Tag: economics

Questions Related to economics

_______ are sets of mathematical equations that are used to analyze what is happening in the world around us.

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. Mensuration

  2. Survey

  3. Set theory

  4. Statistics

Show answer
Correct Option: D
Explanation:

Statistics are sets of mathematical equations that are used to analyze what is happening in the world around us.

______ helps in providing a better understanding and exact description of a phenomenon of nature.

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. Mensuration

  2. Survey

  3. Statistics

  4. Construction

Show answer
Correct Option: C
Explanation:

Statistics helps in providing a better understanding and exact description of a phenomenon of nature.

______ helps in proper and efficient planning of a statistical inquiry in any field of study.

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. Mensuration

  2. Survey

  3. Statistics

  4. Construction

Show answer
Correct Option: C
Explanation:

Statistics helps in proper and efficient planning of a statistical inquiry in any field of study.

Statistics is the branch of mathematics that deals with the collection, organization, analysis, and interpretation of numerical ____.

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. variables

  2. constant

  3. functions

  4. data

Show answer
Correct Option: D
Explanation:

Statistics is the branch of mathematics that deals with the collection, organization, analysis, and interpretation of numerical data.

________ helps in presenting complex data in a suitable tabular, diagrammatic and graphic form for an easy and clear comprehension of the data.

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. Mensuration

  2. Statistics

  3. Set theory

  4. Survey

Show answer
Correct Option: B
Explanation:

Statistics helps in presenting complex data in a suitable tabular, diagrammatic and graphic form for an easy and clear comprehension of the data.

A contractor employed 18 labourers at Rs 12 per day 10 labourers at Rs 13.50 per day 5 labourers at Rs 25 per day and 2 labourers at Rs 42 per day The average wage of a labourer per day is

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. Rs 16

  2. Rs 20

  3. Rs 24

  4. Rs 28

Show answer
Correct Option: A
Explanation:

Total wages paid by contractor to 18 laborers Rs 12 per day =$18\times 12=216 Rs

And total wages paid by contractor to 10 laborers Rs 13.50 per day =$10\times 13.5=135 Rs
And total wages paid by contractor to 5 laborers Rs 25 per day =$5\times 25=125 Rs
And total wages paid by contractor to 2 laborers Rs 42 per day =$2\times 42=84 Rs
Then total wages paid by contractor to all laborers=216+135+125+84=560 Rs
And total  laborers=18+10+5+2=35
Then average wages =$\frac{560}{35}=16 $ Rs  

Bankers use ______ approaches to estimate the number of people who will be making deposits compared to the number of people requesting loans.

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. manipulative

  2. statistical

  3. arithmetic

  4. data analytic

Show answer
Correct Option: B
Explanation:

Bankers use statistical approaches to estimate the number of people who will be making deposits compared to the number of people requesting loans.

Number of students in your class is an example of ______.

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. statistics

  2. mean

  3. mode

  4. median

Show answer
Correct Option: A
Explanation:

Statistics is the collection of methods used in planning an experiment and analyzing data in order to draw accurate conclusions.
So, the number of students in your class is an example of statistics.

Which one of the following is not correct ?

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. Statistics is liable to be misused

  2. The data collected by the investigator to be used by himself are called primary data

  3. Statistical laws are exact

  4. Statistics do not take into account of individual cases

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Correct Option: C
Explanation:

Answer:- C) Statistical laws are exact.

Reason:-
The statistical laws are based on probability. Using probability we can only estimate the answer, it will not be accurate.
So statistical laws are not exact.

_____ deals with collection, organization and interpretation of data.

economics introduction to statistical method and econometrics introduction to statistics partition values frequency distribution tables and graphs

  1. Probability

  2. Statistics

  3. Both

  4. None of these

Show answer
Correct Option: B
Explanation:

Answer:- B) Statistics

Explanation:-
Statistics deals with data moreover with its collection, organising it in a proper form and using it to analyze given situation i.e. interpretation.