Tag: business mathematics and statistics

Questions Related to business mathematics and statistics

The variable number of children in your class is discrete variable

business mathematics and statistics random variable and mathematical expectation discrete and continuous data random variable random variable and its types

  1. True

  2. False

  3. can't determine

  4. none of these

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Correct Option: A
Explanation:

Number of children in the class can be counted and it will take value only as a whole number. Hence, it is a discrete variable.

The sizes of shoes is a continuous variable
If true then enter $1$ and if false then enter $0$

business mathematics and statistics random variable and mathematical expectation discrete and continuous data random variable random variable and its types

  1. $1$

  2. $0$

  3. $10$

  4. None of these

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Correct Option: B
Explanation:

Size of a shoe can have integer values only. Hence, it is a discrete variable.

Time is continuous variable
If true then enter $1$ and if false then enter $0$

business mathematics and statistics random variable and mathematical expectation discrete and continuous data random variable random variable and its types

  1. $1$

  2. $0$

  3. $3$

  4. None of these

Show answer
Correct Option: A
Explanation:

Time can have any value including integers and rational numbers. Hence, it is a continuous variable.

State, which of the following variables are continuous and which are discrete :


Daily temperature of a city is continuous
If true then enter $1$ and if false then enter $0$

business mathematics and statistics random variable and mathematical expectation discrete and continuous data random variable random variable and its types

  1. Can't determine

  2. $0$

  3. $1$

  4. None of these

Show answer
Correct Option: C
Explanation:

Temperature of a city can have any value including integers and rational numbers. Hence, it is a continuous variable.

State, which of the following variables are continuous and which are discrete :

Marks scored in a text is discrete
If true then enter $1$ and if false then enter $0$

business mathematics and statistics random variable and mathematical expectation discrete and continuous data random variable random variable and its types

  1. $1$

  2. $0$

  3. Can't determine

  4. None of these

Show answer
Correct Option: A
Explanation:

Marks scored in a test can have have only integer value. Hence, it is a discrete variable.

Daily temperature is continuous variable.

If true then enter $1$ and if false then enter $0$

business mathematics and statistics random variable and mathematical expectation discrete and continuous data random variable random variable and its types

  1. $1$

  2. $0$

  3. Can't determine

  4. None of these

Show answer
Correct Option: A

Index for base period is always taken as: 

business mathematics and statistics introduction to index number introduction to index numbers index numbers applied statistics

  1. $100$

  2. $1$

  3. $200$

  4. $0$

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Correct Option: A
Explanation:

$\Rightarrow$  Index for base period is always taken as : $100$.

$\Rightarrow$  A base year is the first of a series of years in an economic or financial index. It is typically set to an arbitrary level of 100. 
$\Rightarrow$  New, up-to-date base years are periodically introduced to keep data current in a particular index. 
$\Rightarrow$  Any year can serve as a base year, but analysts typically choose recent years.

An index number that can serve many purposes is called:

business mathematics and statistics introduction to index number introduction to index numbers index numbers applied statistics

  1. General purpose index

  2. Special purpose index

  3. Cost of living index

  4. None of them

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Correct Option: A
Explanation:

An index number that can serve many purposes is called general purpose index.

_____ indicates the changes in monetary value

business mathematics and statistics introduction to index number introduction to index numbers index numbers applied statistics

  1. Price Index

  2. Cost Index

  3. GDP Reflector

  4. All the above

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Correct Option: A
Explanation:

Price Index indicates the changes in monetary value.

Price relatives are a percentage ratio of current year price and:

business mathematics and statistics introduction to index number introduction to index numbers index numbers applied statistics

  1. Base year quantity

  2. Previous year quantity

  3. Base year price

  4. Current year quantity

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Correct Option: C
Explanation:

$\Rightarrow$  Price relatives are a percentage ratio of current year price and $Base\, year\, price$.

$\Rightarrow$  Thus, $Price\, relative=\dfrac{P _1}{P _0}\times 100,$ where $P _0$ is the price in the base year and $P _1$ of corresponding commodity in present year (for which index is to be calculated)