This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 13 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Economy strives to create a balance between limited resources and ..... A) LIMITED NEEDS. B) LIMITED WANTS. C) UNLIMITED NEEDS. D) None of the above. Show Answer Correct Answer: C) UNLIMITED NEEDS. 2. TRUE or FALSE:The SEEA applies the accounting concepts, structures, rules and principles of the SNA to the environmental information which is generally consistent with the SNA. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 3. Determines the price of goods and services A) Supply and Demand. B) Competition. C) Profit Motive. D) Economy. Show Answer Correct Answer: A) Supply and Demand. 4. An economy with a central planning committee would be most likely to be found in: A) USA. B) Hong Kong. C) North Korea. D) Singapore. Show Answer Correct Answer: C) North Korea. 5. Statistics is concerned with A) Qualitative Information. B) Quantitative Information. C) Both. D) None of the above. Show Answer Correct Answer: C) Both. 6. A random variable that takes countable values is called: A) Continuous. B) Discrete. C) Constant. D) Dependent. Show Answer Correct Answer: B) Discrete. 7. Determine whether the given data is Discrete or Continuous.Data:Person's weight A) Discrete Data. B) Continuous Data. C) All the above. D) None of the above. Show Answer Correct Answer: B) Continuous Data. 8. What is the best interest of rational self-interest choice? A) A balanced choice that helps the person and others. B) A quick choice that helps the person making the choice. C) A sensible choice that best serves the person making the choice. D) None of the above. Show Answer Correct Answer: C) A sensible choice that best serves the person making the choice. 9. Icons representing clothing, water, shelter, and food A) Basic needs icons. B) Transportation icons. C) Communication icons. D) Entertainment icons. Show Answer Correct Answer: A) Basic needs icons. 10. Is the value of the next best option that was not selected A) Opportunity buyins. B) Opportunity Cost. C) Opportunity selling. D) None of the above. Show Answer Correct Answer: B) Opportunity Cost. 11. Most repeated value of the given grouped data is given by the central tendency A) Mode. B) Median. C) Mean. D) Class size. Show Answer Correct Answer: A) Mode. 12. There are 4 ..... They are land, labor, capital and entrepreneurship. A) Factors of Production. B) Market Economy. C) Profit. D) Economics. Show Answer Correct Answer: A) Factors of Production. 13. TRUE or FALSE:SEEA Identifies the socio-economic drivers, pressures, impacts and responses that are not affecting the environment. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 14. In the same year in which our country was founded (1776) this person wrote, "The Wealth of Nations", which outlined capitalism. A) Adam Smith. B) Karl Marx. C) Thomas Jefferson. D) Alexander Hamilton. Show Answer Correct Answer: A) Adam Smith. 15. Trucks and boats help with the ..... of goods. A) Consumption. B) Production. C) Distribution. D) Factors of Production. Show Answer Correct Answer: C) Distribution. 16. Which market structure requires a large number of suppliers? A) Monopoly. B) Oligopoly. C) Pure Competition. D) None of the above. Show Answer Correct Answer: C) Pure Competition. 17. A consumer is one who consumes goods and services for- A) Need of education. B) Satisfaction of his wants. C) Help to others. D) To earn money. Show Answer Correct Answer: B) Satisfaction of his wants. 18. Tossing a coin is an example of: A) Continuous random variable. B) Discrete random variable. C) Deterministic event. D) Impossible event. Show Answer Correct Answer: B) Discrete random variable. 19. Statistics in singular sense means A) Statistical data. B) Statistical procedure. C) Statistical laws. D) None of these. Show Answer Correct Answer: B) Statistical procedure. 20. A sampling distribution refers to: A) Population data. B) Distribution of sample statistics. C) Raw data. D) Frequency table. Show Answer Correct Answer: B) Distribution of sample statistics. 21. In Macroeconomics the letter A stands for? A) Accounting. B) Asset. C) Aggregate. D) Arbitrage pricing theory. Show Answer Correct Answer: C) Aggregate. 22. Determine whether the given data is Qualitative or Quantitative.Data:Annual sales in the company A) Qualitative Data. B) Quantitative Data. C) All the above. D) None of the above. Show Answer Correct Answer: B) Quantitative Data. 23. How do you satisfy your unlimited wants in a world of limited resources? A) By making more money. B) By making choices. C) By stealing. D) By setting a budget. Show Answer Correct Answer: B) By making choices. 24. Find the geometric mean of:2 and 8. A) 12. B) 4. C) 10. D) 6. Show Answer Correct Answer: B) 4. 25. The United States is the largest producer of goods and services in the world A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. ← 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