This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 16 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Bartering is defined as: A) An object used to pay for a product. B) The value placed on a product. C) Taking a product with the promise to return it. D) Trading a product for another product. Show Answer Correct Answer: D) Trading a product for another product. 2. A point estimate is: A) Interval of values. B) Single value estimate. C) Population value. D) Error value. Show Answer Correct Answer: B) Single value estimate. 3. All of the following are possible costs of your decision to go away to college except A) You will spend lots of time studying. B) There may be a lot of social distractions. C) You will become more educated. D) You will be paying a lot of money. Show Answer Correct Answer: C) You will become more educated. 4. Which step of the supply chain involves suppliers selling consumers resources? A) Extraction. B) Production. C) Distribution. D) Consumption. Show Answer Correct Answer: C) Distribution. 5. All the human activities in which people are gainfully employed are called- A) Economic Activities. B) Non economic activities. C) Exchange. D) Distribution. Show Answer Correct Answer: A) Economic Activities. 6. Distrust of statistics is due to A) Limitation of statistics. B) Misuse of statistics. C) Insufficient statistical methods. D) None of these. Show Answer Correct Answer: B) Misuse of statistics. 7. Goods or services that are not necessary, but that we desire or wish for. Examples:video games, toys, concert tickets, etc. A) Demand. B) Needs. C) Wants. D) Presents. Show Answer Correct Answer: C) Wants. 8. Is the action taken by two or more businesses attempting to attract the same customers A) Fighting. B) Competition. C) None of the above. D) None of the above. Show Answer Correct Answer: B) Competition. 9. Brazil and India have a large population and are both large in size. If their economies are to develop what factors of production do they need to increase? A) Labor and Land. B) Entrepreneurship and Labor. C) Capital and Land. D) Capital and Entrepreneurship. Show Answer Correct Answer: D) Capital and Entrepreneurship. 10. A science of collection, presentation of data. A) Population. B) Statistics. C) Analysis of Data. D) None of the above. Show Answer Correct Answer: B) Statistics. 11. The factor of production that includes the physical land and resources that come directly from the earth. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: A) Land. 12. The reason for downward shape of production possibility curve is: A) Increasing opportunity cost. B) Decreasing opportunity cost. C) Same opportunity cost. D) Negative opportunity cost. Show Answer Correct Answer: B) Decreasing opportunity cost. 13. Determine whether the given situation is Descriptive or Inferential Statistics.Situation:Literacy rate of the Filipino people at present. A) Descriptive Statistics. B) Inferential Statistics. C) All the above. D) None of the above. Show Answer Correct Answer: A) Descriptive Statistics. 14. Which of the following is NOT a part of pure competition? A) No seller or buyer has control of the market. B) Buyers are familiar with the product. C) Barriers to market entry exist. D) Many buyers and sellers. Show Answer Correct Answer: C) Barriers to market entry exist. 15. The amount of a good or service that is wanted is called: A) Supply. B) Demand. C) Equilibrium. D) Inflation. Show Answer Correct Answer: B) Demand. 16. The factor of production that includes natural resources is known as: A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: A) Land. 17. The arithmetic mean is: ..... A) Multiplication of all numbers. B) Median of all numbers. C) Mode of all numbers. D) Sum of all numbers divided by the total count of numbers. Show Answer Correct Answer: D) Sum of all numbers divided by the total count of numbers. 18. Which of these is not a feature of statistics? A) Deals with individual facts. B) Deals with aggregates. C) Based on numerical data. D) None of the above. Show Answer Correct Answer: A) Deals with individual facts. 19. The ..... of hand sanitizer has had to increase at the factories because of the Coronavirus. A) Production. B) Consumption. C) Distribution. D) Factors of Production. Show Answer Correct Answer: A) Production. 20. What is economics? A) The study of how people choose to use their unlimited resources to satisfy their unlimited wants. B) The things that can be used in making products or services that people want. C) Are desires that people have that can be met by getting a product or service. D) None of the above. Show Answer Correct Answer: A) The study of how people choose to use their unlimited resources to satisfy their unlimited wants. 21. Goodness of fit of a distribution is tested by A) T-test. B) Chi-square test. C) F-test. D) None of the above. Show Answer Correct Answer: B) Chi-square test. 22. Sea water for a sea aquarium is a free good A) Yes. B) No. C) Maybe. D) None of the above. Show Answer Correct Answer: C) Maybe. 23. When students are classified by their gender (male or female), it is an example of. A) Ranking the object. B) One-way classification. C) Two-way classification. D) None of these. Show Answer Correct Answer: C) Two-way classification. 24. Tools used by people at work like assembly lines, or a hammer, or a ladder are called ..... A) Labor. B) Capital. C) Revenue. D) None of the above. Show Answer Correct Answer: B) Capital. 25. The highest-valued alternative that must be given up to engage in an activity. A) Scarcity. B) Factors of Production. C) Innovation. D) Opportunity Cost. Show Answer Correct Answer: D) Opportunity Cost. ← 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