This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 17 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The first step in the decision-making process is to ..... A) Identify your choices. B) Define the problem. C) Evaluate Alternatives. D) Review your choice. Show Answer Correct Answer: B) Define the problem. 2. A policy in which a nation does not try to limit exports and imports A) Trade. B) Free Trade. C) Demand and Supply. D) None of the above. Show Answer Correct Answer: B) Free Trade. 3. What type of economy does the United States have? A) Mixed market economy. B) Traditional economy. C) Command economy. D) None of the above. Show Answer Correct Answer: A) Mixed market economy. 4. Statistics which is concerned with summarizing values to describe group characteristics of the data. A) Descriptive. B) Inferential. C) Parametric. D) Non Parametric. Show Answer Correct Answer: A) Descriptive. 5. .... Data refers to the classification of data based on time A) Conditional data. B) Quantitative data. C) Chronological data. D) None of the above. Show Answer Correct Answer: C) Chronological data. 6. "The unemployment rate in the country is high" A) This is a normative statement. B) This is a positive statement. C) This is possible. D) This is not possible. Show Answer Correct Answer: A) This is a normative statement. 7. 'Parameter' refer to the characteristics of the A) Population. B) Sample. C) Mean. D) None of the above. Show Answer Correct Answer: A) Population. 8. Statistics is applied in- A) Economics. B) Commerce and industry. C) Business management. D) All of these. Show Answer Correct Answer: D) All of these. 9. Type I error occurs when: A) Null hypothesis is accepted incorrectly. B) Null hypothesis is rejected when true. C) Sample is large. D) Confidence level is high. Show Answer Correct Answer: B) Null hypothesis is rejected when true. 10. Convenience sampling is a A) Probability Sampling. B) Non-probability Sampling. C) Random Sampling. D) None of the above. Show Answer Correct Answer: B) Non-probability Sampling. 11. Which of the following best describes 'opportunity cost'? A) The cost of the next best alternative foregone. B) The cost of all alternatives available. C) The cost of the least expensive option. D) The cost of the most expensive option. Show Answer Correct Answer: A) The cost of the next best alternative foregone. 12. Statistics presents data in a: A) Narrative form. B) Tabular and graphical form. C) Only graphical form. D) Only tabular form. Show Answer Correct Answer: B) Tabular and graphical form. 13. Identify the data set's level of measurement:The nationality of each person on an airplane. A) Ordinal. B) Nominal. C) Interval. D) Ratio. Show Answer Correct Answer: B) Nominal. 14. The study of the economy as a whole ..... A) Macroeconomics. B) Microeconomics. C) Economics. D) Supply and Demand. Show Answer Correct Answer: A) Macroeconomics. 15. One of the key features of statistics is that it is based on: A) Qualitative data. B) Numerical data. C) Anecdotal evidence. D) None of the above. Show Answer Correct Answer: B) Numerical data. 16. Accountants, lawyers, and graphic designers are A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: A) Human resources. 17. What are resources? A) Is the study of how people choose to use their unlimited resources to satisfy their unlimited wants. B) All the things that can be used in making products or services that people want. C) Desires that people have that can be met by getting a product or service. D) None of the above. Show Answer Correct Answer: B) All the things that can be used in making products or services that people want. 18. Which is an example of ratio scale? A) Time. B) Gender. C) Grades. D) All of these. Show Answer Correct Answer: C) Grades. 19. What are the three types of resources? A) Natural resources, labor, and capital. B) Good, services, and capital. C) Natural resources, goods, and capital. D) None of the above. Show Answer Correct Answer: A) Natural resources, labor, and capital. 20. Which of the following is NOT a characteristic of statistics under plural sense A) Statistics are aggregate of facts. B) Statistics are numerically expressed. C) Statistics are collected for a predetermined purpose. D) None of these. Show Answer Correct Answer: D) None of these. 21. Statistics is defined in terms of numerical data in the- A) Singular sense. B) Plural sense. C) Either A or B. D) Both a and b. Show Answer Correct Answer: B) Plural sense. 22. What economic system is based upon consumers and producers independent decisions determining which products will be successful (sell)? A) Traditional Economy. B) Control or Command Economy. C) Free Market (Capitalist) Economy. D) Socialist Economy. Show Answer Correct Answer: C) Free Market (Capitalist) Economy. 23. What does the term 'Scarcity' refer to in economics? A) The high demand for goods. B) The abundance of resources. C) The surplus of goods in the market. D) The limited availability of resources. Show Answer Correct Answer: D) The limited availability of resources. 24. The basic economic problem results from scarcity. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 25. True or False Academic Performance can be measured by Statistics 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