This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 1 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Sampling is used because: A) Population is small. B) Census is always easy. C) Studying entire population is costly and time-consuming. D) Data is unnecessary. Show Answer Correct Answer: C) Studying entire population is costly and time-consuming. 2. TRUE or FALSE:The SEEA-Ecosystem Accounting examines the relationship between flows of ecosystem services and changing condition-essentially analysis in volume terms. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 3. Refers to drawing of conclusions or generalizations from the analysed data. A) Analysis of Data. B) Collection of Data. C) Interpretation of Data. D) Non Parametric. Show Answer Correct Answer: C) Interpretation of Data. 4. It is a conceptual framework for understanding the interactions between the economy and the environment, and for describing stocks and changes of environmental assets. A) Framework for the Development of Environment Statistics. B) Flow Accounts. C) System of National Accounts. D) System of Environmental-Economic Accounting. Show Answer Correct Answer: D) System of Environmental-Economic Accounting. 5. What is the mode of the data set:3, 5, 5, 7, 9? A) 3. B) 5. C) 7. D) 9. Show Answer Correct Answer: B) 5. 6. What is the best example of scarcity A) The restuarant is not crowded tonight. B) The school parking lot only has 150 spaces but 200 students want to park there. C) There are 500 houses in the subdivision and 250 of them are occupied. D) A person decided to dye her hair blonde instead of red. Show Answer Correct Answer: B) The school parking lot only has 150 spaces but 200 students want to park there. 7. Calculate the median of the following numbers:4, 8, 10, 6, 12. A) 6. B) 8. C) 10. D) 12. Show Answer Correct Answer: B) 8. 8. Consumers are free to choose the goods and services they buy A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 9. Find the geometric mean of:3 and 12. A) 4. B) 9. C) 15. D) 6. Show Answer Correct Answer: D) 6. 10. Which type of market has few major sellers, where a price action by one seller can cause the other sellers to follow? A) Pure competition. B) Monopoly. C) Oligopoly. D) None of the above. Show Answer Correct Answer: C) Oligopoly. 11. In a ..... economy, individuals are free to make their own economic decisions A) Market. B) Command. C) Mixed. D) None of the above. Show Answer Correct Answer: A) Market. 12. This area of statistics focuses on the analysis of data (prediction, inferences, interpretation, conclusion). A) Descriptive Statistics. B) Inferential Statistics. C) All the above. D) None of the above. Show Answer Correct Answer: B) Inferential Statistics. 13. The amount of a good or service provided is called: A) Supply. B) Demand. C) Equilibrium. D) Inflation. Show Answer Correct Answer: A) Supply. 14. ..... include tools and equipment used to produce goods and services A) Capital Resources. B) Natural Resources. C) Human Resources. D) None of the above. Show Answer Correct Answer: A) Capital Resources. 15. True/False:Waiters and waitresses are examples of human resources. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 16. What does the Law of Supply state? A) As price increases, demand decreases. B) As price increases, supply increases. C) As price increases, supply decreases. D) As price decreases, demand increases. Show Answer Correct Answer: B) As price increases, supply increases. 17. Identify the sampling technique used:Students are classified according to major. Twenty students are selected from each major and asked how often they use the library. A) Random sample. B) Stratified sample. C) Cluster sample. D) Systematic sample. Show Answer Correct Answer: B) Stratified sample. 18. All resources and goods are limited. Limited goods and resources require that we make ..... A) A budget. B) Profit. C) Choices. D) Resources. Show Answer Correct Answer: C) Choices. 19. The difference between a good and a service is that: A) Goods are available in unlimited quantaties and services are not. B) Goods are tangible and services are not. C) Services are available in unlimited quantaties and goods are not. D) Goods help satisfy unlimited wants and services do not. Show Answer Correct Answer: B) Goods are tangible and services are not. 20. What is the mid value of 130-135 A) 132.5. B) 133.5. C) 131.5. D) None of the above. Show Answer Correct Answer: A) 132.5. 21. Probability of a certain event is: A) 0. B) 0.5. C) 1. D) -1. Show Answer Correct Answer: C) 1. 22. What is Statistics? A) Relevant information. B) Involves scientific procedures and methods. C) Decision making process. D) Data are generated. Show Answer Correct Answer: B) Involves scientific procedures and methods. 23. Determine whether the given data is Discrete or Continuous.Data:Monthly net income of an employee A) Discrete Data. B) Continuous Data. C) All the above. D) None of the above. Show Answer Correct Answer: B) Continuous Data. 24. The normal distribution curve is: A) Skewed right. B) Skewed left. C) Symmetrical. D) Irregular. Show Answer Correct Answer: C) Symmetrical. 25. Example of quantitative data ..... A) Color of eyes. B) Types of glasses. C) Numbers of chairs. D) Marital status. Show Answer Correct Answer: C) Numbers of chairs. 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