Tag: nature and scope of economics

Questions Related to nature and scope of economics

Statistics in the sense of numerical data basically refers to ______ aspects.

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. qualitative

  2. quantitative

  3. mental

  4. social

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Correct Option: B
Explanation:
Statistics is a scientific method used to draw conclusions through data analysis. Statistics uses quantitative data to draw conclusions and find evidences to prove the formulated hypothesis. Statistics cannot analyse qualitative phenomenon. Things like goodwill, beauty, integrity cannot be quantitatively measured and thus is statistical methods are not useful.

Important techniques from analytical statistics includes _______________.

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. association of attributes

  2. correlation and regression.

  3. mathematics of finance

  4. both (A) and (B)

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Correct Option: D
Explanation:
Correlation and regression is a technique used to analyse measurable variables. The association of attributes is used to measure categorical variables. 

............. consists of those method which are used in establishing functional relationship between variables. It is attempted through comparison, between two sets of data at a point of time in cross-section data or between two points of time otherwise. 

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. Mathematical Statistics

  3. Applied Statistics

  4. Analytical Statistics

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Correct Option: D

It is not possible to think of any sphere of human activity where statistics has not crept in.

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. Partly true

  4. None of above

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Correct Option: A
Explanation:

Statistics is widely used in all fields of human activity, these include but are not limited to economics, business studies, natural sciences, political science etc. 

Which of the following can be treated as important function 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 helps in the formulation of various policies.

  2. Statistics makes forecasting easier.

  3. Statistics helps to formulate hypothesis and test its validity.

  4. All of the above

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Correct Option: D
Explanation:

Statistic usually relies on empirical evidence of the past in order to formulate a hypothesis and the possible long run path. Since the hypothesis is based on real data, it makes forecasting easier, it can help verify hypothesis which in turn can then help form targeted policies to aid in economic growth. 

________ refers to those methods and techniques of statistics which help in estimating a particular phenomenon on the basis of random observation.

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 the branch of statistics that is concerned with the application of various mathematical theories and techniques such as theory of measures and integration, differentiation, algebra, trigonometry, matrix, 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

The word 'Statistics' as used in earlier days by Italians 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. statista

  3. status

  4. statustic

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Correct Option: B
Explanation:

Statistics is derived from the italian word "statista ".

Statistical information basically helps to understand the _____________.

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. economic problems

  2. formulation of economic policies

  3. both (A) and (B)

  4. neither (A) nor (B)

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Correct Option: C
Explanation:
Statistics is useful in studying the role of the government in economic problems and formulation of policies to alleviate it. Through the collection and analysis of statistical data the government will be able to identify problems such as unusually high unemployment and then formulate the best policy to help solve the problem. 

In which of the following fields/areas can the use of statistics and statistical techniques 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.

Show answer
Correct Option: D
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. 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.
Statistics is also highly useful to test and verify economic theories/principles and/or hypothesis.