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 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 6 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Is the value of the next best option that was not selected A) Opportunity buyins. B) Opportunity Cost. C) Opportunity selling. D) None of the above. Show Answer Correct Answer: B) Opportunity Cost. 2. Most repeated value of the given grouped data is given by the central tendency A) Mode. B) Mean. C) Class size. D) Median. Show Answer Correct Answer: A) Mode. 3. TRUE or FALSE:SEEA Identifies the socio-economic drivers, pressures, impacts and responses that are not affecting the environment. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 4. In the same year in which our country was founded (1776) this person wrote, "The Wealth of Nations", which outlined capitalism. A) Adam Smith. B) Karl Marx. C) Thomas Jefferson. D) Alexander Hamilton. Show Answer Correct Answer: A) Adam Smith. 5. Trucks and boats help with the ..... of goods. A) Distribution. B) Factors of Production. C) Consumption. D) Production. Show Answer Correct Answer: A) Distribution. 6. Which market structure requires a large number of suppliers? A) Monopoly. B) Oligopoly. C) Pure Competition. D) None of the above. Show Answer Correct Answer: C) Pure Competition. 7. A consumer is one who consumes goods and services for- A) Satisfaction of his wants. B) Help to others. C) To earn money. D) Need of education. Show Answer Correct Answer: A) Satisfaction of his wants. 8. Tossing a coin is an example of: A) Continuous random variable. B) Discrete random variable. C) Deterministic event. D) Impossible event. Show Answer Correct Answer: B) Discrete random variable. 9. Statistics in singular sense means A) Statistical data. B) Statistical procedure. C) Statistical laws. D) None of these. Show Answer Correct Answer: B) Statistical procedure. 10. A sampling distribution refers to: A) Raw data. B) Distribution of sample statistics. C) Population data. D) Frequency table. Show Answer Correct Answer: B) Distribution of sample statistics. 11. In Macroeconomics the letter A stands for? A) Arbitrage pricing theory. B) Aggregate. C) Accounting. D) Asset. Show Answer Correct Answer: B) Aggregate. 12. Determine whether the given data is Qualitative or Quantitative.Data:Annual sales in the company A) Qualitative Data. B) Quantitative Data. C) All the above. D) None of the above. Show Answer Correct Answer: B) Quantitative Data. 13. How do you satisfy your unlimited wants in a world of limited resources? A) By making choices. B) By setting a budget. C) By stealing. D) By making more money. Show Answer Correct Answer: A) By making choices. 14. Find the geometric mean of:2 and 8. A) 12. B) 4. C) 10. D) 6. Show Answer Correct Answer: B) 4. 15. The United States is the largest producer of goods and services in the world A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 16. Determine whether the given data is Discrete or Continuous.Data:Population in Cebu City A) Discrete Data. B) Continuous Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Discrete Data. 17. Classify each of the following data as quantitative or qualitative-color of the eye A) Quantitative. B) Qualitative. C) All the above. D) None of the above. Show Answer Correct Answer: B) Qualitative. 18. Process of extracting relevant information from a set of data. A) Interpretation of Data. B) Analysis of Data. C) Non Parametric. D) Collection of Data. Show Answer Correct Answer: B) Analysis of Data. 19. The PPC may be a downward sloping linear curve if: A) The opportunity cost is constant at all production possibilities. B) The opportunity curve is increasing at all production possibilities. C) The opportunity curve is decrease at all production possibilities. D) This can happen with all production. Show Answer Correct Answer: A) The opportunity cost is constant at all production possibilities. 20. Top Toys for Christmas 2019 A) Nerf Ultra One Blaster. B) FurReal Friends Cubby the Bear. C) Lego Star Wars Millennium Falcon. D) Barbie Dreamhouse. Show Answer Correct Answer: C) Lego Star Wars Millennium Falcon. 21. What is the class mark of the class interval 30-40 is ..... A) 40. B) 30. C) -10. D) 35. Show Answer Correct Answer: D) 35. 22. Descriptive statistics involves estimation and hypothesis testing A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 23. Which of the following is a primary function of statistics? A) Collecting data. B) Storing data. C) Simplifying complex data. D) None of the above. Show Answer Correct Answer: C) Simplifying complex data. 24. The two types of Data are A) Data & Variable. B) Qualitative & Quantitative. C) Discrete & Continuous. D) Yin & Yang. Show Answer Correct Answer: B) Qualitative & Quantitative. 25. Statistics which is concerned with a higher order of critical thinking and judgment. A) Parametric. B) Descriptive. C) Inferential. D) Non Parametric. Show Answer Correct Answer: C) Inferential. 26. Statistics deals with A) Paper. B) Data. C) Information. D) Technology. Show Answer Correct Answer: B) Data. 27. State whether the following statement is true or false:" statistics is of no use to economics without data." A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 28. People who start a new business or purchase and existing business. A) Entrepreneurship. B) Entrepreneur. C) Business Owner. D) None of the above. Show Answer Correct Answer: B) Entrepreneur. 29. When the temperature is 0 degree celcius, which of the following is not true? A) An example of interval scale. B) There is no temperature. C) Zero is just another point in the scale. D) Freezing point of water. Show Answer Correct Answer: B) There is no temperature. 30. When money is used to compare the value of different products it is used: A) As an indicator of debt. B) As a unit of accounting. C) As a store of value. D) As a medium of exchange. Show Answer Correct Answer: B) As a unit of accounting. 31. Economic factors that affect price, demand and availability of a good or service. A) Natural Resources. B) Economic Problem. C) Factors of Production. D) Market Forces. Show Answer Correct Answer: D) Market Forces. 32. Sample is different from population because ..... A) A set of items selected from the population. B) A measuring variable for every unit in the population. C) A study done before the actual framework. D) A complete set. Show Answer Correct Answer: A) A set of items selected from the population. 33. Which of the following is essential for correct statistical interpretation? A) Judgment and understanding. B) Random guessing. C) Data collection. D) None of the above. Show Answer Correct Answer: A) Judgment and understanding. 34. This measurement is used to determine how well a country's economy is doing. A) Stock Market Prices. B) Gross National Assessment. C) Gross Domestic Product. D) None of the above. Show Answer Correct Answer: C) Gross Domestic Product. 35. If you were trying to sell a product, how could you attract more customers? A) Lower the price of the product. B) Decrease profits. C) Raise the price of the product. D) None of the above. Show Answer Correct Answer: A) Lower the price of the product. 36. Which step of the supply chain involves turning raw materials from the earth into something that can be sold to consumers? A) Consumption. B) Distribution. C) Extraction. D) Production. Show Answer Correct Answer: D) Production. 37. Which of the following is NOT a limitation of statistics A) It does not study individuals. B) Statistics can not be misused. C) Statistics does not study the qualitative aspect of a problem. D) None of these. Show Answer Correct Answer: B) Statistics can not be misused. 38. It is something essential to staying alive. A) Wants. B) Needs. C) Services. D) None of the above. Show Answer Correct Answer: B) Needs. 39. Statistics in plural sense means A) Statistical methods. B) Qualitative data. C) Quantitative data. D) Descriptive statistics. Show Answer Correct Answer: C) Quantitative data. 40. What is given up when a choice is made A) Opportunity cost. B) Scarcity. C) Resources. D) Choice. Show Answer Correct Answer: A) Opportunity cost. 41. Our data come from ..... , but we really care most about ..... A) Subjective methods; objective methods. B) Theories; mathematical models. C) Populations; samples. D) Samples; populations. Show Answer Correct Answer: D) Samples; populations. 42. What is the role of consumers in the economy? A) Consumers help determine price because they decide how much they will pay. B) Consumers do not play a role in the economy because they just buy resources. C) All the above. D) None of the above. Show Answer Correct Answer: A) Consumers help determine price because they decide how much they will pay. 43. Something that fulfils our requirement is called as a ..... A) Needs. B) Resource. C) Economy. D) None of the above. Show Answer Correct Answer: B) Resource. 44. In this measurement, zero is just another point in the scale. A) Interval. B) Nominal. C) Ordinal. D) Ratio. Show Answer Correct Answer: D) Ratio. 45. What is resource scarcity? A) A system allowing people to get the resources they need to meet their wants and needs. B) A resource that would be nice to have but that you could live without. C) A tangible (touchable) resource that you can buy or trade. D) When there is a limited amount of a resource-it tends to cost more!. Show Answer Correct Answer: D) When there is a limited amount of a resource-it tends to cost more!. 46. Probability of rejecting the null hypothesis when it is true is called A) Type-II error. B) Type-I error. C) Standard error. D) None of these. Show Answer Correct Answer: B) Type-I error. 47. Determine whether the given data is Qualitative or Quantitative.Data:Monthly salary A) Qualitative Data. B) Quantitative Data. C) All the above. D) None of the above. Show Answer Correct Answer: B) Quantitative Data. 48. Economic decision-making is the process of deciding ..... A) How to spend your time. B) How to use your income. C) Which wants and needs will be satisfied. D) Whether to buy a product now or later. Show Answer Correct Answer: C) Which wants and needs will be satisfied. 49. Find the range of the numbers:15, 20, 25, 30, 35. A) 30. B) 15. C) 20. D) 25. Show Answer Correct Answer: C) 20. 50. When something is given up in order to gain something else. A) Scarcity. B) Trade Off. C) Opportunity Cost. D) None of the above. Show Answer Correct Answer: B) Trade Off. 51. Globalisation causes more interconnections between countries A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 52. Determine whether the given situation is Descriptive or Inferential Statistics.Situation:The Effects of Typhoon Odette in the lives of the people. A) Descriptive Statistics. B) Inferential Statistics. C) All the above. D) None of the above. Show Answer Correct Answer: B) Inferential Statistics. 53. In a ..... the resources are owned and controlled by the government. A) Command Economy. B) Market Economy. C) Mixed Economy. D) Traditional Economy. Show Answer Correct Answer: A) Command Economy. 54. Statistics is helpful in: A) Studying social and economic problems. B) Only studying economics. C) Only studying social issues. D) None of the above. Show Answer Correct Answer: A) Studying social and economic problems. 55. If class mark of a class interval with upper limit 50 is 40, find its lower limit A) 90. B) 20. C) 45. D) 30. Show Answer Correct Answer: D) 30. 56. This resource is identified as tools or machines needed to make products or provide services. A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: B) Capital resources. 57. The range of a set of numbers is: ..... A) The range is the sum of all numbers in the set. B) The range is the average of all numbers in the set. C) The range is the difference between the largest and smallest numbers in the set. D) The range is the product of all numbers in the set. Show Answer Correct Answer: C) The range is the difference between the largest and smallest numbers in the set. 58. It is the science of collection, organization, analysis, interpretation, and presentation of data A) Qualitative. B) Statistics. C) Quantitative. D) Data. Show Answer Correct Answer: B) Statistics. 59. "Statistics does not help in comparison of data of different regions" A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 60. Economics seeks the answer to the basic question of how to deal with ..... A) Money. B) Hunger. C) Demand. D) Scarcity. Show Answer Correct Answer: D) Scarcity. ← 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 5Class 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