Tag: introduction to statistical method and econometrics

Questions Related to introduction to statistical method and econometrics

A contractor employed 18 labourers at Rs 12 per day 10 labourers at Rs 13.50 per day 5 labourers at Rs 25 per day and 2 labourers at Rs 42 per day The average wage of a labourer per day is

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. Rs 16

  2. Rs 20

  3. Rs 24

  4. Rs 28

Show answer
Correct Option: A
Explanation:

Total wages paid by contractor to 18 laborers Rs 12 per day =$18\times 12=216 Rs

And total wages paid by contractor to 10 laborers Rs 13.50 per day =$10\times 13.5=135 Rs
And total wages paid by contractor to 5 laborers Rs 25 per day =$5\times 25=125 Rs
And total wages paid by contractor to 2 laborers Rs 42 per day =$2\times 42=84 Rs
Then total wages paid by contractor to all laborers=216+135+125+84=560 Rs
And total  laborers=18+10+5+2=35
Then average wages =$\frac{560}{35}=16 $ Rs  

Bankers use ______ approaches to estimate the number of people who will be making deposits compared to the number of people requesting loans.

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. manipulative

  2. statistical

  3. arithmetic

  4. data analytic

Show answer
Correct Option: B
Explanation:

Bankers use statistical approaches to estimate the number of people who will be making deposits compared to the number of people requesting loans.

Number of students in your class is an example of ______.

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. statistics

  2. mean

  3. mode

  4. median

Show answer
Correct Option: A
Explanation:

Statistics is the collection of methods used in planning an experiment and analyzing data in order to draw accurate conclusions.
So, the number of students in your class is an example of statistics.

Which one of the following is not correct ?

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. Statistics is liable to be misused

  2. The data collected by the investigator to be used by himself are called primary data

  3. Statistical laws are exact

  4. Statistics do not take into account of individual cases

Show answer
Correct Option: C
Explanation:

Answer:- C) Statistical laws are exact.

Reason:-
The statistical laws are based on probability. Using probability we can only estimate the answer, it will not be accurate.
So statistical laws are not exact.

_____ deals with collection, organization and interpretation of data.

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. Probability

  2. Statistics

  3. Both

  4. None of these

Show answer
Correct Option: B
Explanation:

Answer:- B) Statistics

Explanation:-
Statistics deals with data moreover with its collection, organising it in a proper form and using it to analyze given situation i.e. interpretation.

A candidate who gets $20$% marks in an examination fails by $30$ marks but another candidate who gets $32$% gets $42$ marks more than the pass mark. Then, the percentage of pass mark is

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. $52$

  2. $50$

  3. $33$

  4. $25$

Show answer
Correct Option: D
Explanation:

Let the total marks be $x$.
According to the question,
$\dfrac {20}{100}\times x + 30 = \dfrac {32}{100} \times x - 42$
$42 + 30 = \dfrac {32}{100}x - \dfrac {20}{100}x$
$72\times 100 = 12x \Rightarrow x = 600$
Passing marks $= \dfrac {20}{100}x + 30 = \dfrac {20}{100}\times 600 + 30 = 150$
Required percentage $= \dfrac {150}{600}\times 100 = 25$%.

The lottery method is_________.

maths frequency distribution tables and graphs introduction to statistics introduction to statistical method and econometrics partition values

  1. very expensive

  2. very easy

  3. time saving

  4. time consuming and cumbersome

Show answer
Correct Option: D
Explanation:

Lottery method can be time consuming if a large population or sample is involved in this and also it becomes a very tedious and ambiguous task.

Which of the following operations is conducted after a gap of every ten years?

maths frequency distribution tables and graphs introduction to statistics introduction to statistical method and econometrics partition values

  1. Economic survey

  2. Estimates of Foreign Direct Investment (FDI)

  3. Compilation of Human Development Report

  4. General Census

Show answer
Correct Option: D
Explanation:

General census is official counting of a region's or nation's people and compilation of economics , social and other data usually for formulation of development policies and plans etc.

General census is an operation which is conducted after a gap of every ten years .

More practical and inexpensive method of sampling is__________.

maths frequency distribution tables and graphs introduction to statistics introduction to statistical method and econometrics partition values

  1. lottery method.

  2. use of table of random numbers.

  3. both (A) and (B).

  4. none of the above

Show answer
Correct Option: B
Explanation:

Use of table of random numbers is less time consuming and less expensive as compared to lottery as lottery deals with a large set of population or samples and also it is a time consuming method.

In a random number table, each digit appears with___________.

maths frequency distribution tables and graphs introduction to statistics introduction to statistical method and econometrics partition values

  1. the same frequency

  2. independent of each other

  3. dependent of each other

  4. both (A) and (B)

Show answer
Correct Option: D
Explanation:

In a random number table, every digit has got an equal probability of being appearing and are independent of each other as selection of one number is not influenced by any other number.