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 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 3 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Statistics is mainly concerned with: A) Guessing results. B) Collection, analysis, interpretation, and presentation of data. C) Only numerical calculations. D) Drawing without data. Show Answer Correct Answer: B) Collection, analysis, interpretation, and presentation of data. 2. Each day you have $ 5 for lunch. Today, you decide to save $ 2 and buy the chicken salad tomorrow for 6.50. How is the money being used in this case? A) As a unit of accounting. B) As a medium of exchange. C) As a store of value. D) As an indicator of debt. Show Answer Correct Answer: C) As a store of value. 3. What are physiological needs? A) Consistent employment. B) Water, food, air. C) Achievieng a life-long goal. D) Love, friendship, companionship. Show Answer Correct Answer: B) Water, food, air. 4. The level of measurement that classifies data without order is: A) Nominal. B) Interval. C) Ordinal. D) Ratio. Show Answer Correct Answer: A) Nominal. 5. Hypothesis testing helps in: A) Data collection. B) Decision making. C) Data cleaning. D) Data visualization. Show Answer Correct Answer: B) Decision making. 6. Variance is the average of: A) Observations. B) Squared deviations from mean. C) Absolute deviations. D) Standard deviations. Show Answer Correct Answer: B) Squared deviations from mean. 7. The ultimate use of statistics is to: A) Draw meaningful conclusions. B) Store data. C) Make random guesses. D) None of the above. Show Answer Correct Answer: A) Draw meaningful conclusions. 8. Poisson distribution is used for: A) Large samples. B) Continuous variables. C) Symmetric data. D) Rare events. Show Answer Correct Answer: D) Rare events. 9. When does scarcity occur? A) When we have too many goods and services. B) Whenever the there are too many services and not enough goods. C) Whenever we do not have enough resources to produce all of the things we would like to have. D) None of the above. Show Answer Correct Answer: C) Whenever we do not have enough resources to produce all of the things we would like to have. 10. This resource is identified as something you can find on Earth and is not made by people. A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: C) Natural resources. 11. .... refers to the systematic arrangement of the information in rows & columns. A) Presenting data. B) Tabulation. C) Both a & b. D) None of the above. Show Answer Correct Answer: B) Tabulation. 12. State whether the statement is true or falseTelephone survey is the most suitable method of collecting data, when the population is literate and spread over a large area A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 13. What is the correct definition of 'scarcity' in an economic context? A) A situation where resources are abundant. B) A situation where resources are limited. C) A situation where resources are unlimited. D) A situation where resources are excessive. Show Answer Correct Answer: B) A situation where resources are limited. 14. Identify the data set's level of measurement:The IQ scores of students in a class. A) Interval. B) Ordinal. C) Nominal. D) Ratio. Show Answer Correct Answer: A) Interval. 15. The total value of goods and services produced within the a country during one year. A) Gross Food Cafeteria (GFC). B) Gross National Income (GNI). C) Gross Domestic Product (GDP). D) Human Consumption Chart (HCC). Show Answer Correct Answer: C) Gross Domestic Product (GDP). 16. Free Enterprise System A) Individuals can make many choices, such as deciding what to buy or what type of job to look for, with the freedom to choose. B) The government controls all economic decisions and resources. C) All businesses are owned by the state and operate for the public good. D) Consumers have no influence over the market and must accept what is provided. Show Answer Correct Answer: A) Individuals can make many choices, such as deciding what to buy or what type of job to look for, with the freedom to choose. 17. Data is mostly based on opinion and not factual A) Yes. B) Always. C) No. D) Maybe. Show Answer Correct Answer: C) No. 18. All countries have different ..... to help them determine what to produce and how to produce things. A) Economic System. B) Economics. C) Economic Globalization. D) None of the above. Show Answer Correct Answer: A) Economic System. 19. Economy in which people make economic decisions based on their group's customs and values. Not common today. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: A) Traditional Economy. 20. Level of measurement where there is logical ordering or categories. A) Interval. B) Nominal. C) Ordinal. D) Ratio. Show Answer Correct Answer: C) Ordinal. 21. This SEEA-CF Accounting Structure records both the opening and closing stock of assets and the changes over the accounting period. A) Flow Accounts. B) Activity/purpose Accounts. C) Asset Accounts. D) None of the above. Show Answer Correct Answer: C) Asset Accounts. 22. If you want to use non-parametric statistics, then you must gather data in? A) Either ordinal or ratio. B) Either nominal or interval. C) Either interval or ratio. D) Must be nominal or ordinal. Show Answer Correct Answer: D) Must be nominal or ordinal. 23. ..... defines economics as the study of man in the ordinary business of life. A) Alfred Marshall. B) Paul krugman. C) Milton friedman. D) Adam Smith. Show Answer Correct Answer: A) Alfred Marshall. 24. A limitation of statistics is that it does not study: A) Quantifiable factors. B) Non-quantifiable factors. C) All factors. D) None of the above. Show Answer Correct Answer: B) Non-quantifiable factors. 25. Calculate the median of the following numbers:12, 3, 5, 7, 9, 11. A) 7. B) 8. C) 5. D) 11. Show Answer Correct Answer: B) 8. 26. A business needs to know what ..... it needs to make their goods and services. A) Economic System. B) Factors of Production. C) Economic Globalization. D) Economics. Show Answer Correct Answer: B) Factors of Production. 27. We use statistics to give a opinion A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 28. In a normal distribution, mean, median, and mode are: A) Different. B) Unrelated. C) Zero. D) Equal. Show Answer Correct Answer: D) Equal. 29. Who was the founder of Economics? A) Adam Smith. B) Alfred Marshall. C) Keynes. D) Ricardo. Show Answer Correct Answer: A) Adam Smith. 30. Statistics is of no use to government in policy formulation A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 31. When you buy a good or service, you are a ..... A) Seller. B) Consumer. C) Producer. D) None of the above. Show Answer Correct Answer: B) Consumer. 32. The median of a set of numbers is: ..... A) The median is the middle number when the numbers are arranged in ascending order. B) The median is the average of the first and last numbers in the set. C) The median is always the largest number in the set. D) The median is the sum of all numbers divided by the total count of numbers. Show Answer Correct Answer: A) The median is the middle number when the numbers are arranged in ascending order. 33. Facts or set of information or observation under study. A) Quantitative. B) Qualitative. C) Statistics. D) Data. Show Answer Correct Answer: D) Data. 34. What is consumer sovereignty? A) Producers decide what gets consumed. B) The freedom to buy what we want. C) In a planned economy consumers can only purchase what they government created. D) Producers are free to create whatever they want. Show Answer Correct Answer: B) The freedom to buy what we want. 35. What do we call what is given up when a choice is made? A) Resources. B) Economics. C) Opportunity cost. D) Scarcity. Show Answer Correct Answer: C) Opportunity cost. 36. Economics is the study of how people make choices about ways to use ..... resources to fulfill their unlimited wants and needs. A) Natural. B) Man-made. C) Unlimited. D) Limited. Show Answer Correct Answer: D) Limited. 37. Production Possibility Curve is: A) Concave to the axis. B) Convex to the axis. C) Parallel to the axis. D) Vertical to the axis. Show Answer Correct Answer: A) Concave to the axis. 38. The four factors of production. A) Machines, Money, Oil, Plastic. B) Money, big cars, money, diamond rings. C) Natural Resources, Labor, Capital, Entrepreneurship. D) None of the above. Show Answer Correct Answer: C) Natural Resources, Labor, Capital, Entrepreneurship. 39. What does the Principle of Opportunity Cost refer to? A) The cost of variable expenses. B) The cost of fixed expenses. C) The cost of an alternative that must be forgone. D) The cost of producing goods. Show Answer Correct Answer: C) The cost of an alternative that must be forgone. 40. If a research uses parametric statistics, then the data must be? A) Must be nominal of ordinal. B) Either interval or ratio. C) Either nominal or interval. D) Either ordinal or ratio. Show Answer Correct Answer: B) Either interval or ratio. 41. Who makes the most money because of specialization? A) A social worker. B) A waitress. C) A doctor. D) A teacher. Show Answer Correct Answer: C) A doctor. 42. This is a way a country uses its money, resources, goods and services. A) Opportunity costs. B) Economy. C) Savings. D) None of the above. Show Answer Correct Answer: B) Economy. 43. Statistics is used by A) Government. B) Businessmen. C) Economists. D) All of the above. Show Answer Correct Answer: D) All of the above. 44. Ordinal data has: A) Order but no fixed differences. B) A true zero. C) Only names. D) Equal intervals. Show Answer Correct Answer: A) Order but no fixed differences. 45. Who called economics the study of man in the ordinary business of life? A) Adam Smith. B) Alfred Marshall. C) Robbins. D) Samuelson. Show Answer Correct Answer: B) Alfred Marshall. 46. Statistics can help to predict the future growth of an economy. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 47. The main objective of a socialist economy is ..... A) Maximum production. B) Earning profit. C) Economic freedom. D) Maximum public welfare. Show Answer Correct Answer: D) Maximum public welfare. 48. A car wash is a ..... A) Good. B) Service. C) Income. D) None of the above. Show Answer Correct Answer: B) Service. 49. Who gave the definition of Economics related to welfare? A) Adam Smith. B) Marshall. C) Robbins. D) Samuelson. Show Answer Correct Answer: B) Marshall. 50. The willingness and ability to start new businesses A) Entrepreneurship. B) Entrepreneur. C) Business Owner. D) None of the above. Show Answer Correct Answer: A) Entrepreneurship. 51. What is the effect of Competition in a market? A) It encourages innovation and drives down prices. B) It leads to less innovation. C) It creates monopolies. D) It drives prices up. Show Answer Correct Answer: A) It encourages innovation and drives down prices. 52. Inferential statistics is ..... A) A techniques to improve the efficiency and effectiveness of the organization. B) Is a techniques to implement a strategic plan. C) Making generalization about population by analyzing the sample. D) Is a good representation of a population. Show Answer Correct Answer: C) Making generalization about population by analyzing the sample. 53. What structure fell in 1989 symbolizing the fall of Communism in Eastern Europe? A) St. Peter's Cathedral. B) Brandenburg Gates. C) Berlin Wall. D) Jenga Tower. Show Answer Correct Answer: C) Berlin Wall. 54. Activities undertaken to earn a living are known as A) Non-Economic activities. B) Economic activities. C) Both of these. D) None of these. Show Answer Correct Answer: B) Economic activities. 55. Determine whether the given data is Qualitative or Quantitative.Data:Employee classification (Permanent, Part-time, Probationary) A) Qualitative Data. B) Quantitative Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Qualitative Data. 56. Which economy is a mixed economy? A) India. B) United States. C) France. D) China. Show Answer Correct Answer: A) India. 57. Inferential technique which make weaker assumptions using nominal and ordinal scales. A) Inferential. B) Parametric. C) Non Parametric. D) Descriptive. Show Answer Correct Answer: C) Non Parametric. 58. Identify the sample:A survey of 500 adults in the U.S. found that 54% drink coffee daily. A) Collection of the 500 adults surveyed. B) Collection of all adults in the U.S. C) 54%. D) 500. Show Answer Correct Answer: A) Collection of the 500 adults surveyed. 59. The median of 10, 12, 14, 16, 18 will be A) 15. B) 12. C) 16. D) 14. Show Answer Correct Answer: D) 14. 60. The arithmetic mean is calculated by: A) Adding all values and dividing by number of values. B) Finding the middle value. C) Finding the most frequent value. D) Finding the range. Show Answer Correct Answer: A) Adding all values and dividing by number of values. ← 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 2Class 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