Tag: definition, scope, importance and limitation of statistics

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

Simplifies presentation of an empirical finding is called an __________.

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. fact

  2. economic fact

  3. collection of information

  4. A and C

Show answer
Correct Option: B

Statistics involves which of the following?

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. Collection and organisation of data

  2. Presentation of data

  3. Summarisation of data

  4. All of these

Show answer
Correct Option: D
Explanation:

Statistics is the study of the collection and analysis of data, which is then collated and presented to provide empirical evidence to a hypothesis. It can be used to prove or disprove theories.

Who has been elected as the President of Indian Statistical Institute recently?

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. R.C. Lahoti

  2. Mahesh Sharme

  3. M.S Sahoo

  4. Vijay Kelkar

Show answer
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 form.

  2. Statistics presents the large volume of complex data in meaningful and under standable form.

  3. Statistics makes comparison of data possible.

  4. All of above

Show answer
Correct Option: D
Explanation:

Statistics comprises data to present it in an understandable manner and relate it to a theory, it presents facts in a precise form and it makes the comparison of data possible.

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 deals with qualitative data.

  2. Statistics deals with individual figure.

  3. Statistics is a science which provides opportunities to individuals to enrich their knowledge and experience.

  4. All of above.

Show answer
Correct Option: D

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. pure science

  3. science of scientific method

  4. none of above

Show answer
Correct Option: C
Explanation:

Statistics is a scientific method used to draw conclusions out of raw data. 

Statistical facts are not traceable to single fact.

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

Show answer
Correct Option: A

Characteristic(s) 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. Statistical facts are qualitatively expressed

  2. Statistical facts are affected by multiple causes

  3. Statistics deals with single fact

  4. All of the above

Show answer
Correct Option: B
Explanation:

Statistical facts can be affected by multiple causes, there is a lot of scope for error to be embedded in the data collected, one reason is that people interviewed may be lying. There may be bias on the part of the interviewer etc. Thus large samples are taken to ensure error is reduced.

Characteristic(s) 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. statistical data are enumerated or estimated

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

  3. statistical data deals with actual facts only

  4. all of above

Show answer
Correct Option: A
Explanation:

Data for the entire population may not be available, or it may be impossible to collect and thus reasonable estimators must be used.  

____ provides the basis of theory of probability 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. Law of inertia of large numbers

  2. Law of statistical regularity

  3. Law of averages

  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 low of large numbers are laws of statistical regularity.