This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 18 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Multistage Stratified random sampling is A) Probability Sampling. B) Selective Sampling. C) Non-probability Sampling. D) None of the above. Show Answer Correct Answer: A) Probability Sampling. 2. Which of the following is the inability to satisfy all wants at the same time? A) Production. B) Scarcity. C) Limited Resources. D) Economy. Show Answer Correct Answer: B) Scarcity. 3. Determine whether the given situation is Descriptive or Inferential Statistics.Situation:Health benefits of having a healthy lifestyle. A) Descriptive Statistics. B) Inferential Statistics. C) All the above. D) None of the above. Show Answer Correct Answer: B) Inferential Statistics. 4. If two events cannot occur together, they are called: A) Independent. B) Mutually exclusive. C) Dependent. D) Complementary. Show Answer Correct Answer: B) Mutually exclusive. 5. The first step in any statistical study is: A) Data analysis. B) Data interpretation. C) Data collection. D) Data presentation. Show Answer Correct Answer: C) Data collection. 6. What are the merits of secondary data A) A. It is convenient. B) B. Saves time & finance. C) C. None of the above. D) Both a & b. Show Answer Correct Answer: D) Both a & b. 7. What is cultural globalisation? A) Economies becoming more interconnected. B) Spread of language, food, religion and entertainments globally. C) Some policies and laws are made by international political bodies. D) None of the above. Show Answer Correct Answer: B) Spread of language, food, religion and entertainments globally. 8. When was the book '' an inquiry into the nature and causes of the wealth of nations" ? A) 1770. B) 1776. C) 1870. D) 1876. Show Answer Correct Answer: B) 1776. 9. A demand curve illustrates the relationship between quantity demanded of a product and ..... A) Profit. B) Price. C) Production Cost. D) None of the above. Show Answer Correct Answer: B) Price. 10. The work performed by people in an organization. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: B) Labor. 11. If the sample size increases the sampling error A) Decreases. B) Increases. C) Remains constant. D) None of the above. Show Answer Correct Answer: A) Decreases. 12. Refers to the collection of facts where the researcher gets information. A) Collection of Data. B) Organization of Data. C) Analysis of Data. D) None of the above. Show Answer Correct Answer: A) Collection of Data. 13. What is the fundamental economic problem faced by all countries? A) Inflation. B) Unemployment. C) Scarcity. D) Economic recession. Show Answer Correct Answer: C) Scarcity. 14. If many consumers want a particular service, its price will probably go up. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 15. The Standard deviation is a measurement of ..... of a set of data value? A) Amount of Consistence. B) Amount of Variation. C) Amount of Difference. D) None of the above. Show Answer Correct Answer: B) Amount of Variation. 16. Which statistic is commonly used in sampling distribution? A) Mode. B) Sample mean. C) Median. D) Range. Show Answer Correct Answer: B) Sample mean. 17. Which step of the supply chain involves consumers using the resources they purchased? A) Production. B) Distribution. C) Consumption. D) Disposal. Show Answer Correct Answer: C) Consumption. 18. ..... errors are made when we accept a null hypothesis which is not true A) Type ll. B) Type I. C) Both. D) None. Show Answer Correct Answer: A) Type ll. 19. Inferential statistics is used to: A) Describe data only. B) Make conclusions about population. C) Collect data. D) Draw graphs. Show Answer Correct Answer: B) Make conclusions about population. 20. The goods which are directly consumed by human beings are called A) Capital Goods. B) Industrial Goods. C) Consumer Goods. D) Private Goods. Show Answer Correct Answer: C) Consumer Goods. 21. A lecturer wants to know how students in the class did on their first semester final exam. He asks 15 students by calling their name from the class attendance list to state their CGPA result. He concludes from their report that the class did extremely well. What is the sample? A) Students in the first semester. B) Staff and students at POLIMAS. C) Students of all semesters. D) 15 students in the first semester. Show Answer Correct Answer: D) 15 students in the first semester. 22. In which economy decisions are taken on the basis of price mechanism? A) Socialist. B) Capitalist. C) Mixed. D) All of these. Show Answer Correct Answer: B) Capitalist. 23. How do economic systems differ? A) By the types of goods and services produced. B) By the level of government control. C) By the amount of money people make. D) By the number of consumers in the market. Show Answer Correct Answer: B) By the level of government control. 24. Statistics helps in comparison by using: A) Qualitative measures. B) Uniform units and ratios. C) Random values. D) None of the above. Show Answer Correct Answer: B) Uniform units and ratios. 25. Statistics in singular sense includes A) Collection of data. B) Organisation of data. C) Analysis of data. D) All of these. Show Answer Correct Answer: D) All of these. ← 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