This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 2 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is used in the production of goods and services? A) Materials. B) Unlimited wants. C) Unlimited needs. D) Resources. Show Answer Correct Answer: D) Resources. 2. Determine whether the given data is Qualitative or Quantitative.Data:Mode of payment for the tuition (cash, check, online) A) Qualitative Data. B) Quantitative Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Qualitative Data. 3. A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario? A) Comparative Advantage. B) Equilibrium Point. C) Income Effect. D) Opportunity Cost. Show Answer Correct Answer: D) Opportunity Cost. 4. Weight measured in kilograms belongs to which scale? A) Nominal. B) Ordinal. C) Interval. D) Ratio. Show Answer Correct Answer: D) Ratio. 5. We use statistics to make comparisons A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 6. A 95% confidence level means: A) Sample is correct 95% of time. B) Population lies within interval always. C) Interval contains true parameter with 95% confidence. D) No error exists. Show Answer Correct Answer: C) Interval contains true parameter with 95% confidence. 7. Economics is an art because A) It gives practical application of scientific principles. B) It makes it easier to understand economic conditions. C) Its laws can be tested in controlled conditions. D) None of the above. Show Answer Correct Answer: A) It gives practical application of scientific principles. 8. The mismatch of unlimited wants and needs and limited economic resources is THE BASIC ECONOMIC PROBLEM A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 9. The reason why you can't have everything you want is because of ..... A) Opportunity Cost. B) Scarcity. C) Incentive. D) Choice. Show Answer Correct Answer: B) Scarcity. 10. Which is NOT one of the fundamental economic question A) What to produce. B) How to produce. C) When to produce. D) For whom to produce. Show Answer Correct Answer: C) When to produce. 11. Higher standard deviation indicates: A) Less variability. B) More variability. C) No variability. D) Zero dispersion. Show Answer Correct Answer: B) More variability. 12. Parameter is use for A) Statistics. B) Population. C) Sample. D) Measurement. Show Answer Correct Answer: B) Population. 13. Primary data ..... A) Second hand data. B) First hand information. C) Data from other parties. D) Annual report. Show Answer Correct Answer: B) First hand information. 14. If p-value < significance level, we: A) Accept null hypothesis. B) Reject null hypothesis. C) Increase sample size. D) Change confidence level. Show Answer Correct Answer: B) Reject null hypothesis. 15. In what year was the SEEA Central Framework adopted as an international Standard? A) 2000. B) 2003. C) 2007. D) 2012. Show Answer Correct Answer: D) 2012. 16. Inferential statistics mainly deals with: A) Past data. B) Entire population. C) Predictions and conclusions. D) Data tables. Show Answer Correct Answer: C) Predictions and conclusions. 17. The development of a worldwide economy where resources flow fairly freely across borders A) Economy. B) GDP. C) Globalization. D) None of the above. Show Answer Correct Answer: C) Globalization. 18. What is the major difference between scarcity and a shortage? A) They are really the same. B) Shortages always exist and scarcity is temporary. C) Shortages are temporary and scarcity always exist. D) Scarcity is limited and shortages are unlimited. Show Answer Correct Answer: C) Shortages are temporary and scarcity always exist. 19. One who provides service to others for a payment is known as- A) Service holder. B) Service provider. C) Consumer. D) Employee. Show Answer Correct Answer: B) Service provider. 20. As a buyer, which market structure would be worst for you? A) Pure competition. B) Oligopoly. C) Monopoly. D) Monopolistic Competiton. Show Answer Correct Answer: C) Monopoly. 21. Four resources needed to make goods and services A) Land, Labor, Capital, Entrepreneurship. B) Money, Time, Technology, Resources. C) Raw Materials, Energy, Labor, Management. D) Goods, Services, Trade, Investment. Show Answer Correct Answer: A) Land, Labor, Capital, Entrepreneurship. 22. A science that examines how goods and services are produced, sold, and used. A) Economy. B) Economics. C) Economic Resources. D) None of the above. Show Answer Correct Answer: B) Economics. 23. Phrase that means how good a person's quality of life is. A) Opportunity standard. B) Standard of living. C) Rent control. D) None of the above. Show Answer Correct Answer: B) Standard of living. 24. Which of the following best defines statistics? A) Science of collecting, analyzing, and interpreting data. B) Art of guessing. C) A branch of mathematics. D) A method of data storage. Show Answer Correct Answer: B) Art of guessing. 25. True/False:The economic systems of different countries are connected. 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 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 10Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books