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 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 8 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A demand curve illustrates the relationship between quantity demanded of a product and ..... A) Profit. B) Price. C) Production Cost. D) None of the above. Show Answer Correct Answer: B) Price. 2. The work performed by people in an organization. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: B) Labor. 3. If the sample size increases the sampling error A) Decreases. B) Increases. C) Remains constant. D) None of the above. Show Answer Correct Answer: A) Decreases. 4. Refers to the collection of facts where the researcher gets information. A) Collection of Data. B) Organization of Data. C) Analysis of Data. D) None of the above. Show Answer Correct Answer: A) Collection of Data. 5. What is the fundamental economic problem faced by all countries? A) Scarcity. B) Inflation. C) Unemployment. D) Economic recession. Show Answer Correct Answer: A) Scarcity. 6. If many consumers want a particular service, its price will probably go up. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 7. The Standard deviation is a measurement of ..... of a set of data value? A) Amount of Consistence. B) Amount of Variation. C) Amount of Difference. D) None of the above. Show Answer Correct Answer: B) Amount of Variation. 8. Which statistic is commonly used in sampling distribution? A) Median. B) Range. C) Sample mean. D) Mode. Show Answer Correct Answer: C) Sample mean. 9. Which step of the supply chain involves consumers using the resources they purchased? A) Disposal. B) Distribution. C) Production. D) Consumption. Show Answer Correct Answer: D) Consumption. 10. ..... errors are made when we accept a null hypothesis which is not true A) Type ll. B) Type I. C) Both. D) None. Show Answer Correct Answer: A) Type ll. 11. Inferential statistics is used to: A) Collect data. B) Draw graphs. C) Describe data only. D) Make conclusions about population. Show Answer Correct Answer: D) Make conclusions about population. 12. The goods which are directly consumed by human beings are called A) Consumer Goods. B) Capital Goods. C) Private Goods. D) Industrial Goods. Show Answer Correct Answer: A) Consumer Goods. 13. A lecturer wants to know how students in the class did on their first semester final exam. He asks 15 students by calling their name from the class attendance list to state their CGPA result. He concludes from their report that the class did extremely well. What is the sample? A) Students in the first semester. B) Staff and students at POLIMAS. C) Students of all semesters. D) 15 students in the first semester. Show Answer Correct Answer: D) 15 students in the first semester. 14. In which economy decisions are taken on the basis of price mechanism? A) Socialist. B) Capitalist. C) Mixed. D) All of these. Show Answer Correct Answer: B) Capitalist. 15. How do economic systems differ? A) By the types of goods and services produced. B) By the level of government control. C) By the amount of money people make. D) By the number of consumers in the market. Show Answer Correct Answer: B) By the level of government control. 16. Statistics helps in comparison by using: A) Qualitative measures. B) Uniform units and ratios. C) Random values. D) None of the above. Show Answer Correct Answer: B) Uniform units and ratios. 17. Statistics in singular sense includes A) Collection of data. B) Organisation of data. C) Analysis of data. D) All of these. Show Answer Correct Answer: D) All of these. 18. In normal distribution, the Mean, Median and Mode are? A) Different. B) Equal. C) Unequal. D) None of the above. Show Answer Correct Answer: B) Equal. 19. What is a trade-off? A) Giving up one alternative good or service for another. B) Getting all the goods and services. C) Not picking any of the options. D) None of the above. Show Answer Correct Answer: A) Giving up one alternative good or service for another. 20. Plants, fruits, and minerals are called A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: C) Natural resources. 21. Which of the following is a function of statistics in business? A) Market analysis and demand forecasting. B) Data storage. C) Random guessing. D) None of the above. Show Answer Correct Answer: A) Market analysis and demand forecasting. 22. Each of the following is one of the three economic questions that must be answered by all nations except: A) What goods and services will be produced?. B) How will the goods and services be produced?. C) Who will receive the profits earned when goods and services are produced?. D) What needs and wants will be satisfied with the goods and services produced?. Show Answer Correct Answer: C) Who will receive the profits earned when goods and services are produced?. 23. Which economist is known as the "Father of modern economics" ? A) Alfred Marshall. B) Adam Smith. C) Samuelson. D) Karl Marx. Show Answer Correct Answer: B) Adam Smith. 24. The quantity of a good or service that consumers are willing and able to buy is called A) Supply. B) Economic Want. C) Demand. D) Economic Amount. Show Answer Correct Answer: C) Demand. 25. Division of the national income into wages, profits rents, and interest is called as- A) Distribution. B) Exchange. C) Consumption. D) Investment. Show Answer Correct Answer: A) Distribution. 26. All tools, equipment and machinery used to produce goods or provide services. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: C) Capital. 27. "Economics is a social science as it systematically studies human behaviour." A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 28. ..... is the root of all economic problems A) Scarcity. B) Population. C) High demand. D) None of the above. Show Answer Correct Answer: A) Scarcity. 29. Economics is considered as a ..... A) Positive science. B) Normative science. C) Both. D) None of these. Show Answer Correct Answer: C) Both. 30. This resource is identified as people who make goods or provide services. A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: A) Human resources. 31. The three basic questions in Economics are: A) What/how much to produce, how to produce and for whom to produce?. B) Why much to produce, how to produce and for whom to produce?. C) What to produce, how much to produce and for whom to produce?. D) What much to produce, how much to produce and why to produce?. Show Answer Correct Answer: A) What/how much to produce, how to produce and for whom to produce?. 32. The Economy adopted by India: A) Mixed Economy. B) Socialist Economy. C) Capitalist Economy. D) None of the above. Show Answer Correct Answer: A) Mixed Economy. 33. Identify the population: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: B) Collection of all adults in the U.S. 34. What is the main purpose of a market? A) To provide a place for buyers to spend time. B) To allow for the exchange of products. C) To provide jobs for sellers. D) To provide a method to raise government taxes. Show Answer Correct Answer: B) To allow for the exchange of products. 35. Which of the following is an example of doing without something as a solution to scarcity? A) Buying more than needed. B) Consuming excessively. C) Ignoring needs. D) Using alternatives. Show Answer Correct Answer: D) Using alternatives. 36. Economic growth and political stability are deeply interconnected. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 37. When you employ somebody giving them a wage you are an ..... A) Employee. B) Consumer. C) Employer. D) Producer. Show Answer Correct Answer: C) Employer. 38. What are the factors of production? A) Land, Technology, Dirt, Resources. B) Land, Labor, Capital, Entrepreneurship. C) Land, Labor, Entrepreneurship. D) Resources used in the production of only services. Show Answer Correct Answer: B) Land, Labor, Capital, Entrepreneurship. 39. The statistical data in the original form before any statistical technique are used to refine, process or summarise is called A) Information. B) Secondary Data. C) Refined Data. D) Raw Data. Show Answer Correct Answer: D) Raw Data. 40. Products and money used in the production of goods and services are called Natural Resources A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 41. The situation in which unlimited wants exceed the limited resources available to fulfill those wants. A) Equity. B) Market. C) Scarcity. D) Tradeoff. Show Answer Correct Answer: C) Scarcity. 42. These are economic resources a nation uses to make goods and services for its population. A) Economic Problem. B) Factors of Production. C) Market Forces. D) Economic Resources. Show Answer Correct Answer: B) Factors of Production. 43. In a command economy, the means of production are owned by A) Religious leaders. B) Individuals. C) Families. D) The government. Show Answer Correct Answer: D) The government. 44. Which of the following is not within the scope of economics A) Resource allocation. B) Scarcity. C) Building a successful business. D) What production should take place. Show Answer Correct Answer: C) Building a successful business. 45. These are supply and use tables for products, natural inputs and residuals generated by economic activities; either physical (e.g. m3 of wastewater) and/or monetary values (e.g. cost of wastewater treatment). A) Activity/purpose Accounts. B) National Accounts. C) Stock Accounts. D) Flow Accounts. Show Answer Correct Answer: D) Flow Accounts. 46. Type II error occurs when: A) Null hypothesis is rejected when false. B) Null hypothesis is accepted when false. C) Sample is small. D) P-value is low. Show Answer Correct Answer: B) Null hypothesis is accepted when false. 47. What step of the supply chain involves taking resources from the earth? A) Distribution. B) Production. C) Production. D) Extraction. Show Answer Correct Answer: D) Extraction. 48. Which of the following is not a principle upon which the U.S. economic system is based? A) Freedom of Choice. B) Private Property. C) Competition. D) Government Regulation. Show Answer Correct Answer: D) Government Regulation. 49. Government makes all economic decisions for its citizens A) Free economy. B) Mixed economy. C) Command economy. D) None of the above. Show Answer Correct Answer: C) Command economy. 50. Which area uses statistics extensively? A) Economics and business. B) Art and literature. C) Sports. D) None of the above. Show Answer Correct Answer: A) Economics and business. 51. Entrepreneurship A) The act of running a business and taking risks to succeed. B) A method of investing in stocks and bonds. C) A process of managing personal finances effectively. D) A strategy for marketing products online. Show Answer Correct Answer: A) The act of running a business and taking risks to succeed. 52. Which of the following statements are true?I. All variable can be classified as quantitative or categorical variables.II. Categorical variables can be continuous variable.III. Quantitative variables can be discrete variables. A) I only. B) Ii only. C) Iii only. D) I and iii. E) I and ii. Show Answer Correct Answer: D) I and iii. 53. Is an economic system where the economic resources are privately owned by individuals rather than the government A) Capitalism. B) Command economy. C) Mixed economy. D) None of the above. Show Answer Correct Answer: A) Capitalism. 54. The process of converting raw material into finished goods is called A) Consumption. B) Investment. C) Production. D) Exchange. Show Answer Correct Answer: C) Production. 55. Statistics can be misused when: A) Correct methods are applied. B) Wrong methods are applied deliberately. C) Data is ignored. D) None of the above. Show Answer Correct Answer: B) Wrong methods are applied deliberately. 56. These are always limited. Individuals, businesses, and government must decide on how to use these. A) Economic resources. B) Factors of Production. C) Market Forces. D) None of the above. Show Answer Correct Answer: A) Economic resources. 57. What is the class interval of 100-200 A) 150. B) 100. C) 50. D) None of the above. Show Answer Correct Answer: B) 100. 58. Maximise the cost of production as much as possible A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 59. A researcher is classifying data object watch for its color and size. What type of classification is this? A) Ranking the object. B) One-way classification. C) Two-way classification. D) None of these. Show Answer Correct Answer: C) Two-way classification. 60. Created when demand is higher than supply A) Trade Off. B) Scarcity. C) Opportunity Cost. D) None of the above. Show Answer Correct Answer: B) 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 6Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 7Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books