Tag: introduction to statistical method and econometrics

Questions Related to introduction to statistical method and econometrics

Who is the founder of mathematical statistics?

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  1. Francis Galton

  2. Anders Nicolai

  3. Karl Pearson

  4. Walter Weldon

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Correct Option: C
Explanation:

Karl Pearson is the founder of mathematical statistics.

Which of the following is not a data collection method?

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

  1. Census

  2. Population

  3. Business strategy

  4. Tomato

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Correct Option: D
Explanation:

Tomato is a not a data collection method, since tomato is a vegetable.
So, census, population and business strategy are types of methods of collection of data.

Which of the following is a data collection method?

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

  1. How many hours do you spend watching TV each week?

  2. How many books does our class check out of the library each week?

  3. How many pieces of candy are in the bag?

  4. What is your favorite flavor of ice cream?

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Correct Option: B
Explanation:

How many books does our class check out of the library each week? is a collection of data method. Because in the library they will use the statistics method of enter the books in order to check out.
But in option $A, C$ and $D$ are habitual question we will ask to your friends.

If the population figures are given for each State of India, then the data can be classified as

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

  1. Qualitative

  2. Quantitatives

  3. Chronological

  4. Geographical

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Correct Option: B
Explanation:

There are four important bases of classification:

(1) Qualitative Base (2) Quantitative Base (3) Geographical Base (4) Chronological or Temporal Base

(1) Qualitative Base:

When the data are classified according to some quality or attributes such as sex, religion, literacy, intelligence etc…

(2) Quantitative Base:

When the data are classified by quantitative characteristics like heights, weights, ages, income etc…

(3) Geographical Base:

When the data are classified by geographical regions or location, like states, provinces, cities, countries etc…

(4) Chronological or Temporal Base:

When the data are classified or arranged by their time of occurrence, such as years, months, weeks, days etc…


If the population figures are given for each State of India, then the data can be classified as quantitative data.

The statistical data are of two types. These types are

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

  1. Technical data and presentation data

  2. Primary data and secondary data

  3. Primary data and personal data

  4. None of these

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Correct Option: B
Explanation:

The data is of two types, primary and secondary data.

Which one of the following represents statistical data?

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

  1. The names of all owners of shops located in a shopping complex.

  2. A list giving the names of all states of India.

  3. A list of all European countries and their respective capital cities.

  4. The volume of a rainfall in certain geographical area, recorded every month for 24 consecutive months.

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Correct Option: D
Explanation:
$\Rightarrow$  Statistics is a very broad subject, with applications in a vast number of different fields.
$\Rightarrow$  Statistics is the methodology which scientists and mathematicians have developed for interpreting and drawing conclusions from collected data. 
$\Rightarrow$  Everything that deals even remotely with the collection, processing, interpretation and presentation of data belongs to the domain of statistics, and so does the detailed planning of that precedes all these activities.
$\Rightarrow$  Statistics consists of a body of methods for collecting and analyzing data.
$\therefore$  Option $D$ represent statistical data, since its collecting and analyzing the data.

The price of an article was increased by $r$%. Later the new price was decreased by $r$%. If the latest price was Re. $1$, then the original price was:

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

  1. Re. $1$

  2. Rs. $\left( \cfrac { 1-{ r }^{ 2 } }{ 100 } \right) $

  3. Rs. $\cfrac { \sqrt { 1-{ r }^{ 2 } } }{ 100 } $

  4. Rs. $\left( \cfrac { 10000 }{ 10000-{ r }^{ 2 } } \right) $

Show answer
Correct Option: D
Explanation:
Let the original price of product be 'P'
Price increased by r%
$\therefore$ Increased price$=P\left( 1+\cfrac { r }{ 100 }  \right) $
New price decreased by r%
$\therefore $ Latest price$=\left[ P\left( 1+\cfrac { r }{ 100 }  \right)  \right] \left( 1-\cfrac { r }{ 100 }  \right) $
$=P\left( 1+\cfrac { { r }^{ 2 } }{ { 100 }^{ 2 } }  \right) $
Given latest price=Re. $1$
$\therefore P\left( 1+\cfrac { { r }^{ 2 } }{ { 100 }^{ 2 } }  \right) =1$
$P=$Rs. $\left( \cfrac { 10000 }{ 10000-{ r }^{ 2 } }  \right) $

A set of annual numerical data, comparable over the years, is given for the last $12$ years.
Consider the following statements:
$1.$ The data is best represented by a broken line graph, each corner (turning point) representing the data of one year.
$2.$ Such a graph depicts the chronological change and also enables one to make a short-term forecast.
Which of the above statements is/are correct?

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

  1. $1$ only

  2. $2$ only

  3. Both $1$ and $2$

  4. Neither $1$ nor $2$

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Correct Option: A
Explanation:

The first statement is true as we can easily track the ups and downs of datat form 1 year to the next.

Statement 2 is false as the graph would require some kind of mathematical model to predict the short-term forecast and would not be helpful on its own. 

In industry statistics is applied in the following areas...

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

  1. Plant layout

  2. Quality control

  3. No. of vendors

  4. Transfers of Managers

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Correct Option: B
Explanation:

In industries, statistics is applied majorly in areas of Quality Control.