Unit 10: Basic Statistics for Economics — Online MCQ Test
ECONOMICS · CLASS 11 INTERMEDIATE 1 YEAR · Telangana State Board
Practice Unit 10: Basic Statistics for Economics with a free chapter-wise online MCQ test.
This chapter covers: The final chapter covers statistical definitions scope data collection methods frequency distribution measures of central tendency mean median mode and graphical representation too....
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Unit 10: Basic Statistics for Economics — Important Questions & Answers
What is statistics in economics mainly concerned with?
- A. Collecting, classifying, presenting, and interpreting numerical data
- B. Studying only political events
- C. Explaining only moral values
- D. Writing literary essays
Answer: A. Collecting, classifying, presenting, and interpreting numerical data
Statistics in economics deals with numerical data and its systematic study through collection, presentation, analysis, and interpretation.
Statistics in economics deals with numerical data and its systematic study through collection, presentation, analysis, and interpretation.
Which of the following is a method of collecting primary data?
- A. Census reports
- B. Questionnaire
- C. Economic survey published by government
- D. Journal article based on old data
Answer: B. Questionnaire
Questionnaire is a primary data collection method because the data is collected first-hand from respondents.
Questionnaire is a primary data collection method because the data is collected first-hand from respondents.
A researcher wants to collect information directly from farmers about crop yield. Which method is most suitable?
- A. Secondary data from books
- B. Observation of newspapers
- C. Primary data through interview
- D. Internet search only
Answer: C. Primary data through interview
Interview is a primary data method and is suitable when direct information is needed from respondents.
Interview is a primary data method and is suitable when direct information is needed from respondents.
Which statement best explains the scope of statistics in economics?
- A. It is useful only for mathematics problems
- B. It helps in economic analysis, planning, and policy-making
- C. It is used only for drawing graphs
- D. It is limited to school-level exercises only
Answer: B. It helps in economic analysis, planning, and policy-making
Statistics is widely used in economics for analyzing trends, making comparisons, and supporting planning and policy decisions.
Statistics is widely used in economics for analyzing trends, making comparisons, and supporting planning and policy decisions.
A frequency distribution has one value occurring much more often than all others, but the data are widely spread. Which measure is most appropriate to identify the typical value?
- A. Mean
- B. Median
- C. Mode
- D. Range
Answer: C. Mode
When one value occurs most frequently, mode is the best measure to identify the most common observation.
When one value occurs most frequently, mode is the best measure to identify the most common observation.