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 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 4 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. On organized way in which a nation chooses to use its resources to create goods/services. A) Economic systems. B) Traditional economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: A) Economic systems. 2. Determine whether the given data is Discrete or Continuous.Data:The number of words in a book. A) Discrete Data. B) Continuous Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Discrete Data. 3. Ranking system is part of which classification? A) Ratio. B) Interval. C) Ordinal. D) Nominal. Show Answer Correct Answer: C) Ordinal. 4. True or false:In the statement "A survey of 500 adults in the U.S. found that 54% drink coffee daily" 54% is a parameter. A) A. TRUE. B) B. FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) B. FALSE. 5. What is the process where resources are taken from the earth, modified, sold, used, and disposed of called? A) Supply chain. B) Resource Scarcity. C) Economy. D) Supply and Demand. Show Answer Correct Answer: A) Supply chain. 6. Statistics helps in: A) Making random guesses. B) Making informed decisions. C) Storing data. D) None of the above. Show Answer Correct Answer: B) Making informed decisions. 7. A high standard deviation indicates that the values are spread over ..... ? A) Small Range. B) Wide Range. C) Uniform Range. D) None of the above. Show Answer Correct Answer: B) Wide Range. 8. The rainy weather increased the ..... of umbrellas at the stores. A) Distribution. B) Factors of Production. C) Consumption. D) Production. Show Answer Correct Answer: C) Consumption. 9. Which field does NOT commonly use statistics? A) Engineering. B) Medicine. C) Economics. D) Astrology. Show Answer Correct Answer: D) Astrology. 10. Word economics "oikonomia" , Where is the origin of the word from A) OLD ENGLISH. B) GREEK. C) LATIN. D) FRENCH. Show Answer Correct Answer: B) GREEK. 11. Which of the following is a method of probability sampling? A) Cluster sampling. B) Quota sampling. C) Both of these. D) None of these. Show Answer Correct Answer: A) Cluster sampling. 12. .... is the process of arranging data into sequence and groups according to their features A) Collection data. B) Organizing data. C) Analyzing data. D) None of the above. Show Answer Correct Answer: B) Organizing data. 13. The type of Economy whose main aim is to earn profit A) Mixed Economy. B) Socialist Economy. C) Capitalistic Economy. D) None of the above. Show Answer Correct Answer: C) Capitalistic Economy. 14. Study of small units of an economic system is called? A) Micro Economics. B) Monetary Economics. C) Macro Economics. D) Industrial Economics. Show Answer Correct Answer: A) Micro Economics. 15. What does the Law of Demand state? A) As price decreases, demand decreases. B) As price increases, demand increases. C) As price increases, demand decreases. D) As price remains constant, demand fluctuates. Show Answer Correct Answer: C) As price increases, demand decreases. 16. Economy may be classified as: A) Capitalist. B) Socialist. C) Mixed. D) All of these. Show Answer Correct Answer: D) All of these. 17. Find the arithmetic mean of:5, 7, 10, 10 and 3. A) 7. B) 8. C) 6. D) 12. Show Answer Correct Answer: A) 7. 18. The right of private property means you can own, use, or dispose of things of value A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 19. One in which economic decisions are based on a society's values, cultures and customs. A) Mixed Economy. B) Traditional Economy. C) Market Economy. D) Command Economy. Show Answer Correct Answer: B) Traditional Economy. 20. A study was carried out to know the crop structure in a village of 200 farms. Of the 50 farms surveyed, 50% grew only wheat. Identify the population and the sample A) Population 50 and sample 200. B) Population 200 and sample 50. C) Population 250 and sample 50. D) Population 250 and sample 150. Show Answer Correct Answer: B) Population 200 and sample 50. 21. Which of the following are considered output units in a computer? A) Micro Film. B) Mouse. C) Printers. D) Floppy Disk, Dat, CD etc. Show Answer Correct Answer: C) Printers. 22. One function of statistics in government planning is: A) Resource allocation and policy decisions. B) Data storage. C) Random guessing. D) None of the above. Show Answer Correct Answer: A) Resource allocation and policy decisions. 23. Refers to the organization of data into tables, graphs and charts. A) Collection of Data. B) Collation of Data. C) Presentation of Data. D) None of the above. Show Answer Correct Answer: C) Presentation of Data. 24. Welfare definition given by ..... ? A) Adam Smith. B) Alfred Marshall. C) Lionel Robbins. D) None of the above. Show Answer Correct Answer: B) Alfred Marshall. 25. Competition among BUYERS generally means: A) Higher product prices and fewer profits for sellers. B) Higher product prices and more profits for sellers. C) Lower product prices and fewer profits for sellers. D) Lower product prices and more profits for sellers. Show Answer Correct Answer: B) Higher product prices and more profits for sellers. 26. What type of economy is also called a free enterprise system? A) Command. B) Market. C) Traditional. D) Mixed. Show Answer Correct Answer: B) Market. 27. When you employ somebody giving them a wage then you are an- A) Service holder. B) Service provider. C) Employer. D) Employee. Show Answer Correct Answer: C) Employer. 28. ..... refers to the quantity of a good or service that businesses are willing and able to provide. A) Demand. B) Supply. C) Market Price. D) None of the above. Show Answer Correct Answer: B) Supply. 29. Statistics helps mainly in: A) Eliminating errors. B) Organizing and interpreting data. C) Avoiding surveys. D) Ignoring variability. Show Answer Correct Answer: B) Organizing and interpreting data. 30. According to the scarcity oriented definition of Economics, Economics is a ..... A) Finance. B) Science. C) Maths. D) None of the above. Show Answer Correct Answer: B) Science. 31. Are the economic resources a nation uses to make goods and supply services for its population A) Factors of buying. B) Factors of selling. C) Factors of production. D) None of the above. Show Answer Correct Answer: C) Factors of production. 32. The basic reason for existence of economic problem is A) Distribution. B) Exchange. C) Scarcity. D) Consumption. Show Answer Correct Answer: C) Scarcity. 33. What term correctly describes the combination of natural, human, and capital resources? A) Scarcity. B) Supply chain. C) Command Economy. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 34. What is class mark x$_{i}$ A) Lower limit + upper limit. B) (Upper limit-Lower limit)/2. C) Upper limit-Lower limit. D) 2(Upper limit-Lower limit). Show Answer Correct Answer: B) (Upper limit-Lower limit)/2. 35. Which of the following is not a function of statistics? A) Data analysis. B) Data presentation. C) Data collection. D) Data misinterpretation. Show Answer Correct Answer: D) Data misinterpretation. 36. A histogram is used for: A) Qualitative data. B) Continuous data. C) Nominal data. D) Discrete data only. Show Answer Correct Answer: B) Continuous data. 37. What is the role of 'demand' in economics? A) It has no effect on the market. B) It influences the price of goods. C) It determines the supply of goods. D) It is unrelated to consumer behavior. Show Answer Correct Answer: B) It influences the price of goods. 38. The study of how people seek ways to meet their wants and needs by making choices is called? A) Capitalism. B) Scarcity. C) Economics. D) Entrepreneurs. Show Answer Correct Answer: C) Economics. 39. Scarcity defines the concept of having ..... wants and ..... resources. A) Reasonable; unlimited. B) Limited; reasonable. C) Finite; infinite. D) Unlimited; limited. Show Answer Correct Answer: D) Unlimited; limited. 40. Which measure of central tendency is affected most by extreme values? A) Mode. B) Median. C) Mean. D) Quartile. Show Answer Correct Answer: C) Mean. 41. Data that describes qualities or characteristics is called: A) Discrete data. B) Continuous data. C) Qualitative data. D) Quantitative data. Show Answer Correct Answer: C) Qualitative data. 42. Which step of the supply chain involves consumers getting rid of resources? A) Consumption. B) Distribution. C) Disposal. D) Extraction. Show Answer Correct Answer: C) Disposal. 43. Micro Economics word is derived from Greek word "Mikros" A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 44. The send best alternative given up when we make choices is known as A) Opportunity cost. B) Choices. C) Scarcity. D) Production possibility. Show Answer Correct Answer: A) Opportunity cost. 45. What is "supply" A) The amount of a resource available in the economy. B) How much consumers are willing to pay. C) A system that allows people to get the resources they want and need. D) When there is a small amount of a resource available. Show Answer Correct Answer: A) The amount of a resource available in the economy. 46. Distribution of ..... is according to social and economic justice A) Income. B) National Income. C) Gross Income. D) Expenditure. Show Answer Correct Answer: B) National Income. 47. True/False:Countries all have the same economic systems A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 48. The reason people choose to start of expand their businesses. A) Supply and Demand. B) Entrepreneurship. C) Profit Motive. D) Competition. Show Answer Correct Answer: C) Profit Motive. 49. A low standard deviation indicates that the values tend to be close to ..... ? A) Mean. B) Median. C) Mode. D) None of the above. Show Answer Correct Answer: A) Mean. 50. The primary reason why businesses invest resources and take risks is to ..... A) Provide jobs. B) Produce goods and services. C) Improve their products. D) Earn a profit. Show Answer Correct Answer: D) Earn a profit. 51. Statistical software packages for research in Social science includeS A) SPSS. B) STATA. C) Mini Tab. D) All of these. Show Answer Correct Answer: D) All of these. 52. Resources to satisfy human wants have ..... uses A) Few. B) Very few. C) Alternative. D) None of the above. Show Answer Correct Answer: C) Alternative. 53. Dog Ownership and Supply A) More Americans owning dogs leads to an increase in the supply of dog food. B) More Americans owning dogs has no effect on the supply of dog food. C) More Americans owning dogs leads to a decrease in the supply of dog food. D) More Americans owning cats leads to an increase in the supply of dog food. Show Answer Correct Answer: A) More Americans owning dogs leads to an increase in the supply of dog food. 54. The basic problem of economics that develops because humans have unlimited wants but limited resources. A) Economics. B) Scarcity. C) Absolute Advantage. D) Comparative Advantage. Show Answer Correct Answer: B) Scarcity. 55. Which concept is NOT basic to definition of economics? A) Choice. B) Bartering. C) Scarcity. D) Rational Self-Interest. Show Answer Correct Answer: B) Bartering. 56. Economics is a science that examines how goods and services are produced, sold, and used. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 57. Are you a consumer? A) No. B) Yes. C) All the above. D) None of the above. Show Answer Correct Answer: B) Yes. 58. Globalisation aims to create ..... world. A) RESTRICTED. B) BORDERLESS. C) All the above. D) None of the above. Show Answer Correct Answer: B) BORDERLESS. 59. In traditional economies what is the term for exchanging goods and services without using currency (money)? A) Tariff. B) Stealing. C) Trade off. D) Bartering. Show Answer Correct Answer: D) Bartering. 60. Statistics denotes A) Qualitative statement. B) Quantitative statement. C) Both. D) None of these. Show Answer Correct Answer: C) Both. ← 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 3Class 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