This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 10 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which measure of central tendency is affected most by extreme values? A) Mean. B) Median. C) Mode. D) Quartile. Show Answer Correct Answer: A) Mean. 2. Data that describes qualities or characteristics is called: A) Quantitative data. B) Discrete data. C) Qualitative data. D) Continuous data. Show Answer Correct Answer: C) Qualitative data. 3. Which step of the supply chain involves consumers getting rid of resources? A) Extraction. B) Distribution. C) Consumption. D) Disposal. Show Answer Correct Answer: D) Disposal. 4. Micro Economics word is derived from Greek word "Mikros" A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 5. The send best alternative given up when we make choices is known as A) Scarcity. B) Choices. C) Opportunity cost. D) Production possibility. Show Answer Correct Answer: C) Opportunity cost. 6. What is "supply" A) The amount of a resource available in the economy. B) How much consumers are willing to pay. C) A system that allows people to get the resources they want and need. D) When there is a small amount of a resource available. Show Answer Correct Answer: A) The amount of a resource available in the economy. 7. Distribution of ..... is according to social and economic justice A) Income. B) Expenditure. C) National Income. D) Gross Income. Show Answer Correct Answer: C) National Income. 8. True/False:Countries all have the same economic systems A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 9. The reason people choose to start of expand their businesses. A) Supply and Demand. B) Entrepreneurship. C) Profit Motive. D) Competition. Show Answer Correct Answer: C) Profit Motive. 10. A low standard deviation indicates that the values tend to be close to ..... ? A) Mean. B) Median. C) Mode. D) None of the above. Show Answer Correct Answer: A) Mean. 11. The primary reason why businesses invest resources and take risks is to ..... A) Provide jobs. B) Produce goods and services. C) Improve their products. D) Earn a profit. Show Answer Correct Answer: D) Earn a profit. 12. Statistical software packages for research in Social science includeS A) SPSS. B) STATA. C) Mini Tab. D) All of these. Show Answer Correct Answer: D) All of these. 13. Resources to satisfy human wants have ..... uses A) Few. B) Very few. C) Alternative. D) None of the above. Show Answer Correct Answer: C) Alternative. 14. Dog Ownership and Supply A) More Americans owning dogs leads to an increase in the supply of dog food. B) More Americans owning cats leads to an increase in the supply of dog food. C) More Americans owning dogs leads to a decrease in the supply of dog food. D) More Americans owning dogs has no effect on the supply of dog food. Show Answer Correct Answer: A) More Americans owning dogs leads to an increase in the supply of dog food. 15. The basic problem of economics that develops because humans have unlimited wants but limited resources. A) Absolute Advantage. B) Economics. C) Scarcity. D) Comparative Advantage. Show Answer Correct Answer: C) Scarcity. 16. Which concept is NOT basic to definition of economics? A) Scarcity. B) Rational Self-Interest. C) Choice. D) Bartering. Show Answer Correct Answer: D) Bartering. 17. Economics is a science that examines how goods and services are produced, sold, and used. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 18. Are you a consumer? A) No. B) Yes. C) All the above. D) None of the above. Show Answer Correct Answer: B) Yes. 19. Globalisation aims to create ..... world. A) RESTRICTED. B) BORDERLESS. C) All the above. D) None of the above. Show Answer Correct Answer: B) BORDERLESS. 20. In traditional economies what is the term for exchanging goods and services without using currency (money)? A) Trade off. B) Bartering. C) Stealing. D) Tariff. Show Answer Correct Answer: B) Bartering. 21. Statistics denotes A) Qualitative statement. B) Quantitative statement. C) Both. D) None of these. Show Answer Correct Answer: C) Both. 22. 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. 23. 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. 24. ..... is a person who buys goods and services for the satisfaction of his/her wants A) Producer. B) Service provider. C) Service holder. D) Consumer. Show Answer Correct Answer: D) Consumer. 25. Quality is ..... to variability. A) INVERSELY PROPOTIONAL. B) EQUAL. C) OPPOSITE. D) None of the above. Show Answer Correct Answer: A) INVERSELY PROPOTIONAL. ← PreviousNext →Related 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 8Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 9Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books