Tag: definition, scope, importance and limitation of statistics

Questions Related to definition, scope, importance and limitation of statistics

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)

Show answer
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. 

A pattern of low income and low economic growth which tend to perpetuate itself is known 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. sterilization

  2. vicious circle of under-development

  3. transmission mechanism

  4. stabilization

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Correct Option: B

Statistics is useful to State Authorities as it helps them 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: D

Who is responsible for collecting & presenting statistics in India ________.

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. ISI

  2. CSO

  3. ICAER

  4. NCERT

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Correct Option: B

In India, in which of the following, Foreign Direct Investment (FDI) is not allowed?

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. Construction and Maintenance of Roads

  2. Atomic Energy

  3. Airport

  4. Hotels and Tourism

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Correct Option: B

Which of the following pairs is not correctly matched?

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. WTO - Generally forbids the use of quantitative restrictions on trade

  2. IMF - Provides finance to correct disequilibrium in balance of payments

  3. RBI - Promotes trade among countries

  4. IBRD - Gives long term loans for development

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Correct Option: C
Explanation:

Option C incorrectly matched as RBI promotes monetary policy in India and the WTO promotes trade among countries.

An economy is underdeveloped if __________.

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. the standard of living is poor

  2. the population is growing at a high rate

  3. the main occupation of a majority of the population is agriculture

  4. all of the above

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Correct Option: D