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 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 2 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How can we reduce variability in process and productivity? A) Quality Improvement. B) Quality Deteriorate. C) Quality Ignorance. D) None of the above. Show Answer Correct Answer: A) Quality Improvement. 2. Measures of dispersion show: A) Frequency. B) Central value. C) Data type. D) Spread of data. Show Answer Correct Answer: D) Spread of data. 3. Which is NOT a function of money? A) As a store of value. B) As an indicator of debt. C) As a medium of exchange. D) As a unit of accounting. Show Answer Correct Answer: B) As an indicator of debt. 4. Milk tea machines are A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: B) Capital resources. 5. To which economic factor is the management of individual or family finances related. A) DEMAND. B) SUPPLY. C) INCOME AND EXPENDITURE. D) None of the above. Show Answer Correct Answer: C) INCOME AND EXPENDITURE. 6. The machines used to make cars are ..... A) Capital Resources. B) Natural Resources. C) Technology. D) Human Resources. Show Answer Correct Answer: A) Capital Resources. 7. Which sentence uses the word 'economics' correctly? A) Economics is a subject that deals with money and trade. B) Economics are a subject that deals with money and trade. C) Economics were a subject that deals with money and trade. D) Economics have a subject that deals with money and trade. Show Answer Correct Answer: A) Economics is a subject that deals with money and trade. 8. Weather and Air Conditioner Demand A) Hotter summers increase the demand for air conditioners. B) Colder winters decrease the demand for air conditioners. C) Rainy seasons have no effect on air conditioner demand. D) Mild weather leads to a stable demand for air conditioners. Show Answer Correct Answer: A) Hotter summers increase the demand for air conditioners. 9. Which of the following best describes the role of statistics? A) Avoiding data usage. B) Eliminating uncertainty. C) Producing exact predictions. D) Making decisions under uncertainty. Show Answer Correct Answer: D) Making decisions under uncertainty. 10. There are a limited about of KBMS sweatpants available for sale. Due to resource scarcity, they should cost ..... A) Less. B) More. C) They should cost the same. D) None of the above. Show Answer Correct Answer: B) More. 11. What is the definition of Utility in economics? A) The total revenue generated. B) The amount of goods produced. C) The capacity of a commodity to satisfy human wants. D) The total cost of production. Show Answer Correct Answer: C) The capacity of a commodity to satisfy human wants. 12. Who wrote the "Communist Manifesto", which stated the government should have complete control of the economy? A) Karl Marx. B) Vladimir Lenin. C) Joseph Stalin. D) Adolf Hitler. Show Answer Correct Answer: A) Karl Marx. 13. What do you mean by the supply of goods? A) The actual production of the good. B) Quantity of the good offered for sale at a particular price per unit of time. C) Stock available for sale. D) Total stock in the warehouse. Show Answer Correct Answer: B) Quantity of the good offered for sale at a particular price per unit of time. 14. Which of the following is an example of quantitative data? A) Blood group. B) Gender. C) Height of students. D) Eye color. Show Answer Correct Answer: C) Height of students. 15. Which of the following is a method of collecting secondary data A) Direct personal research. B) Indirect Direct Research. C) Information collection through questionnaire. D) None of these. Show Answer Correct Answer: D) None of these. 16. Service provider is a person who- A) Consume services. B) Consume goods. C) Provide services. D) Produce goods. Show Answer Correct Answer: C) Provide services. 17. Area under the normal distribution curve equals: A) 1. B) 0.5. C) Infinity. D) 0. Show Answer Correct Answer: A) 1. 18. Statistics involves data representation A) Maybe. B) Impossible. C) Yes. D) No. Show Answer Correct Answer: C) Yes. 19. Man-made resources used in the production process i.e. machines in a factory. A) Capital. B) Household. C) Revenue. D) Labor. Show Answer Correct Answer: A) Capital. 20. Tell if the statement if Descriptive or InferentialFrom a past study, it was found that 56% of women are the primary investors in their households. A) Inferential. B) Descriptive. C) All the above. D) None of the above. Show Answer Correct Answer: B) Descriptive. 21. A ..... is a person that makes or grows items or provides a service to others. They have something to sell. A) Buyer. B) Consumer. C) Producer. D) None of the above. Show Answer Correct Answer: C) Producer. 22. Range = Largest Value-Smallest Value3, 4, 5, 7, 3, 8, 9, 12 A) 12. B) 9. C) 8. D) None of the above. Show Answer Correct Answer: B) 9. 23. Which of the following is not the part of the subject matter of Business statistics? A) Interpretation of data. B) Analysis of data. C) Appointment. D) Presentation of data. Show Answer Correct Answer: C) Appointment. 24. Which of the following is the tool of measure of the variation of the items? A) Hypothesis. B) Dispersion. C) Mode. D) Mean. Show Answer Correct Answer: B) Dispersion. 25. Which one of the following is a relative measure of dispersion? A) Standard deviation. B) Variance. C) Co-efficient of variation. D) None of the above. Show Answer Correct Answer: C) Co-efficient of variation. 26. A plush toy is a ..... A) Good. B) Service. C) Income. D) None of the above. Show Answer Correct Answer: A) Good. 27. What are Fixed Costs? A) Costs that remain constant regardless of production. B) Costs that are incurred only during peak seasons. C) Costs that vary with production levels. D) Costs that are associated with variable expenses. Show Answer Correct Answer: A) Costs that remain constant regardless of production. 28. Descriptive statistics A) Use data from a sample to answer questions about population. B) Allow you to generalize beyond the data at hand. C) Summarize and describe data. D) None of the above. Show Answer Correct Answer: C) Summarize and describe data. 29. Arifa lives in country that really values art and culture. People live in harmony with each other. Government has introduced many schemes funded by public and private enterprise. The companies make a lot of profit. But they also ensure to use the profit made for social welfare schemes. People are happy to live here. A) MIXED ECONOMY. B) TRADITIONAL ECONOMY. C) SOCIALIST ECONOMY. D) None of the above. Show Answer Correct Answer: C) SOCIALIST ECONOMY. 30. The average value of a grouped data can be found by the central tendency ..... A) Median. B) Mean. C) Mode. D) Class mark. Show Answer Correct Answer: B) Mean. 31. Determine whether the given situation is Descriptive or Inferential Statistics.Situation:Update on Internet restoration in your area A) Descriptive Statistics. B) Inferential Statistics. C) All the above. D) None of the above. Show Answer Correct Answer: A) Descriptive Statistics. 32. A sample that represents the entire population fairly is called: A) Random sample. B) Biased sample. C) Convenient sample. D) Judgment sample. Show Answer Correct Answer: A) Random sample. 33. The purpose of descriptive statistics is to A) Describe data. B) Make hypothesis testing. C) Make decision. D) Make estimation. Show Answer Correct Answer: A) Describe data. 34. Which type of economic system has the highest level of government control? A) Traditional economy. B) Market economy. C) Command economy. D) Mixed economy. Show Answer Correct Answer: C) Command economy. 35. What is the primary focus of economics? A) The study of government policies. B) The study of market trends. C) The study of choices made when resources are limited. D) The study of wealth distribution. Show Answer Correct Answer: C) The study of choices made when resources are limited. 36. How does statistics help in economic planning? A) Helps to make best use of national resources. B) Helps compare development of various countries. C) All of these. D) None of these. Show Answer Correct Answer: C) All of these. 37. What is a mixed market economy? A) Individual and businesses own the resources used to produce goods and services. B) A market economy that has elements of command and tradition. C) Decide what will produced, for example whether the society will produce machines or consumers goods. D) None of the above. Show Answer Correct Answer: B) A market economy that has elements of command and tradition. 38. This was a worldwide initiative wherein SEEA has been expected to be a key component of the measurement framework of the new biodiversity targets that was expected to be adopted in the late 2020. A) Strategic Plan for Biodiversity 2011-2020 and the AICHI Targets. B) The Economics of Ecosystems and Biodiversity (TEEB). C) Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development. D) Beyond GDP initiative. Show Answer Correct Answer: A) Strategic Plan for Biodiversity 2011-2020 and the AICHI Targets. 39. Primary sector production is concerned with A) The extraction of natural resources. B) The provision of services. C) The manufacturing of goods. D) The construction of buildings. Show Answer Correct Answer: A) The extraction of natural resources. 40. Which distribution is used for fixed number of trials? A) Normal. B) Poisson. C) Uniform. D) Binomial. Show Answer Correct Answer: D) Binomial. 41. The study of behavior of individual households, firms, and governments ..... A) Microeconomics. B) Economics. C) Personal Finance. D) Macroeconomics. Show Answer Correct Answer: A) Microeconomics. 42. Each and every element of a large group of data. A) Data. B) Variable. C) Sample. D) Population. Show Answer Correct Answer: D) Population. 43. Decide which method of data collection would be most appropriate:A study of the effect of using MyStatLab on grades in a statistics course. A) Experiment. B) Observational study. C) Simulation. D) Survey. Show Answer Correct Answer: A) Experiment. 44. What does Specialization mean? A) Not being able to have everything that you want because of limited resources. B) Having more than you want, or need. C) When people work in jobs where they produce a few special goods, or services. D) Something oe person does for someone else. Show Answer Correct Answer: C) When people work in jobs where they produce a few special goods, or services. 45. The most fundamental economic problem is A) Health. B) Security. C) Export and import. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 46. Which of the following is not a restricted random sampling technique? A) Stratified sampling. B) Simple random sampling. C) Systemic sampling. D) Multistage sampling. Show Answer Correct Answer: B) Simple random sampling. 47. TRUE or FALSE:SEEA helps to organize data, enabling gaps and deficiencies to be identified and through the application of inconsistent standards that allow comparisons over time and between different areas. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 48. Earned money is called ..... A) Tax. B) Currency. C) Income. D) None of the above. Show Answer Correct Answer: C) Income. 49. The data that are gathered can should be always reliable and true. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 50. Basic economic activities are A) Production. B) Consumption. C) Distribution. D) All of these. Show Answer Correct Answer: D) All of these. 51. Statistics is the most important tool for A) Human welfare. B) Economic planning. C) Studying individuals. D) None of these. Show Answer Correct Answer: B) Economic planning. 52. One limitation of statistics is that it: A) Can be misused easily. B) Is always accurate. C) Is easy to understand. D) None of the above. Show Answer Correct Answer: A) Can be misused easily. 53. The total value of goods and services produced within the borders of a country during a specific time period, usually one year. A) GNI. B) GDP per capita. C) GDP. D) HDI. Show Answer Correct Answer: C) GDP. 54. Which of the following is NOT a method of disposal? A) Trash. B) Compost. C) Burying. D) Recycle. Show Answer Correct Answer: C) Burying. 55. Name for the risk-taking businessmen who start businesses and are one of the factors of production. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 56. Coefficient of correlation will be always A) More than 0. B) More than-1. C) Less than-1. D) Between-1 and + 1. Show Answer Correct Answer: D) Between-1 and + 1. 57. Economics is best defined as the study of how people A) Attain wealth. B) Use their infinite resources. C) Attain education from best school. D) Choose abundance over scarcity. Show Answer Correct Answer: D) Choose abundance over scarcity. 58. The alternative hypothesis represents: A) No effect. B) Assumed truth. C) Sample mean. D) Opposite of null hypothesis. Show Answer Correct Answer: D) Opposite of null hypothesis. 59. The branch of Mathematics that deals with the scientific collection, organization, presentation, analysis, and interpretation of numerical data. A) Statistics. B) Geometry. C) Accounting. D) Analysis. Show Answer Correct Answer: A) Statistics. 60. When countries trade goods and services it increases ..... A) Economics. B) Economic System. C) Economic Globalization. D) None of the above. Show Answer Correct Answer: C) Economic Globalization. ← PreviousNext →Related QuizzesCommerce QuizzesClass 11 QuizzesClass 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 1Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 3Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 4Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 5Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 6Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 7Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 8Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books