Tag: definition, scope, importance and limitation of statistics

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

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.

Characteristic(s) of statistics is(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. statistical facts are qualitatively expressed

  2. statistical facts are affected by multiplicity of causes

  3. statistics deals with single fact

  4. All of above

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Correct Option: B

Characteristic(s) of statistics is(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. statistical data are estimated

  2. statistical data are collected with a perfect degree of accuracy

  3. statistical data deals with actual facts only

  4. All of above

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Correct Option: A

Which of the following constitute 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. Qualitative expression

  2. Numerical data

  3. Quantitative data

  4. (B) and (C)

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Correct Option: D

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 presents the facts in a precise and definite from.

  2. Statistics presents the large volume of complex data in a meaningful and understandable form.

  3. Statistics makes comparison of data possible.

  4. All of above

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Correct Option: D

The subject matter 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. researcher

  2. datum

  3. data

  4. none of the above

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Correct Option: C
Explanation:

The main goal of statistics is to collect, collate and analyse data and present its findings is an accurate and precise manner such that it enables meaningful conclusions to be drawn from the data. 

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. an exact science

  2. a pure science

  3. a scientific method

  4. none of the above

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Correct Option: C
Explanation:

Statistics is a scientific method used to draw conclusions out of raw data. Statistics uses qualitative data to draw conclusions and find evidences to prove the formulated hypothesis. 

What does statistics do?

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 enables an economist to present economic facts in a precise and definite form

  2. Helps in condensing the mass of data into a few numerical measures

  3. Statistics is used in finding relationships between different economic factors

  4. All of these

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Correct Option: D
Explanation:

Statistics helps in grasping the meaning of certain laws of behavior in social sciences and lends precision to scientific inquiry. It helps finding out how various factors of production interact and contribute to economic activity. 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.