Tag: data

Questions Related to data

Which of the following is not a method of collection of primary data.

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

  1. Questionnaires

  2. Interviews

  3. Demonstration

  4. Case studies

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Correct Option: C
Explanation:
Primary data is the data which is observed or collected from first hand experience.The main methods of primary data are as following
Questionnaires 
Interviews
Observations
Case studies
portfolios
critical incident
Questionnaire is a set or questions with a choice of answer for the purpose survey.
Interview is the technique used to understand people's attitudes,preferences or behavior.
Case studies involve measuring what is there and how it got there.
So we can see that data collected from Questionnaires,interviews and case studies will be categorized in primary data as these data is always collected from first hand experience.

Data collected in the past or other parties are called secondary data.Demonstration is a practical explanation or exhibition of how something works or is performed.So Demonstration will be categorized in Secondary data.

So option C is correct.

Identify merits/demerits of questionnaire method:
Respondents have adequate time to give well thought out answers.

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

  1. Merit

  2. Demerit

  3. Both

  4. None of the above

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Correct Option: A
Explanation:

If the respondents have adequate time to think give the perfect answers then this becomes the merit of the method.

In the Merits of observation method:
Subject bias is ________ if the observation is done correctly.

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

  1. eliminated

  2. selected

  3. put on hold

  4. None of the above

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Correct Option: A
Explanation:

If the subject bias is eliminated then there is no confusion of how the subjects act in the experiment. 

Therefore, if the observation is done correctly then it becomes the merit of the method.
Hence, the answer is eliminated.

Which of the following is/are not internal sources of secondary data.

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

  1. Sales Report

  2. Company information

  3. Business journals

  4. Financial Statements

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Correct Option: C
Explanation:

Business journals are not the internal source of secondary data.

Option $C$ is correct.

Identify the demerits of observation method:

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

  1. Information provided is unlimited.

  2. Information provided is limited.

  3. Information provided can be limited/unlimited.

  4. None of the above

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Correct Option: B
Explanation:

If the information or the given data is limited then sometimes it becomes difficult and understand and answer. Therefore, it becomes the demerit of the method.

How can statistical data collected?

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

  1. Actual counting

  2. Estimation

  3. Measurement

  4. All of the above

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Correct Option: D

________ is the data, which is collected for the first time by investigators.

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

  1. Published data

  2. Primary Data

  3. Processed data

  4. Secondary Data

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Correct Option: B
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.