Tag: nature and scope of economics

Questions Related to nature and scope of economics

Which of the following points do not reflect 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. It describes ways of analyzing qualitative data.

  2. It is a wide subject of study.

  3. It describes methods for analyzing qualitative data.

  4. It describes methods of collecting, quantitative data.

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Correct Option: A
Explanation:

Statistics does not analyse qualitative phenomenon, statistical methods deal with those objects which can be measured in quantitative terms. Qualitative phenomenons such as beauty, goodwill etc cant be captured by statistics.

The word is 'Statistic' is basically used in two senses,i.e., as ________ and ______.

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. Statistic Data and Statistic Method

  2. Organization and Presentation

  3. Statistic Data and Presentation

  4. None of the above

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Correct Option: A

Which of the following sentence shows distrust about 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. There are three types of lies-lies,damn lies and statistics.

  2. Figures do not lie; liars make figure.

  3. It can prove anything.

  4. All of above

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Correct Option: D
Explanation:

All three statements are related to a major limitation of statistics which is "improper use of statistics". There is a vast scope for error in the data and it may be misused by people with agendas, these people may manipulate the data to gain favour or popularity. 

The word 'Statistics' as used in earlier days by Germans 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. statistik

  2. stato

  3. status

  4. statustic

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Correct Option: A

Why do we use inferential 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. Inferential statistics are used to help us to compare the sample to the whole population.

  2. Inferential statistics are used to help us to generalize from the sample to the whole population

  3. Inferential statistics are used to help us show the difference between the sample and whole population.

  4. All of the above apply to use of inferential statistics.

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Correct Option: B

Descriptive statistics is concerned with___while the goal of statistical inference is to ___with the help of ____

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. Generalizing sample data, draw inductive conclusions, probabilities

  2. Summarizing data, draw inductive conclusions probabilities

  3. Decreasing data, draw deductive concussions, probabilities

  4. Summarizing data, draw deductive conclusions, histograms

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Correct Option: B

Which of the following statements is false?

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 is derived from the Latin word 'status'.

  2. Statistics is derived from the Italian word 'statista'.

  3. Statistics is derived from the French word 'statistik'.

  4. None of the above.

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Correct Option: C
Explanation:

Statistics is derived from the french word "Statistique"

The study of the methods of organization summarization and presentation of statistical data is referred to 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. Inferential statistics

  2. Descriptive statistics

  3. Sampling

  4. None of the above

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Correct Option: B

Nature of 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. a science

  2. an art

  3. neither science or art

  4. both a and b

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Correct Option: D

Statistics must relate to _______ facts. 

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. aggregate

  2. single

  3. qualitative

  4. none of the above

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Correct Option: A
Explanation:

Statistic must relate to aggregate facts only, it is not concerned with individuals. Statistical methods can be used to study and analyse only aggregate facts.