Tag: definition, scope, importance and limitation of statistics

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

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".

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

Show answer
Correct Option: C