This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 14 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is meant by scarcity? A) Limited resources and unlimited wants and needs. B) Unlimited resources and unlimited wants and needs. C) Unlimited resources and limited wants and needs. D) Limited resources and unlimited wants and needs. Show Answer Correct Answer: A) Limited resources and unlimited wants and needs. 2. Determine whether the given data is Discrete or Continuous.Data:Population in Cebu City A) Discrete Data. B) Continuous Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Discrete Data. 3. Classify each of the following data as quantitative or qualitative-color of the eye A) Quantitative. B) Qualitative. C) All the above. D) None of the above. Show Answer Correct Answer: B) Qualitative. 4. Process of extracting relevant information from a set of data. A) Analysis of Data. B) Collection of Data. C) Interpretation of Data. D) Non Parametric. Show Answer Correct Answer: A) Analysis of Data. 5. The PPC may be a downward sloping linear curve if: A) The opportunity cost is constant at all production possibilities. B) The opportunity curve is increasing at all production possibilities. C) The opportunity curve is decrease at all production possibilities. D) This can happen with all production. Show Answer Correct Answer: A) The opportunity cost is constant at all production possibilities. 6. Top Toys for Christmas 2019 A) Lego Star Wars Millennium Falcon. B) Barbie Dreamhouse. C) Nerf Ultra One Blaster. D) FurReal Friends Cubby the Bear. Show Answer Correct Answer: A) Lego Star Wars Millennium Falcon. 7. What is the class mark of the class interval 30-40 is ..... A) 30. B) 40. C) 35. D) -10. Show Answer Correct Answer: C) 35. 8. Descriptive statistics involves estimation and hypothesis testing A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 9. Which of the following is a primary function of statistics? A) Collecting data. B) Storing data. C) Simplifying complex data. D) None of the above. Show Answer Correct Answer: C) Simplifying complex data. 10. The two types of Data are A) Qualitative & Quantitative. B) Discrete & Continuous. C) Data & Variable. D) Yin & Yang. Show Answer Correct Answer: A) Qualitative & Quantitative. 11. Land A) The surface of the Earth and the resources found in and on it. Sometimes called natural resources. B) A type of soil used for agriculture. C) A large body of water. D) A man-made structure for habitation. Show Answer Correct Answer: A) The surface of the Earth and the resources found in and on it. Sometimes called natural resources. 12. Statistics which is concerned with a higher order of critical thinking and judgment. A) Descriptive. B) Inferential. C) Parametric. D) Non Parametric. Show Answer Correct Answer: B) Inferential. 13. What is a surplus? A) When the amount supplied by producers is greater than the amount demanded by consumers. A surplus tend to cause prices to fall. B) Money a business receives from selling its goods and services. C) Are expenses that do not change no matter how much a business produce. D) None of the above. Show Answer Correct Answer: A) When the amount supplied by producers is greater than the amount demanded by consumers. A surplus tend to cause prices to fall. 14. Statistics deals with A) Information. B) Data. C) Technology. D) Paper. Show Answer Correct Answer: B) Data. 15. State whether the following statement is true or false:" statistics is of no use to economics without data." A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 16. People who start a new business or purchase and existing business. A) Entrepreneurship. B) Entrepreneur. C) Business Owner. D) None of the above. Show Answer Correct Answer: B) Entrepreneur. 17. When the temperature is 0 degree celcius, which of the following is not true? A) Zero is just another point in the scale. B) There is no temperature. C) An example of interval scale. D) Freezing point of water. Show Answer Correct Answer: B) There is no temperature. 18. When money is used to compare the value of different products it is used: A) As a store of value. B) As a medium of exchange. C) As an indicator of debt. D) As a unit of accounting. Show Answer Correct Answer: D) As a unit of accounting. 19. Economic factors that affect price, demand and availability of a good or service. A) Market Forces. B) Factors of Production. C) Economic Problem. D) Natural Resources. Show Answer Correct Answer: A) Market Forces. 20. Sample is different from population because ..... A) A set of items selected from the population. B) A complete set. C) A measuring variable for every unit in the population. D) A study done before the actual framework. Show Answer Correct Answer: A) A set of items selected from the population. 21. Which of the following is essential for correct statistical interpretation? A) Judgment and understanding. B) Random guessing. C) Data collection. D) None of the above. Show Answer Correct Answer: A) Judgment and understanding. 22. This measurement is used to determine how well a country's economy is doing. A) Stock Market Prices. B) Gross National Assessment. C) Gross Domestic Product. D) None of the above. Show Answer Correct Answer: C) Gross Domestic Product. 23. If you were trying to sell a product, how could you attract more customers? A) Lower the price of the product. B) Decrease profits. C) Raise the price of the product. D) None of the above. Show Answer Correct Answer: A) Lower the price of the product. 24. Which step of the supply chain involves turning raw materials from the earth into something that can be sold to consumers? A) Extraction. B) Production. C) Distribution. D) Consumption. Show Answer Correct Answer: B) Production. 25. Which of the following is NOT a limitation of statistics A) It does not study individuals. B) Statistics can not be misused. C) Statistics does not study the qualitative aspect of a problem. D) None of these. Show Answer Correct Answer: B) Statistics can not be misused. ← 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