This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 11 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which one of the following is not involved in the characteristics of Business? A) Business ethics is a dynamic philosophy. B) Business ethics is based on moral value. C) Business ethics influenced by Sociocultural values. D) Business ethics is not inspired by social welfare. Show Answer Correct Answer: D) Business ethics is not inspired by social welfare. 2. Due to heavy lobbying by the Cake Makers of America, the government issues a new regulation that requires people who sells cakes to purchase a license. Given this scenario, it can be said that the government is creating A) A more competitive Market. B) A safer workplace. C) A barrier to market entry. D) A better product. Show Answer Correct Answer: C) A barrier to market entry. 3. Classify each of the following data as quantitative or qualitative-age of students A) Quantitative. B) Qualitative. C) All the above. D) None of the above. Show Answer Correct Answer: A) Quantitative. 4. A combination of more than one economic system. A) CAPITALIST ECONOMY. B) SOCIALIST ECONOMY. C) MIXED ECONOMY. D) None of the above. Show Answer Correct Answer: C) MIXED ECONOMY. 5. True/False:The new buildings that Hobby Lobby will be in are examples of capital resources. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 6. When there are many competitors in a market, individual businesses are not able to easily raise their prices. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 7. PPC model assumes that A) Resources are limited. B) All resources are fully and efficiently used. C) Only two goods are produced. D) All of the above. Show Answer Correct Answer: D) All of the above. 8. What two countries have the highest GDPs (Gross Domestic Product) in the world? A) USA & Germany. B) Germany & China. C) China & Japan. D) USA & China. Show Answer Correct Answer: D) USA & China. 9. Types of Statistics are: A) Marketing and accounting. B) Descriptive and inferential statistic. C) Primary and secondary. D) Quantitative and qualitative. Show Answer Correct Answer: B) Descriptive and inferential statistic. 10. Which chart is best for showing proportions? A) Histogram. B) Pie chart. C) Line graph. D) Scatter plot. Show Answer Correct Answer: B) Pie chart. 11. A confidence interval provides: A) Exact population value. B) Range of possible values. C) Sample error. D) Probability of error. Show Answer Correct Answer: B) Range of possible values. 12. Demand A) The number of a product that consumers want to buy and the desire of the consumer to purchase the good or service. B) The total amount of a product available for sale. C) The price at which a product is sold in the market. D) The quantity of goods that producers are willing to sell at a given price. Show Answer Correct Answer: A) The number of a product that consumers want to buy and the desire of the consumer to purchase the good or service. 13. True or false:The social security numbers of students in a class represent quantitative data. A) A. TRUE. B) B. FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) B. FALSE. 14. Identify the data set's level of measurement:The salaries of nurses at a hospital. A) Nominal. B) Ordinal. C) Interval. D) Ratio. Show Answer Correct Answer: D) Ratio. 15. One of the features of statistics is that it deals with: A) Individual facts. B) Aggregates of facts. C) Qualitative data. D) None of the above. Show Answer Correct Answer: B) Aggregates of facts. 16. True or false:The costs of items in a shopper's grocery cart represent quantitative data. A) A. TRUE. B) B. FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) A. TRUE. 17. What to produce? How to produce? and When to produce? Are ..... A) Fundamental Economics problem. B) Fundamental economic questions. C) Scarcity. D) Government issues. Show Answer Correct Answer: B) Fundamental economic questions. 18. Which of the following is a primary data collection method? A) Census reports. B) Surveys. C) Journals. D) Websites. Show Answer Correct Answer: B) Surveys. 19. TINSTAFL A) There is no such thing as free lunch. B) There is no such thing as foreign loans. C) There is no such thing as freedom liabilities. D) There is no such thing as fiat legislation. Show Answer Correct Answer: A) There is no such thing as free lunch. 20. Trees and water are examples of ..... A) Factors of Production. B) Natural Resources. C) Human Resources. D) Capital Resources. Show Answer Correct Answer: B) Natural Resources. 21. Which is not considered as an economic activity A) Agriculture. B) Banking. C) Sujata helping her mother in the kitchen. D) Business. Show Answer Correct Answer: C) Sujata helping her mother in the kitchen. 22. Who are "suppliers" ? A) People who buy things in the economy. B) People who provide resources in the economy. C) When there is a limited number of resources in the economy. D) A resource that you could live without. Show Answer Correct Answer: B) People who provide resources in the economy. 23. TRUE or FALSE:Environmental Statistics are often developed to respond to a particular question or problem. This is called ad hoc data collection and statisticians find it difficult to be certain that all important data are collected, and not always easy to see the complete picture A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 24. There are 4 ..... They are land, labour, capital and entrepreneurship. A) Factors of Production. B) Market Economy. C) Profit. D) Economics. Show Answer Correct Answer: A) Factors of Production. 25. Includes all of a nation's natural resources A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: A) Land. ← 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 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books