This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Economics Statistics For Economics > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 1 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Sampling is used because: A) Population is small. B) Census is always easy. C) Studying entire population is costly and time-consuming. D) Data is unnecessary. Show Answer Correct Answer: C) Studying entire population is costly and time-consuming. 2. TRUE or FALSE:The SEEA-Ecosystem Accounting examines the relationship between flows of ecosystem services and changing condition-essentially analysis in volume terms. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 3. Refers to drawing of conclusions or generalizations from the analysed data. A) Non Parametric. B) Analysis of Data. C) Collection of Data. D) Interpretation of Data. Show Answer Correct Answer: D) Interpretation of Data. 4. It is a conceptual framework for understanding the interactions between the economy and the environment, and for describing stocks and changes of environmental assets. A) System of National Accounts. B) Framework for the Development of Environment Statistics. C) Flow Accounts. D) System of Environmental-Economic Accounting. Show Answer Correct Answer: D) System of Environmental-Economic Accounting. 5. What is the mode of the data set:3, 5, 5, 7, 9? A) 3. B) 9. C) 5. D) 7. Show Answer Correct Answer: C) 5. 6. What is the best example of scarcity A) The restuarant is not crowded tonight. B) The school parking lot only has 150 spaces but 200 students want to park there. C) There are 500 houses in the subdivision and 250 of them are occupied. D) A person decided to dye her hair blonde instead of red. Show Answer Correct Answer: B) The school parking lot only has 150 spaces but 200 students want to park there. 7. Calculate the median of the following numbers:4, 8, 10, 6, 12. A) 6. B) 10. C) 8. D) 12. Show Answer Correct Answer: C) 8. 8. Consumers are free to choose the goods and services they buy A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 9. Find the geometric mean of:3 and 12. A) 9. B) 4. C) 15. D) 6. Show Answer Correct Answer: D) 6. 10. Which type of market has few major sellers, where a price action by one seller can cause the other sellers to follow? A) Pure competition. B) Monopoly. C) Oligopoly. D) None of the above. Show Answer Correct Answer: C) Oligopoly. 11. In a ..... economy, individuals are free to make their own economic decisions A) Market. B) Command. C) Mixed. D) None of the above. Show Answer Correct Answer: A) Market. 12. This area of statistics focuses on the analysis of data (prediction, inferences, interpretation, conclusion). A) Descriptive Statistics. B) Inferential Statistics. C) All the above. D) None of the above. Show Answer Correct Answer: B) Inferential Statistics. 13. The amount of a good or service provided is called: A) Supply. B) Demand. C) Equilibrium. D) Inflation. Show Answer Correct Answer: A) Supply. 14. ..... include tools and equipment used to produce goods and services A) Capital Resources. B) Natural Resources. C) Human Resources. D) None of the above. Show Answer Correct Answer: A) Capital Resources. 15. True/False:Waiters and waitresses are examples of human resources. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 16. What does the Law of Supply state? A) As price increases, demand decreases. B) As price increases, supply increases. C) As price increases, supply decreases. D) As price decreases, demand increases. Show Answer Correct Answer: B) As price increases, supply increases. 17. Identify the sampling technique used:Students are classified according to major. Twenty students are selected from each major and asked how often they use the library. A) Random sample. B) Stratified sample. C) Cluster sample. D) Systematic sample. Show Answer Correct Answer: B) Stratified sample. 18. All resources and goods are limited. Limited goods and resources require that we make ..... A) Profit. B) Resources. C) A budget. D) Choices. Show Answer Correct Answer: D) Choices. 19. The difference between a good and a service is that: A) Goods are available in unlimited quantaties and services are not. B) Goods are tangible and services are not. C) Services are available in unlimited quantaties and goods are not. D) Goods help satisfy unlimited wants and services do not. Show Answer Correct Answer: B) Goods are tangible and services are not. 20. What is the mid value of 130-135 A) 132.5. B) 133.5. C) 131.5. D) None of the above. Show Answer Correct Answer: A) 132.5. 21. Probability of a certain event is: A) 0. B) 0.5. C) 1. D) -1. Show Answer Correct Answer: C) 1. 22. What is Statistics? A) Relevant information. B) Involves scientific procedures and methods. C) Decision making process. D) Data are generated. Show Answer Correct Answer: B) Involves scientific procedures and methods. 23. Determine whether the given data is Discrete or Continuous.Data:Monthly net income of an employee A) Discrete Data. B) Continuous Data. C) All the above. D) None of the above. Show Answer Correct Answer: B) Continuous Data. 24. The normal distribution curve is: A) Skewed right. B) Symmetrical. C) Irregular. D) Skewed left. Show Answer Correct Answer: B) Symmetrical. 25. Example of quantitative data ..... A) Marital status. B) Types of glasses. C) Color of eyes. D) Numbers of chairs. Show Answer Correct Answer: D) Numbers of chairs. 26. Which of the following is used in the production of goods and services? A) Unlimited wants. B) Resources. C) Unlimited needs. D) Materials. Show Answer Correct Answer: B) Resources. 27. Determine whether the given data is Qualitative or Quantitative.Data:Mode of payment for the tuition (cash, check, online) A) Qualitative Data. B) Quantitative Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Qualitative Data. 28. A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario? A) Opportunity Cost. B) Comparative Advantage. C) Equilibrium Point. D) Income Effect. Show Answer Correct Answer: A) Opportunity Cost. 29. Weight measured in kilograms belongs to which scale? A) Ratio. B) Nominal. C) Ordinal. D) Interval. Show Answer Correct Answer: A) Ratio. 30. We use statistics to make comparisons A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 31. A 95% confidence level means: A) No error exists. B) Sample is correct 95% of time. C) Population lies within interval always. D) Interval contains true parameter with 95% confidence. Show Answer Correct Answer: D) Interval contains true parameter with 95% confidence. 32. Economics is an art because A) It gives practical application of scientific principles. B) It makes it easier to understand economic conditions. C) Its laws can be tested in controlled conditions. D) None of the above. Show Answer Correct Answer: A) It gives practical application of scientific principles. 33. The mismatch of unlimited wants and needs and limited economic resources is THE BASIC ECONOMIC PROBLEM A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 34. The reason why you can't have everything you want is because of ..... A) Choice. B) Opportunity Cost. C) Scarcity. D) Incentive. Show Answer Correct Answer: C) Scarcity. 35. Which is NOT one of the fundamental economic question A) For whom to produce. B) How to produce. C) What to produce. D) When to produce. Show Answer Correct Answer: D) When to produce. 36. Higher standard deviation indicates: A) No variability. B) Zero dispersion. C) More variability. D) Less variability. Show Answer Correct Answer: C) More variability. 37. Parameter is use for A) Sample. B) Statistics. C) Population. D) Measurement. Show Answer Correct Answer: C) Population. 38. If p-value < significance level, we: A) Reject null hypothesis. B) Accept null hypothesis. C) Change confidence level. D) Increase sample size. Show Answer Correct Answer: A) Reject null hypothesis. 39. In what year was the SEEA Central Framework adopted as an international Standard? A) 2000. B) 2012. C) 2003. D) 2007. Show Answer Correct Answer: B) 2012. 40. Inferential statistics mainly deals with: A) Past data. B) Entire population. C) Predictions and conclusions. D) Data tables. Show Answer Correct Answer: C) Predictions and conclusions. 41. The development of a worldwide economy where resources flow fairly freely across borders A) Economy. B) GDP. C) Globalization. D) None of the above. Show Answer Correct Answer: C) Globalization. 42. What is the major difference between scarcity and a shortage? A) They are really the same. B) Shortages always exist and scarcity is temporary. C) Shortages are temporary and scarcity always exist. D) Scarcity is limited and shortages are unlimited. Show Answer Correct Answer: C) Shortages are temporary and scarcity always exist. 43. One who provides service to others for a payment is known as- A) Service holder. B) Service provider. C) Employee. D) Consumer. Show Answer Correct Answer: B) Service provider. 44. As a buyer, which market structure would be worst for you? A) Monopolistic Competiton. B) Monopoly. C) Oligopoly. D) Pure competition. Show Answer Correct Answer: B) Monopoly. 45. Four resources needed to make goods and services A) Land, Labor, Capital, Entrepreneurship. B) Money, Time, Technology, Resources. C) Raw Materials, Energy, Labor, Management. D) Goods, Services, Trade, Investment. Show Answer Correct Answer: A) Land, Labor, Capital, Entrepreneurship. 46. A science that examines how goods and services are produced, sold, and used. A) Economy. B) Economics. C) Economic Resources. D) None of the above. Show Answer Correct Answer: B) Economics. 47. Phrase that means how good a person's quality of life is. A) Opportunity standard. B) Standard of living. C) Rent control. D) None of the above. Show Answer Correct Answer: B) Standard of living. 48. Which of the following best defines statistics? A) Science of collecting, analyzing, and interpreting data. B) Art of guessing. C) A branch of mathematics. D) A method of data storage. Show Answer Correct Answer: B) Art of guessing. 49. True/False:The economic systems of different countries are connected. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 50. Individual consumers and producers make economic decisions based on the principles of freedom, competition, and profit. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: B) Market Economy. 51. Mode is the value that: A) Has highest value. B) Lies in the middle. C) Appears most frequently. D) Has lowest value. Show Answer Correct Answer: C) Appears most frequently. 52. What is the range of the data set:12, 15, 30, 18, 21, 24? A) 12. B) 9. C) 18. D) 15. Show Answer Correct Answer: C) 18. 53. If you were invited by friends to go to the movies but you instead to stayed in and watched Netflix what is the opportunity cost of your choice? A) Taking a nap. B) Ordering takeout. C) Going to the movies with your friends. D) Watching Netflix. Show Answer Correct Answer: C) Going to the movies with your friends. 54. The science of analysing data, drawing conclusion with respect to variation observed in data is called as ..... ? A) CONCEPT. B) STATISTICS. C) DERIVATIVE. D) None of the above. Show Answer Correct Answer: B) STATISTICS. 55. Which of the following is the characteristics of a data? A) Aggregate of fact. B) Numerical expressed. C) Affected by various cause. D) All of the above. Show Answer Correct Answer: D) All of the above. 56. What is the main theme of the book 'Introduction to Economics'? A) The impact of technology on society. B) The role of government in the economy. C) The principles of economic theory. D) The history of economic thought. Show Answer Correct Answer: C) The principles of economic theory. 57. The limited availability of resources is known as ..... A) Opportunity Cost. B) Voluntary Exchange. C) Scarcity. D) Profit. Show Answer Correct Answer: C) Scarcity. 58. A point outside the PPC indicates A) Unattainable point of production. B) Actual output in the economy. C) Unattainable point of output at the current level of resources and technology. D) Does not mean anything. Show Answer Correct Answer: C) Unattainable point of output at the current level of resources and technology. 59. The mode of a set of numbers is: ..... A) The number that appears most frequently in the set. B) The number that is the smallest in the set. C) The number that is in the middle of the set. D) The number that is the largest in the set. Show Answer Correct Answer: A) The number that appears most frequently in the set. 60. We can measure the cause and effect relationship by the help of A) Time series analysis. B) Correlation analysis. C) Cross-sectional analysis. D) Regression analysis. Show Answer Correct Answer: D) Regression analysis. 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