This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 12 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A major limitation of statistics is that results may vary due to: A) Personal judgment in interpretation. B) Data accuracy. C) Statistical methods. D) None of the above. Show Answer Correct Answer: A) Personal judgment in interpretation. 2. Action taken by two or more businesses attempting to attract the same customers. A) Profit Motive. B) Entrepreneurship. C) Competition. D) Market Forces. Show Answer Correct Answer: C) Competition. 3. Determine whether the given data is Qualitative or Quantitative.Data:Glass size for Milk tea A) Qualitative Data. B) Quantitative Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Qualitative Data. 4. Temperature measured in Celsius is an example of: A) Nominal scale. B) Ordinal scale. C) Interval scale. D) Ratio scale. Show Answer Correct Answer: C) Interval scale. 5. The employees at the hospital are considered ..... A) Factors of Production. B) Natural Resources. C) Human Resources. D) Capital Resources. Show Answer Correct Answer: C) Human Resources. 6. We need to ..... money in case of an emergency. A) Spend. B) Save. C) All the above. D) None of the above. Show Answer Correct Answer: B) Save. 7. Develops when demand is higher than the available resources A) Wants. B) Needs. C) Scarcity. D) None of the above. Show Answer Correct Answer: C) Scarcity. 8. An inferential technique which assumes normally distributions of population from which data are drawn. A) Descriptive. B) Inferential. C) Parametric. D) Non Parametric. Show Answer Correct Answer: C) Parametric. 9. In school it is important to learn about ..... because we are all involved in buying goods and services. A) Economic System. B) History. C) Economics. D) Politics. Show Answer Correct Answer: C) Economics. 10. What kind of economy does the world mostly use today. A) TRADITIONAL ECONOMY. B) MIXED ECONOMY. C) SOCIALIST ECONOMY. D) None of the above. Show Answer Correct Answer: B) MIXED ECONOMY. 11. The term "invisible hand" was Adam Smith's way of explaining the relationship between what two groups? A) The communist government and the people. B) The producers and the consumers. C) The government and the people. D) The United States and other countries. Show Answer Correct Answer: B) The producers and the consumers. 12. Statistics is defined in terms of numerical data in A) Singular sense. B) Plural sense. C) Both of these. D) None of these. Show Answer Correct Answer: B) Plural sense. 13. Deciding ..... and ..... of product is necessary A) Product, quantity. B) Price, Quantity. C) Import, Export. D) None of the above. Show Answer Correct Answer: A) Product, quantity. 14. Statistics is important in the field of studies such as education, government, business, and science. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 15. What are the qualities of good questionnaire A) Sequence of the question. B) Cross examination. C) Use of proper words. D) All the above. Show Answer Correct Answer: D) All the above. 16. It is something nice to have, but it is not necessary to stay alive. A) Wants. B) Needs. C) Services. D) None of the above. Show Answer Correct Answer: A) Wants. 17. Economics is the study of: A) How people make money through business. B) How people start businesses. C) How people use scarce resources to satisfy their wants. D) How people divide objects into land, labor or capital. Show Answer Correct Answer: C) How people use scarce resources to satisfy their wants. 18. This is the lowest level of measurement. A) Nominal. B) Ordinal. C) Interval. D) Ratio. Show Answer Correct Answer: A) Nominal. 19. Determine whether the given data is Discrete or Continuous.Data:The number of clothes in your closet A) Discrete Data. B) Continuous Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Discrete Data. 20. What is scarce in the following scenario:You have to go to work but if you work a lot of hours you are going to be very tired A) Work. B) Money. C) Sleep. D) Time. Show Answer Correct Answer: D) Time. 21. By deliberately twisting or manipulating data, statistics can be used as another form of lying A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 22. You buy a chair on craigslist for $ 10. You then discover that this is a special chair you could sell for $ 100, you decide to keep the chair anyway. What is the opportunity cost? A) $ 10. B) $ 90. C) $ 100. D) $ 110. Show Answer Correct Answer: C) $ 100. 23. Which of the following is a feature of statistics? A) Based on qualitative facts. B) Based on numerical facts. C) Based on opinions. D) None of the above. Show Answer Correct Answer: B) Based on numerical facts. 24. Standard deviation is the: A) Square of variance. B) Square root of variance. C) Mean of data. D) Range of data. Show Answer Correct Answer: B) Square root of variance. 25. Which of the following is an example of qualitative data A) Number of vegetarian students. B) Number of illiterate people in India. C) Everyday temperature. D) Appreciation of art. Show Answer Correct Answer: D) Appreciation of art. ← 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