyzing qualitative data.

  4. It describes methods of collecting, quantitative data.


Correct Option: A
Explanation:

Statistics does not analyse qualitative phenomenon, statistical methods deal with those objects which can be measured in quantitative terms. Qualitative phenomenons such as beauty, goodwill etc cant be captured by statistics.

The word is 'Statistic' is basically used in two senses,i.e., as ________ and ______.

  1. Statistic Data and Statistic Method

  2. Organization and Presentation

  3. Statistic Data and Presentation

  4. None of the above


Correct Option: A

Which of the following sentence shows distrust about statistics?

  1. There are three types of lies-lies,damn lies and statistics.

  2. Figures do not lie; liars make figure.

  3. It can prove anything.

  4. All of above


Correct Option: D
Explanation:

All three statements are related to a major limitation of statistics which is "improper use of statistics". There is a vast scope for error in the data and it may be misused by people with agendas, these people may manipulate the data to gain favour or popularity. 

Why do we use inferential statistics?

  1. Inferential statistics are used to help us to compare the sample to the whole population.

  2. Inferential statistics are used to help us to generalize from the sample to the whole population

  3. Inferential statistics are used to help us show the difference between the sample and whole population.

  4. All of the above apply to use of inferential statistics.


Correct Option: B

Descriptive statistics is concerned with___while the goal of statistical inference is to ___with the help of ____

  1. Generalizing sample data, draw inductive conclusions, probabilities

  2. Summarizing data, draw inductive conclusions probabilities

  3. Decreasing data, draw deductive concussions, probabilities

  4. Summarizing data, draw deductive conclusions, histograms


Correct Option: B

Which of the following statements is false?

  1. Statistics is derived from the Latin word 'status'.

  2. Statistics is derived from the Italian word 'statista'.

  3. Statistics is derived from the French word 'statistik'.

  4. None of the above.


Correct Option: C
Explanation:

Statistics is derived from the french word "Statistique"

The study of the methods of organization summarization and presentation of statistical data is referred to as _______________.

  1. Inferential statistics

  2. Descriptive statistics

  3. Sampling

  4. None of the above


Correct Option: B

Statistics must relate to _______ facts. 

  1. aggregate

  2. single

  3. qualitative

  4. none of the above


Correct Option: A
Explanation:

Statistic must relate to aggregate facts only, it is not concerned with individuals. Statistical methods can be used to study and analyse only aggregate facts.

Characteristic(s) of statistics is(are) _______________.

  1. statistical facts are qualitatively expressed

  2. statistical facts are affected by multiplicity of causes

  3. statistics deals with single fact

  4. All of above


Correct Option: B

Characteristic(s) of statistics is(are) _______________.

  1. statistical data are estimated

  2. statistical data are collected with a perfect degree of accuracy

  3. statistical data deals with actual facts only

  4. All of above


Correct Option: A

Which of the following can be treated as important function of statistics?

  1. Statistics presents the facts in a precise and definite from.

  2. Statistics presents the large volume of complex data in a meaningful and understandable form.

  3. Statistics makes comparison of data possible.

  4. All of above


Correct Option: D

The subject matter of statistics is ______________.

  1. researcher

  2. datum

  3. data

  4. none of the above


Correct Option: C
Explanation:

The main goal of statistics is to collect, collate and analyse data and present its findings is an accurate and precise manner such that it enables meaningful conclusions to be drawn from the data. 

Statistics is ________________.

  1. an exact science

  2. a pure science

  3. a scientific method

  4. none of the above


Correct Option: C
Explanation:

Statistics is a scientific method used to draw conclusions out of raw data. Statistics uses qualitative data to draw conclusions and find evidences to prove the formulated hypothesis. 

What does statistics do?

  1. It enables an economist to present economic facts in a precise and definite form

  2. Helps in condensing the mass of data into a few numerical measures

  3. Statistics is used in finding relationships between different economic factors

  4. All of these


Correct Option: D
Explanation:

Statistics helps in grasping the meaning of certain laws of behavior in social sciences and lends precision to scientific inquiry. It helps finding out how various factors of production interact and contribute to economic activity. Analysts are able to collect and collate data in a precise manner to provide empirical evidence to a theory. Thus, it helps in condensing the mass of data into a few numerical measures and it enables an economist to present economic facts in a precise and definite form.

Simplifies presentation of an empirical finding is called an __________.

  1. fact

  2. economic fact

  3. collection of information

  4. A and C


Correct Option: B

Statistics involves which of the following?

  1. Collection and organisation of data

  2. Presentation of data

  3. Summarisation of data

  4. All of these


Correct Option: D
Explanation:

Statistics is the study of the collection and analysis of data, which is then collated and presented to provide empirical evidence to a hypothesis. It can be used to prove or disprove theories.

Who has been elected as the President of Indian Statistical Institute recently?

  1. R.C. Lahoti

  2. Mahesh Sharme

  3. M.S Sahoo

  4. Vijay Kelkar


Correct Option: D

Which of the following can be treated as important function of statistics?

  1. Statistics presents the facts in a precise and definite form.

  2. Statistics presents the large volume of complex data in meaningful and under standable form.

  3. Statistics makes comparison of data possible.

  4. All of above


Correct Option: D
Explanation:

Statistics comprises data to present it in an understandable manner and relate it to a theory, it presents facts in a precise form and it makes the comparison of data possible.

Which of the following can be treated as important function of statistics?

  1. Statistics deals with qualitative data.

  2. Statistics deals with individual figure.

  3. Statistics is a science which provides opportunities to individuals to enrich their knowledge and experience.

  4. All of above.


Correct Option: D

Statistics is ____________.

  1. an exact science

  2. pure science

  3. science of scientific method

  4. none of above


Correct Option: C
Explanation:

Statistics is a scientific method used to draw conclusions out of raw data. 

Characteristic(s) of statistics____.

  1. Statistical facts are qualitatively expressed

  2. Statistical facts are affected by multiple causes

  3. Statistics deals with single fact

  4. All of the above


Correct Option: B
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.

Characteristic(s) of statistics___________.

  1. statistical data are enumerated or estimated

  2. statistical data are collected with a perfect degree of accuracy

  3. statistical data deals with actual facts only

  4. all of above


Correct Option: A
Explanation:

Data for the entire population may not be available, or it may be impossible to collect and thus reasonable estimators must be used.  

____ provides the basis of theory of probability in statistics.

  1. Law of inertia of large numbers

  2. Law of statistical regularity

  3. Law of averages

  4. Both A and B


Correct Option: B
Explanation:

Statistical regularity is a law in statistics that states that random events will exhibit similar properties when repeated enough times, that it they will follow a regular pattern. All central limit theorems and low of large numbers are laws of statistical regularity.

Statistics which deals with the numerical data can be classified as____.

  1. inductive statistics

  2. inferential statistics

  3. applied statistics

  4. descriptive statistics


Correct Option: D

_____ include the techniques such as collection and tabulation of data, averages or measures of central tendency,index number,dispersion, skewness,which help in summarizing and describing the main features of data.

  1. Inductive statistics

  2. Inferential statistics

  3. Applied statistics

  4. Descriptive statistics


Correct Option: D

This division of statistics is concerned with the application of statistical methods and techniques to the specific problems and facts of real life situations as they exist can be classified as____.

  1. inductive statistics

  2. inferential statistics

  3. applied statistics

  4. descriptive statistics


Correct Option: C

According to_____, the larger the size of sample, the more accurate the results are likely to be.

  1. law of inertia of large numbers

  2. law of statistical regularity

  3. law of social sciences

  4. Both a and b


Correct Option: A
Explanation:

The law of large numbers theorem states that identically distributed random variables will approach their normal distribution, theoretical mean and the size of the sample increases.

Which of the following condition is necessary to hold good the law of statistical regularity?

  1. Random sample is taken.

  2. The size of sample is large.

  3. The size of sample is low.

  4. A and B.


Correct Option: D

According to _____ , if a large sample is taken from a population in a random way, it is bound to be fairly representative of the population.

  1. law of inertia of large numbers

  2. law of statistical regularity

  3. law of social sciences

  4. both a and b


Correct Option: B
Explanation:

Statistical regularity is a law in statistics that states that random events will exhibit similar properties when repeated enough times, that it they will follow a regular pattern. All central limit theorems and law of large numbers are laws of statistical regularity.

_____ covers those methods and techniques of statistics which are used to draw conclusions and statistical inferences about the parameters of population on the basis of estimates derived from a sample.

  1. inductive statistics

  2. inferential statistics

  3. applied statistics

  4. descriptive Statistics


Correct Option: B

Business forecasting is done with the help of____.

  1. inferential statistics

  2. inductive statistics

  3. mathematical statistics

  4. analytical statistics


Correct Option: B

______ is that branch of statistics which is concerned with the application of various mathematical theories and techniques such as theory of measures and integration,differentiation,algebra,trigonometry,matrix theory,etc. to develop various statistical theories and techniques.

  1. Inferential statistics

  2. Inductive statistics

  3. Mathematical statistics

  4. Analytical statistics


Correct Option: C

In which of the following fields/ areas the use of statistics and statistical techniques can be better examined? 

  1. Test and verification of economic theories /principles / hypothesis.

  2. Understanding and study of economic problems.

  3. Economic planning.

  4. All of the above


Correct Option: D

Statistics is useful State Authorities as it helps in formulating____.

  1. fiscal policies

  2. personal policies

  3. training policies

  4. all of the above


Correct Option: A
Explanation:
The computation of statistics is immensely helpful in the identification of economic problems and the planning of policies to solve them as the government can now see how the economy is progressing and implement targeted policies to improve the situation. eg: if the unemployment level is higher than average the government can choose to have targeted employment schemes in that area of the country. 

In which of the following fields/ areas the use of statistics and statistical techniques can be better examined?

  1. Measurement of national income and components.

  2. Business management.

  3. Biology

  4. All of the above


Correct Option: D
Explanation:
Statistics helps in grasping the meaning of certain laws of behavior in social sciences and natural sciences and lends precision to scientific inquiry.  Analysts are able to collect and collate data in a precise manner to provide empirical evidence to a theory. Thus, it helps in condensing the mass of data into a few numerical measures and it enables an economist to present economic facts in a precise and definite form, or enables a scientist to draw conclusions from an experiment or allow an entrepreneur to construct a sales trendline to make the next business strategy. 

Which of the following can be treated as limitation of statistics?

  1. Statistics deal with figures which are innocent by themselves and do not bear on their face the level of their quality and can be easily distorted, manipulated by dishonest politicians or unscrupulous people for their selfish motives.

  2. Statistics deals with groups and not with individuals.

  3. Statistics does not deals with qualitative data and descriptive facts.

  4. All of above


Correct Option: D

______ consists of those methods which are used in establishing functional relationship between variables.It is attempted through comparison, between two sets of data at a point of time in cross-section data or between two points of time otherwise.

  1. Inductive statistics

  2. Mathematical statistics

  3. Applied statistics

  4. Analytical statistics


Correct Option: D

Important techniques from the part of analytical statistics includes____.

  1. association of attributes

  2. correlation and regression.

  3. mathematics of finance

  4. A and B


Correct Option: D

Which of the following can be treated as limitation of statistics?

  1. Statistics does not deal with qualitative data and descriptive facts.

  2. Statistics deals with groups and not with individuals.

  3. Statistical laws are not exact.

  4. All of above


Correct Option: D
Explanation:

Statistics are aggregate of facts, a single numerical fact can't be called statistics. Thus they only deal with groups and not individuals. Statistics only deals with quantitative data it does not deal well with qualitative data beauty, honesty, goodwil etc cant be measured. The laws of statistic are not exact and they might be used improperly to misinform. Political parties may create misleading statistics to gain favor with the people.

Which of the following sentence shows distrust about statistics?
1. An ounce of truth will produce tonnes of statistics.
2. It can prove anything.
3. It can prove nothing.
Select the correct answer from the options given below:

  1. 1 only

  2. 1 and 2 only

  3. 2 and 3 only

  4. All 1 , 2 and 3


Correct Option: D
Explanation:

All three statements are related to a major limitation of statistics which is "improper use of statistics". There is a vast scope for error in the data and it may be misused by people with agendas, these people may manipulate the data to gain favour or popularity. 

Which of the following can be treated as limitation of statistics?

  1. Statistics helps in the formulation of various policies.

  2. Statistical laws are not exact.

  3. Statistics make forecasting easier.

  4. All of above


Correct Option: B
Explanation:

A major limitation of statistics which is "improper use of statistics" which is a result of the laws of statistic not being an exact science. There is a vast scope for error in the data and it may be misused by people with agendas, these people may manipulate the data to gain favour or popularity. eg. politicians publishing misleading statistics on employment and inflation to remain in power.

____________________ formulated in mathematical theory of probability lays down that a moderately large number of items chosen at random from a very large group are almost sure on the average to have the characteristic of the large group"

  1. Law of inertia of large numbers

  2. Law of statistical regularity

  3. Descriptive statistics

  4. Applied statistics


Correct Option: B
Explanation:

The law of statistical regularity states that, as the sample size is increased, the data collected from this group will reflect the data of the population, i.e., irregularities in the data begin diminishing as the size of the sample increases, as the characteristics of the group is the characteristics of the data.

Which is not a stage of statistical inquiry?

  1. Collection of data

  2. Organisation and presentation of numerical data

  3. Analysis of numerical data

  4. Preciseness and definiteness


Correct Option: D
Explanation:

Option D is correct. Preciseness and definiteness do not feature in process of data collection and analysis, rather it is an innate quality that is likely to be ensured at each stage of the data collection and refinement process. 

Which of the following are the characteristics of statistics?

  1. Numerically expressed

  2. Affected by multiplicity of causes

  3. Aggregate of facts

  4. All the above


Correct Option: D
Explanation:

Statistics are numerically expressed as it solely deals with quantitative data. They are aggregate of facts as a single numerical fact cannot be termed as statistics, and only then can these facts be compared and conclusion drawn about the aggregate general facts.

Both descriptive and inferential statistic is used to change data into information that in turn is converted into_______that lead to better decision making. 

  1. Knowledge

  2. A process

  3. A forecast

  4. A parameter


Correct Option: A

Inferential statistics is a process that involves all of the following EXCEPT?

  1. Estimating a parameter

  2. Estimating a statistic

  3. Test a hypothesis

  4. Analyze relationships


Correct Option: B

The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called

  1. Statistics

  2. Descriptive statistics

  3. Qualitative descriptive

  4. Measurement of statistics


Correct Option: A

Business managers also need statistics for planning as _______________.

  1. decisions can not be made on trial basis

  2. systematically organized data help in developing decision policies

  3. both A & B

  4. none of the above


Correct Option: C
Explanation:

Statistics carries out analysis of past data, which allows a trend line to be constructed, and thus the company has a higher chance of success as data regarding past performance is available. The data that is collated has to be accurate and systematically organized to help in the formation of developing decision policies. 

For data to be statistics it should ________________.

  1. be numerically expressed

  2. be estimated

  3. have predetermined purpose

  4. all of the above


Correct Option: D
Explanation:

The data collected should be numerically expressed as statistics deals with quantitative data. should be collected with a purpose in order to for it to be accurate. Data should also be useful and sufficient to make estimations and draw conclusions.

In statistics the facts _______________.

  1. should be expressed numerically

  2. should be related to other facts for comparison

  3. can't be estimated

  4. both A & B


Correct Option: D
Explanation:

The data collected should be numerically expressed and collated in a way that enables to draw conclusions. Data should be collected with a purpose in order 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. Statistics is not concerned with a single observation, and has to be related to aggregate facts to be comparable and carry meaning. 

Objectives and significance of statistical averages are _____________.

  1. to present huge mass of data in a summarized form

  2. to facilitate comparison of different sets of data

  3. to help in decision making

  4. All of the above


Correct Option: D

We use inferential statistic to generalize from our samples and descriptive statistics to describe our samples.

  1. True

  2. False

  3. Partially true

  4. None of the above


Correct Option: A

Statistics is indispensable function of State as ________________.

  1. suitable policies are to be formed

  2. it is dispensable if applied only to Central Government

  3. it helps to improve the working of the system

  4. Both A & C


Correct Option: D
Explanation:

The computation of statistics is immensely helpful in the planning of policies as the government can now see how its progressing and implement targeted policies to improve the situation. E.g.: if the unemployment level is higher than average the government can choose to have targeted employment schemes in that area of the country. 

Select the principles and methods used in Statistics __________.

  1. organization of data

  2. collection of data

  3. interpretation of data

  4. All of the above


Correct Option: D

The commonly found limitations to statistics are  ________________.

  1. it deals with individual elements

  2. statistics gives precise and accurate information

  3. results of statistics are based on assumptions.

  4. all of the above


Correct Option: C
Explanation:

It is usually either impossible or impractical (eg: it would cost too much money for it to be efficient) to collect data from each unit of the universe, thus samples are assumed to carry the characteristics of the population, which might not exactly be true.

The word 'Statistics' had its origin from the Latin word _____________.

  1. statistik

  2. stato

  3. status

  4. statustic


Correct Option: C
Explanation:

Statistics is derived from the latin word "status".

Statistics in the sense of numerical data basically refers to ______ aspects.

  1. qualitative

  2. quantitative

  3. mental

  4. social


Correct Option: B
Explanation:
Statistics is a scientific method used to draw conclusions through data analysis. Statistics uses quantitative data to draw conclusions and find evidences to prove the formulated hypothesis. Statistics cannot analyse qualitative phenomenon. Things like goodwill, beauty, integrity cannot be quantitatively measured and thus is statistical methods are not useful.

Important techniques from analytical statistics includes _______________.

  1. association of attributes

  2. correlation and regression.

  3. mathematics of finance

  4. both (A) and (B)


Correct Option: D
Explanation:
Correlation and regression is a technique used to analyse measurable variables. The association of attributes is used to measure categorical variables. 

............. consists of those method which are used in establishing functional relationship between variables. It is attempted through comparison, between two sets of data at a point of time in cross-section data or between two points of time otherwise. 

  1. Inductive Statistics

  2. Mathematical Statistics

  3. Applied Statistics

  4. Analytical Statistics


Correct Option: D

It is not possible to think of any sphere of human activity where statistics has not crept in.

  1. True

  2. False

  3. Partly true

  4. None of above


Correct Option: A
Explanation:

Statistics is widely used in all fields of human activity, these include but are not limited to economics, business studies, natural sciences, political science etc. 

Which of the following can be treated as important function of statistics?

  1. Statistics helps in the formulation of various policies.

  2. Statistics makes forecasting easier.

  3. Statistics helps to formulate hypothesis and test its validity.

  4. All of the above


Correct Option: D
Explanation:

Statistic usually relies on empirical evidence of the past in order to formulate a hypothesis and the possible long run path. Since the hypothesis is based on real data, it makes forecasting easier, it can help verify hypothesis which in turn can then help form targeted policies to aid in economic growth. 

________ refers to those methods and techniques of statistics which help in estimating a particular phenomenon on the basis of random observation.

  1. Inferential Statistics

  2. Inductive Statistics

  3. Mathematical Statistics

  4. Analytical Statistics


Correct Option: B

______ is the branch of statistics that is concerned with the application of various mathematical theories and techniques such as theory of measures and integration, differentiation, algebra, trigonometry, matrix, etc. to develop various statistical theories and techniques.

  1. Inferential Statistics

  2. Inductive Statistics

  3. Mathematical Statistics

  4. Analytical Statistics


Correct Option: C

The word 'Statistics' as used in earlier days by Italians is __________.

  1. statistik

  2. statista

  3. status

  4. statustic


Correct Option: B
Explanation:

Statistics is derived from the italian word "statista ".

Statistical information basically helps to understand the _____________.

  1. economic problems

  2. formulation of economic policies

  3. both (A) and (B)

  4. neither (A) nor (B)


Correct Option: C
Explanation:
Statistics is useful in studying the role of the government in economic problems and formulation of policies to alleviate it. Through the collection and analysis of statistical data the government will be able to identify problems such as unusually high unemployment and then formulate the best policy to help solve the problem. 

In which of the following fields/areas can the use of statistics and statistical techniques be better examined?

  1. Test and verification of economic theories/principles/hypothesis.

  2. Understanding and study of economic problems.

  3. Economic planning.

  4. All of the above.


Correct Option: D
Explanation:
The computation of statistics is immensely helpful in the identification of economic problems and the planning of policies to solve them as the government can now see how the economy is progressing and implement targeted policies to improve the situation. E.g.: If the unemployment level is higher than average the government can choose to have targeted employment schemes in that area of the country.
Statistics is also highly useful to test and verify economic theories/principles and/or hypothesis. 

A pattern of low income and low economic growth which tend to perpetuate itself is known as ________.

  1. sterilization

  2. vicious circle of under-development

  3. transmission mechanism

  4. stabilization


Correct Option: B

Statistics is useful to State Authorities as it helps them in formulating ______________.

  1. fiscal policies

  2. personal policies

  3. training policies

  4. All of the above


Correct Option: D

In India, in which of the following, Foreign Direct Investment (FDI) is not allowed?

  1. Construction and Maintenance of Roads

  2. Atomic Energy

  3. Airport

  4. Hotels and Tourism


Correct Option: B

Which of the following pairs is not correctly matched?

  1. WTO - Generally forbids the use of quantitative restrictions on trade

  2. IMF - Provides finance to correct disequilibrium in balance of payments

  3. RBI - Promotes trade among countries

  4. IBRD - Gives long term loans for development


Correct Option: C
Explanation:

Option C incorrectly matched as RBI promotes monetary policy in India and the WTO promotes trade among countries.

An economy is underdeveloped if __________.

  1. the standard of living is poor

  2. the population is growing at a high rate

  3. the main occupation of a majority of the population is agriculture

  4. all of the above


Correct Option: D
- Hide questions