Tag: nature and scope of economics

Questions Related to nature and scope of economics

The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called

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

  2. Descriptive statistics

  3. Qualitative descriptive

  4. Measurement of statistics

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Correct Option: A

Business managers also need statistics for planning 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. decisions can not be made on trial basis

  2. systematically organized data help in developing decision policies

  3. both A & B

  4. none of the above

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Correct Option: C
Explanation:

Statistics carries out analysis of past data, which allows a trend line to be constructed, and thus the company has a higher chance of success as data regarding past performance is available. The data that is collated has to be accurate and systematically organized to help in the formation of developing decision policies. 

For data to be statistics it should ________________.

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. be numerically expressed

  2. be estimated

  3. have predetermined purpose

  4. all of the above

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Correct Option: D
Explanation:

The data collected should be numerically expressed as statistics deals with quantitative data. should be collected with a purpose in order to for it to be accurate. Data should also be useful and sufficient to make estimations and draw conclusions.

In statistics the 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. should be expressed numerically

  2. should be related to other facts for comparison

  3. can't be estimated

  4. both A & B

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Correct Option: D
Explanation:

The data collected should be numerically expressed and collated in a way that enables to draw conclusions. Data should be collected with a purpose in order for it to be accurate. It can be estimated to a degree as it may be highly impossible to collect data for the entire population, thus data that has reasonable accuracy is sufficient. Statistics is not concerned with a single observation, and has to be related to aggregate facts to be comparable and carry meaning. 

Objectives and significance of statistical averages are _____________.

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. to present huge mass of data in a summarized form

  2. to facilitate comparison of different sets of data

  3. to help in decision making

  4. All of the above

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Correct Option: D

We use inferential statistic to generalize from our samples and descriptive statistics to describe our samples.

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. True

  2. False

  3. Partially true

  4. None of the above

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Correct Option: A

Statistics is indispensable function of State 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. suitable policies are to be formed

  2. it is dispensable if applied only to Central Government

  3. it helps to improve the working of the system

  4. Both A & C

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Correct Option: D
Explanation:

The computation of statistics is immensely helpful in the planning of policies as the government can now see how its progressing and implement targeted policies to improve the situation. E.g.: if the unemployment level is higher than average the government can choose to have targeted employment schemes in that area of the country. 

Select the principles and methods used in 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. organization of data

  2. collection of data

  3. interpretation of data

  4. All of the above

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Correct Option: D

The commonly found limitations to statistics are  ________________.

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 deals with individual elements

  2. statistics gives precise and accurate information

  3. results of statistics are based on assumptions.

  4. all of the above

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Correct Option: C
Explanation:

It is usually either impossible or impractical (eg: it would cost too much money for it to be efficient) to collect data from each unit of the universe, thus samples are assumed to carry the characteristics of the population, which might not exactly be true.

The word 'Statistics' had its origin from the Latin word _____________.

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: C
Explanation:

Statistics is derived from the latin word "status".