Tag: business economics and quantitative methods

Questions Related to business economics and quantitative methods

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

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition 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.

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Correct Option: D

Statistics is ____________.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. an exact science

  2. pure science

  3. science of scientific method

  4. none of above

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Correct Option: C
Explanation:

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

Statistical facts are not traceable to single fact.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. True

  2. False

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Correct Option: A

Characteristic(s) of statistics____.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition 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

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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___________.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition 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

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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.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. Law of inertia of large numbers

  2. Law of statistical regularity

  3. Law of averages

  4. Both A and B

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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____.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. inductive statistics

  2. inferential statistics

  3. applied statistics

  4. descriptive statistics

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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.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. Inductive statistics

  2. Inferential statistics

  3. Applied statistics

  4. Descriptive statistics

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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____.

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. inductive statistics

  2. inferential statistics

  3. applied statistics

  4. descriptive statistics

Show answer
Correct Option: C

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

business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

  1. law of inertia of large numbers

  2. law of statistical regularity

  3. law of social sciences

  4. Both a and b

Show answer
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.