This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 15 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is something essential to staying alive. A) Wants. B) Needs. C) Services. D) None of the above. Show Answer Correct Answer: B) Needs. 2. Statistics in plural sense means A) Statistical methods. B) Descriptive statistics. C) Quantitative data. D) Qualitative data. Show Answer Correct Answer: C) Quantitative data. 3. What is given up when a choice is made A) Scarcity. B) Choice. C) Opportunity cost. D) Resources. Show Answer Correct Answer: C) Opportunity cost. 4. Our data come from ..... , but we really care most about ..... A) Theories; mathematical models. B) Subjective methods; objective methods. C) Samples; populations. D) Populations; samples. Show Answer Correct Answer: C) Samples; populations. 5. What is the role of consumers in the economy? A) Consumers help determine price because they decide how much they will pay. B) Consumers do not play a role in the economy because they just buy resources. C) All the above. D) None of the above. Show Answer Correct Answer: A) Consumers help determine price because they decide how much they will pay. 6. Something that fulfils our requirement is called as a ..... A) Needs. B) Resource. C) Economy. D) None of the above. Show Answer Correct Answer: B) Resource. 7. In this measurement, zero is just another point in the scale. A) Nominal. B) Ordinal. C) Interval. D) Ratio. Show Answer Correct Answer: D) Ratio. 8. What is resource scarcity? A) A system allowing people to get the resources they need to meet their wants and needs. B) A resource that would be nice to have but that you could live without. C) A tangible (touchable) resource that you can buy or trade. D) When there is a limited amount of a resource-it tends to cost more!. Show Answer Correct Answer: D) When there is a limited amount of a resource-it tends to cost more!. 9. Probability of rejecting the null hypothesis when it is true is called A) Type-II error. B) Type-I error. C) Standard error. D) None of these. Show Answer Correct Answer: B) Type-I error. 10. Determine whether the given data is Qualitative or Quantitative.Data:Monthly salary A) Qualitative Data. B) Quantitative Data. C) All the above. D) None of the above. Show Answer Correct Answer: B) Quantitative Data. 11. Economic decision-making is the process of deciding ..... A) How to spend your time. B) How to use your income. C) Which wants and needs will be satisfied. D) Whether to buy a product now or later. Show Answer Correct Answer: C) Which wants and needs will be satisfied. 12. Find the range of the numbers:15, 20, 25, 30, 35. A) 15. B) 20. C) 25. D) 30. Show Answer Correct Answer: B) 20. 13. When something is given up in order to gain something else. A) Scarcity. B) Trade Off. C) Opportunity Cost. D) None of the above. Show Answer Correct Answer: B) Trade Off. 14. Globalisation causes more interconnections between countries A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 15. Determine whether the given situation is Descriptive or Inferential Statistics.Situation:The Effects of Typhoon Odette in the lives of the people. A) Descriptive Statistics. B) Inferential Statistics. C) All the above. D) None of the above. Show Answer Correct Answer: B) Inferential Statistics. 16. In a ..... the resources are owned and controlled by the government. A) Command Economy. B) Market Economy. C) Mixed Economy. D) Traditional Economy. Show Answer Correct Answer: A) Command Economy. 17. Statistics is helpful in: A) Studying social and economic problems. B) Only studying economics. C) Only studying social issues. D) None of the above. Show Answer Correct Answer: A) Studying social and economic problems. 18. If class mark of a class interval with upper limit 50 is 40, find its lower limit A) 30. B) 45. C) 90. D) 20. Show Answer Correct Answer: A) 30. 19. This resource is identified as tools or machines needed to make products or provide services. A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: B) Capital resources. 20. The range of a set of numbers is: ..... A) The range is the sum of all numbers in the set. B) The range is the average of all numbers in the set. C) The range is the difference between the largest and smallest numbers in the set. D) The range is the product of all numbers in the set. Show Answer Correct Answer: C) The range is the difference between the largest and smallest numbers in the set. 21. It is the science of collection, organization, analysis, interpretation, and presentation of data A) Data. B) Statistics. C) Qualitative. D) Quantitative. Show Answer Correct Answer: B) Statistics. 22. "Statistics does not help in comparison of data of different regions" A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 23. Economics seeks the answer to the basic question of how to deal with ..... A) Money. B) Hunger. C) Demand. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 24. Determine whether the given situation is Descriptive or Inferential Statistics.Situation:The percentage of the examinees passing the licensure exam. A) Descriptive Statistics. B) Inferential Statistics. C) All the above. D) None of the above. Show Answer Correct Answer: A) Descriptive Statistics. 25. Opportunity Cost is best defined as A) The value of the next best alternative that is given up due to the choice you made. B) The price you pay to purchase something. C) The benefit you gain by making a decision. D) The amount of debt you take on by making a decision. Show Answer Correct Answer: A) The value of the next best alternative that is given up due to the choice you made. ← 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