Tag: nature and scope of economics

Questions Related to nature and scope of economics

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

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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.

Which of the following condition is necessary to hold good the law of statistical regularity?

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. Random sample is taken.

  2. The size of sample is large.

  3. The size of sample is low.

  4. A and B.

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Correct Option: D

According to _____ , if a large sample is taken from a population in a random way, it is bound to be fairly representative of the population.

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: 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 law of large numbers are laws of statistical regularity.

_____ covers those methods and techniques of statistics which are used to draw conclusions and statistical inferences about the parameters of population on the basis of estimates derived from a sample.

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: B

Business forecasting is done 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. inferential statistics

  2. inductive statistics

  3. mathematical statistics

  4. analytical statistics

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Correct Option: B

______ is that branch of statistics which is concerned with the application of various mathematical theories and techniques such as theory of measures and integration,differentiation,algebra,trigonometry,matrix theory,etc. to develop various statistical theories and techniques.

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. Inductive statistics

  3. Mathematical statistics

  4. Analytical statistics

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Correct Option: C

In which of the following fields/ areas the use of statistics and statistical techniques can be better examined? 

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. Test and verification of economic theories /principles / hypothesis.

  2. Understanding and study of economic problems.

  3. Economic planning.

  4. All of the above

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Correct Option: D

Statistics is useful State Authorities as it helps in formulating____.

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. fiscal policies

  2. personal policies

  3. training policies

  4. all of the above

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Correct Option: A
Explanation:
The computation of statistics is immensely helpful in the identification of economic problems and the planning of policies to solve them as the government can now see how the economy is progressing and implement targeted policies to improve the situation. eg: if the unemployment level is higher than average the government can choose to have targeted employment schemes in that area of the country. 

In which of the following fields/ areas the use of statistics and statistical techniques can be better examined?

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. Measurement of national income and components.

  2. Business management.

  3. Biology

  4. All of the above

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Correct Option: D
Explanation:
Statistics helps in grasping the meaning of certain laws of behavior in social sciences and natural sciences and lends precision to scientific inquiry.  Analysts are able to collect and collate data in a precise manner to provide empirical evidence to a theory. Thus, it helps in condensing the mass of data into a few numerical measures and it enables an economist to present economic facts in a precise and definite form, or enables a scientist to draw conclusions from an experiment or allow an entrepreneur to construct a sales trendline to make the next business strategy. 

Which of the following can be treated as limitation 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 deal with figures which are innocent by themselves and do not bear on their face the level of their quality and can be easily distorted, manipulated by dishonest politicians or unscrupulous people for their selfish motives.

  2. Statistics deals with groups and not with individuals.

  3. Statistics does not deals with qualitative data and descriptive facts.

  4. All of above

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Correct Option: D