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 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 7 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Determine whether the given situation is Descriptive or Inferential Statistics.Situation:The percentage of the examinees passing the licensure exam. A) Descriptive Statistics. B) Inferential Statistics. C) All the above. D) None of the above. Show Answer Correct Answer: A) Descriptive Statistics. 2. Opportunity Cost is best defined as A) The benefit you gain by making a decision. B) The amount of debt you take on by making a decision. C) The price you pay to purchase something. D) The value of the next best alternative that is given up due to the choice you made. Show Answer Correct Answer: D) The value of the next best alternative that is given up due to the choice you made. 3. Bartering is defined as: A) The value placed on a product. B) An object used to pay for a product. C) Taking a product with the promise to return it. D) Trading a product for another product. Show Answer Correct Answer: D) Trading a product for another product. 4. A point estimate is: A) Population value. B) Error value. C) Interval of values. D) Single value estimate. Show Answer Correct Answer: D) Single value estimate. 5. All of the following are possible costs of your decision to go away to college except A) You will become more educated. B) You will spend lots of time studying. C) You will be paying a lot of money. D) There may be a lot of social distractions. Show Answer Correct Answer: A) You will become more educated. 6. Which step of the supply chain involves suppliers selling consumers resources? A) Consumption. B) Distribution. C) Extraction. D) Production. Show Answer Correct Answer: B) Distribution. 7. All the human activities in which people are gainfully employed are called- A) Non economic activities. B) Economic Activities. C) Distribution. D) Exchange. Show Answer Correct Answer: B) Economic Activities. 8. Distrust of statistics is due to A) Limitation of statistics. B) Misuse of statistics. C) Insufficient statistical methods. D) None of these. Show Answer Correct Answer: B) Misuse of statistics. 9. Goods or services that are not necessary, but that we desire or wish for. Examples:video games, toys, concert tickets, etc. A) Demand. B) Needs. C) Wants. D) Presents. Show Answer Correct Answer: C) Wants. 10. Is the action taken by two or more businesses attempting to attract the same customers A) Fighting. B) Competition. C) None of the above. D) None of the above. Show Answer Correct Answer: B) Competition. 11. Brazil and India have a large population and are both large in size. If their economies are to develop what factors of production do they need to increase? A) Labor and Land. B) Entrepreneurship and Labor. C) Capital and Land. D) Capital and Entrepreneurship. Show Answer Correct Answer: D) Capital and Entrepreneurship. 12. A science of collection, presentation of data. A) Population. B) Statistics. C) Analysis of Data. D) None of the above. Show Answer Correct Answer: B) Statistics. 13. The factor of production that includes the physical land and resources that come directly from the earth. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: A) Land. 14. The reason for downward shape of production possibility curve is: A) Negative opportunity cost. B) Increasing opportunity cost. C) Decreasing opportunity cost. D) Same opportunity cost. Show Answer Correct Answer: C) Decreasing opportunity cost. 15. Determine whether the given situation is Descriptive or Inferential Statistics.Situation:Literacy rate of the Filipino people at present. A) Descriptive Statistics. B) Inferential Statistics. C) All the above. D) None of the above. Show Answer Correct Answer: A) Descriptive Statistics. 16. Which of the following is NOT a part of pure competition? A) No seller or buyer has control of the market. B) Buyers are familiar with the product. C) Barriers to market entry exist. D) Many buyers and sellers. Show Answer Correct Answer: C) Barriers to market entry exist. 17. The amount of a good or service that is wanted is called: A) Supply. B) Demand. C) Equilibrium. D) Inflation. Show Answer Correct Answer: B) Demand. 18. The factor of production that includes natural resources is known as: A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: A) Land. 19. The arithmetic mean is: ..... A) Multiplication of all numbers. B) Median of all numbers. C) Mode of all numbers. D) Sum of all numbers divided by the total count of numbers. Show Answer Correct Answer: D) Sum of all numbers divided by the total count of numbers. 20. Which of these is not a feature of statistics? A) Deals with individual facts. B) Deals with aggregates. C) Based on numerical data. D) None of the above. Show Answer Correct Answer: A) Deals with individual facts. 21. The ..... of hand sanitizer has had to increase at the factories because of the Coronavirus. A) Distribution. B) Production. C) Consumption. D) Factors of Production. Show Answer Correct Answer: B) Production. 22. What is economics? A) The study of how people choose to use their unlimited resources to satisfy their unlimited wants. B) The things that can be used in making products or services that people want. C) Are desires that people have that can be met by getting a product or service. D) None of the above. Show Answer Correct Answer: A) The study of how people choose to use their unlimited resources to satisfy their unlimited wants. 23. Goodness of fit of a distribution is tested by A) T-test. B) Chi-square test. C) F-test. D) None of the above. Show Answer Correct Answer: B) Chi-square test. 24. Sea water for a sea aquarium is a free good A) Yes. B) No. C) Maybe. D) None of the above. Show Answer Correct Answer: C) Maybe. 25. When students are classified by their gender (male or female), it is an example of. A) Ranking the object. B) One-way classification. C) Two-way classification. D) None of these. Show Answer Correct Answer: C) Two-way classification. 26. Tools used by people at work like assembly lines, or a hammer, or a ladder are called ..... A) Labor. B) Capital. C) Revenue. D) None of the above. Show Answer Correct Answer: B) Capital. 27. The highest-valued alternative that must be given up to engage in an activity. A) Opportunity Cost. B) Innovation. C) Factors of Production. D) Scarcity. Show Answer Correct Answer: A) Opportunity Cost. 28. The first step in the decision-making process is to ..... A) Define the problem. B) Review your choice. C) Identify your choices. D) Evaluate Alternatives. Show Answer Correct Answer: A) Define the problem. 29. A policy in which a nation does not try to limit exports and imports A) Trade. B) Free Trade. C) Demand and Supply. D) None of the above. Show Answer Correct Answer: B) Free Trade. 30. What type of economy does the United States have? A) Mixed market economy. B) Traditional economy. C) Command economy. D) None of the above. Show Answer Correct Answer: A) Mixed market economy. 31. Statistics which is concerned with summarizing values to describe group characteristics of the data. A) Descriptive. B) Inferential. C) Parametric. D) Non Parametric. Show Answer Correct Answer: A) Descriptive. 32. .... Data refers to the classification of data based on time A) Conditional data. B) Quantitative data. C) Chronological data. D) None of the above. Show Answer Correct Answer: C) Chronological data. 33. "The unemployment rate in the country is high" A) This is a positive statement. B) This is not possible. C) This is possible. D) This is a normative statement. Show Answer Correct Answer: D) This is a normative statement. 34. 'Parameter' refer to the characteristics of the A) Population. B) Sample. C) Mean. D) None of the above. Show Answer Correct Answer: A) Population. 35. Statistics is applied in- A) Economics. B) Commerce and industry. C) Business management. D) All of these. Show Answer Correct Answer: D) All of these. 36. Type I error occurs when: A) Null hypothesis is accepted incorrectly. B) Null hypothesis is rejected when true. C) Confidence level is high. D) Sample is large. Show Answer Correct Answer: B) Null hypothesis is rejected when true. 37. Convenience sampling is a A) Probability Sampling. B) Non-probability Sampling. C) Random Sampling. D) None of the above. Show Answer Correct Answer: B) Non-probability Sampling. 38. Which of the following best describes 'opportunity cost'? A) The cost of the next best alternative foregone. B) The cost of all alternatives available. C) The cost of the least expensive option. D) The cost of the most expensive option. Show Answer Correct Answer: A) The cost of the next best alternative foregone. 39. Statistics presents data in a: A) Narrative form. B) Tabular and graphical form. C) Only graphical form. D) Only tabular form. Show Answer Correct Answer: B) Tabular and graphical form. 40. Identify the data set's level of measurement:The nationality of each person on an airplane. A) Ordinal. B) Ratio. C) Interval. D) Nominal. Show Answer Correct Answer: D) Nominal. 41. The study of the economy as a whole ..... A) Macroeconomics. B) Microeconomics. C) Economics. D) Supply and Demand. Show Answer Correct Answer: A) Macroeconomics. 42. One of the key features of statistics is that it is based on: A) Qualitative data. B) Numerical data. C) Anecdotal evidence. D) None of the above. Show Answer Correct Answer: B) Numerical data. 43. Accountants, lawyers, and graphic designers are A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: A) Human resources. 44. What are resources? A) Is the study of how people choose to use their unlimited resources to satisfy their unlimited wants. B) All the things that can be used in making products or services that people want. C) Desires that people have that can be met by getting a product or service. D) None of the above. Show Answer Correct Answer: B) All the things that can be used in making products or services that people want. 45. Which is an example of ratio scale? A) Time. B) Gender. C) Grades. D) All of these. Show Answer Correct Answer: C) Grades. 46. What are the three types of resources? A) Natural resources, labor, and capital. B) Good, services, and capital. C) Natural resources, goods, and capital. D) None of the above. Show Answer Correct Answer: A) Natural resources, labor, and capital. 47. Which of the following is NOT a characteristic of statistics under plural sense A) Statistics are aggregate of facts. B) Statistics are numerically expressed. C) Statistics are collected for a predetermined purpose. D) None of these. Show Answer Correct Answer: D) None of these. 48. Statistics is defined in terms of numerical data in the- A) Singular sense. B) Plural sense. C) Either A or B. D) Both a and b. Show Answer Correct Answer: B) Plural sense. 49. What economic system is based upon consumers and producers independent decisions determining which products will be successful (sell)? A) Traditional Economy. B) Control or Command Economy. C) Free Market (Capitalist) Economy. D) Socialist Economy. Show Answer Correct Answer: C) Free Market (Capitalist) Economy. 50. What does the term 'Scarcity' refer to in economics? A) The high demand for goods. B) The abundance of resources. C) The surplus of goods in the market. D) The limited availability of resources. Show Answer Correct Answer: D) The limited availability of resources. 51. The basic economic problem results from scarcity. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 52. True or False Academic Performance can be measured by Statistics A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 53. Multistage Stratified random sampling is A) Probability Sampling. B) Selective Sampling. C) Non-probability Sampling. D) None of the above. Show Answer Correct Answer: A) Probability Sampling. 54. Which of the following is the inability to satisfy all wants at the same time? A) Economy. B) Scarcity. C) Production. D) Limited Resources. Show Answer Correct Answer: B) Scarcity. 55. Determine whether the given situation is Descriptive or Inferential Statistics.Situation:Health benefits of having a healthy lifestyle. A) Descriptive Statistics. B) Inferential Statistics. C) All the above. D) None of the above. Show Answer Correct Answer: B) Inferential Statistics. 56. If two events cannot occur together, they are called: A) Independent. B) Mutually exclusive. C) Dependent. D) Complementary. Show Answer Correct Answer: B) Mutually exclusive. 57. The first step in any statistical study is: A) Data presentation. B) Data collection. C) Data interpretation. D) Data analysis. Show Answer Correct Answer: B) Data collection. 58. What are the merits of secondary data A) A. It is convenient. B) B. Saves time & finance. C) C. None of the above. D) Both a & b. Show Answer Correct Answer: D) Both a & b. 59. What is cultural globalisation? A) Economies becoming more interconnected. B) Spread of language, food, religion and entertainments globally. C) Some policies and laws are made by international political bodies. D) None of the above. Show Answer Correct Answer: B) Spread of language, food, religion and entertainments globally. 60. When was the book '' an inquiry into the nature and causes of the wealth of nations" ? A) 1776. B) 1770. C) 1876. D) 1870. Show Answer Correct Answer: A) 1776. ← 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 6Class 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