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 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 5 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How will 'Parental activities' be categorised A) Economic activity. B) Non-economic activity. C) None of these. D) None of the above. Show Answer Correct Answer: B) Non-economic activity. 2. What is revenue? A) Is the money a business receives from selling its goods and services. B) Cost combine is called total cost. C) Is when the amount supplied by producers is greater than the amount demanded by consumers. A surplus tend to cause prices to fall. D) None of the above. Show Answer Correct Answer: A) Is the money a business receives from selling its goods and services. 3. ..... is a person who buys goods and services for the satisfaction of his/her wants A) Consumer. B) Service provider. C) Service holder. D) Producer. Show Answer Correct Answer: A) Consumer. 4. Quality is ..... to variability. A) INVERSELY PROPOTIONAL. B) EQUAL. C) OPPOSITE. D) None of the above. Show Answer Correct Answer: A) INVERSELY PROPOTIONAL. 5. Which one of the following is not involved in the characteristics of Business? A) Business ethics is based on moral value. B) Business ethics is a dynamic philosophy. C) Business ethics influenced by Sociocultural values. D) Business ethics is not inspired by social welfare. Show Answer Correct Answer: D) Business ethics is not inspired by social welfare. 6. Due to heavy lobbying by the Cake Makers of America, the government issues a new regulation that requires people who sells cakes to purchase a license. Given this scenario, it can be said that the government is creating A) A more competitive Market. B) A safer workplace. C) A better product. D) A barrier to market entry. Show Answer Correct Answer: D) A barrier to market entry. 7. Classify each of the following data as quantitative or qualitative-age of students A) Quantitative. B) Qualitative. C) All the above. D) None of the above. Show Answer Correct Answer: A) Quantitative. 8. A combination of more than one economic system. A) CAPITALIST ECONOMY. B) SOCIALIST ECONOMY. C) MIXED ECONOMY. D) None of the above. Show Answer Correct Answer: C) MIXED ECONOMY. 9. True/False:The new buildings that Hobby Lobby will be in are examples of capital resources. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 10. When there are many competitors in a market, individual businesses are not able to easily raise their prices. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 11. PPC model assumes that A) Resources are limited. B) All resources are fully and efficiently used. C) Only two goods are produced. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. What two countries have the highest GDPs (Gross Domestic Product) in the world? A) Germany & China. B) USA & China. C) USA & Germany. D) China & Japan. Show Answer Correct Answer: B) USA & China. 13. Types of Statistics are: A) Marketing and accounting. B) Descriptive and inferential statistic. C) Primary and secondary. D) Quantitative and qualitative. Show Answer Correct Answer: B) Descriptive and inferential statistic. 14. Which chart is best for showing proportions? A) Histogram. B) Line graph. C) Pie chart. D) Scatter plot. Show Answer Correct Answer: C) Pie chart. 15. A confidence interval provides: A) Exact population value. B) Probability of error. C) Range of possible values. D) Sample error. Show Answer Correct Answer: C) Range of possible values. 16. True or false:The social security numbers of students in a class represent quantitative data. A) A. TRUE. B) B. FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) B. FALSE. 17. Identify the data set's level of measurement:The salaries of nurses at a hospital. A) Ratio. B) Nominal. C) Interval. D) Ordinal. Show Answer Correct Answer: A) Ratio. 18. One of the features of statistics is that it deals with: A) Individual facts. B) Aggregates of facts. C) Qualitative data. D) None of the above. Show Answer Correct Answer: B) Aggregates of facts. 19. True or false:The costs of items in a shopper's grocery cart represent quantitative data. A) A. TRUE. B) B. FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) A. TRUE. 20. What to produce? How to produce? and When to produce? Are ..... A) Scarcity. B) Government issues. C) Fundamental Economics problem. D) Fundamental economic questions. Show Answer Correct Answer: D) Fundamental economic questions. 21. Which of the following is a primary data collection method? A) Surveys. B) Census reports. C) Websites. D) Journals. Show Answer Correct Answer: A) Surveys. 22. Trees and water are examples of ..... A) Human Resources. B) Natural Resources. C) Factors of Production. D) Capital Resources. Show Answer Correct Answer: B) Natural Resources. 23. Which is not considered as an economic activity A) Agriculture. B) Banking. C) Business. D) Sujata helping her mother in the kitchen. Show Answer Correct Answer: D) Sujata helping her mother in the kitchen. 24. Who are "suppliers" ? A) People who provide resources in the economy. B) When there is a limited number of resources in the economy. C) A resource that you could live without. D) People who buy things in the economy. Show Answer Correct Answer: A) People who provide resources in the economy. 25. TRUE or FALSE:Environmental Statistics are often developed to respond to a particular question or problem. This is called ad hoc data collection and statisticians find it difficult to be certain that all important data are collected, and not always easy to see the complete picture A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 26. There are 4 ..... They are land, labour, capital and entrepreneurship. A) Profit. B) Economics. C) Market Economy. D) Factors of Production. Show Answer Correct Answer: D) Factors of Production. 27. Includes all of a nation's natural resources A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: A) Land. 28. A major limitation of statistics is that results may vary due to: A) Personal judgment in interpretation. B) Data accuracy. C) Statistical methods. D) None of the above. Show Answer Correct Answer: A) Personal judgment in interpretation. 29. Action taken by two or more businesses attempting to attract the same customers. A) Market Forces. B) Profit Motive. C) Competition. D) Entrepreneurship. Show Answer Correct Answer: C) Competition. 30. Determine whether the given data is Qualitative or Quantitative.Data:Glass size for Milk tea A) Qualitative Data. B) Quantitative Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Qualitative Data. 31. Temperature measured in Celsius is an example of: A) Ratio scale. B) Interval scale. C) Nominal scale. D) Ordinal scale. Show Answer Correct Answer: B) Interval scale. 32. The employees at the hospital are considered ..... A) Natural Resources. B) Factors of Production. C) Capital Resources. D) Human Resources. Show Answer Correct Answer: D) Human Resources. 33. We need to ..... money in case of an emergency. A) Spend. B) Save. C) All the above. D) None of the above. Show Answer Correct Answer: B) Save. 34. Develops when demand is higher than the available resources A) Wants. B) Needs. C) Scarcity. D) None of the above. Show Answer Correct Answer: C) Scarcity. 35. An inferential technique which assumes normally distributions of population from which data are drawn. A) Non Parametric. B) Descriptive. C) Parametric. D) Inferential. Show Answer Correct Answer: C) Parametric. 36. In school it is important to learn about ..... because we are all involved in buying goods and services. A) History. B) Politics. C) Economic System. D) Economics. Show Answer Correct Answer: D) Economics. 37. What kind of economy does the world mostly use today. A) TRADITIONAL ECONOMY. B) MIXED ECONOMY. C) SOCIALIST ECONOMY. D) None of the above. Show Answer Correct Answer: B) MIXED ECONOMY. 38. The term "invisible hand" was Adam Smith's way of explaining the relationship between what two groups? A) The communist government and the people. B) The producers and the consumers. C) The government and the people. D) The United States and other countries. Show Answer Correct Answer: B) The producers and the consumers. 39. Statistics is defined in terms of numerical data in A) Singular sense. B) Plural sense. C) Both of these. D) None of these. Show Answer Correct Answer: B) Plural sense. 40. Deciding ..... and ..... of product is necessary A) Product, quantity. B) Price, Quantity. C) Import, Export. D) None of the above. Show Answer Correct Answer: A) Product, quantity. 41. Statistics is important in the field of studies such as education, government, business, and science. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 42. What are the qualities of good questionnaire A) Sequence of the question. B) Cross examination. C) Use of proper words. D) All the above. Show Answer Correct Answer: D) All the above. 43. It is something nice to have, but it is not necessary to stay alive. A) Wants. B) Needs. C) Services. D) None of the above. Show Answer Correct Answer: A) Wants. 44. This is the lowest level of measurement. A) Nominal. B) Interval. C) Ratio. D) Ordinal. Show Answer Correct Answer: A) Nominal. 45. Determine whether the given data is Discrete or Continuous.Data:The number of clothes in your closet A) Discrete Data. B) Continuous Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Discrete Data. 46. What is scarce in the following scenario:You have to go to work but if you work a lot of hours you are going to be very tired A) Sleep. B) Time. C) Work. D) Money. Show Answer Correct Answer: B) Time. 47. By deliberately twisting or manipulating data, statistics can be used as another form of lying A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 48. You buy a chair on craigslist for $ 10. You then discover that this is a special chair you could sell for $ 100, you decide to keep the chair anyway. What is the opportunity cost? A) $ 100. B) $ 110. C) $ 10. D) $ 90. Show Answer Correct Answer: A) $ 100. 49. Which of the following is a feature of statistics? A) Based on qualitative facts. B) Based on numerical facts. C) Based on opinions. D) None of the above. Show Answer Correct Answer: B) Based on numerical facts. 50. Standard deviation is the: A) Square of variance. B) Square root of variance. C) Range of data. D) Mean of data. Show Answer Correct Answer: B) Square root of variance. 51. Which of the following is an example of qualitative data A) Number of vegetarian students. B) Appreciation of art. C) Number of illiterate people in India. D) Everyday temperature. Show Answer Correct Answer: B) Appreciation of art. 52. Economy strives to create a balance between limited resources and ..... A) LIMITED NEEDS. B) LIMITED WANTS. C) UNLIMITED NEEDS. D) None of the above. Show Answer Correct Answer: C) UNLIMITED NEEDS. 53. TRUE or FALSE:The SEEA applies the accounting concepts, structures, rules and principles of the SNA to the environmental information which is generally consistent with the SNA. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 54. Determines the price of goods and services A) Supply and Demand. B) Competition. C) Profit Motive. D) Economy. Show Answer Correct Answer: A) Supply and Demand. 55. An economy with a central planning committee would be most likely to be found in: A) Singapore. B) USA. C) Hong Kong. D) North Korea. Show Answer Correct Answer: D) North Korea. 56. Statistics is concerned with A) Qualitative Information. B) Quantitative Information. C) Both. D) None of the above. Show Answer Correct Answer: C) Both. 57. A random variable that takes countable values is called: A) Continuous. B) Constant. C) Dependent. D) Discrete. Show Answer Correct Answer: D) Discrete. 58. Determine whether the given data is Discrete or Continuous.Data:Person's weight A) Discrete Data. B) Continuous Data. C) All the above. D) None of the above. Show Answer Correct Answer: B) Continuous Data. 59. What is the best interest of rational self-interest choice? A) A balanced choice that helps the person and others. B) A quick choice that helps the person making the choice. C) A sensible choice that best serves the person making the choice. D) None of the above. Show Answer Correct Answer: C) A sensible choice that best serves the person making the choice. 60. Icons representing clothing, water, shelter, and food A) Entertainment icons. B) Transportation icons. C) Basic needs icons. D) Communication icons. Show Answer Correct Answer: C) Basic needs icons. ← 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 4Class 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