This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 20 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 20 (24 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The situation in which unlimited wants exceed the limited resources available to fulfill those wants. A) Market. B) Tradeoff. C) Scarcity. D) Equity. Show Answer Correct Answer: C) Scarcity. 2. These are economic resources a nation uses to make goods and services for its population. A) Economic Resources. B) Factors of Production. C) Market Forces. D) Economic Problem. Show Answer Correct Answer: B) Factors of Production. 3. In a command economy, the means of production are owned by A) Individuals. B) Families. C) Religious leaders. D) The government. Show Answer Correct Answer: D) The government. 4. Which of the following is not within the scope of economics A) Resource allocation. B) Scarcity. C) Building a successful business. D) What production should take place. Show Answer Correct Answer: C) Building a successful business. 5. These are supply and use tables for products, natural inputs and residuals generated by economic activities; either physical (e.g. m3 of wastewater) and/or monetary values (e.g. cost of wastewater treatment). A) Activity/purpose Accounts. B) Flow Accounts. C) National Accounts. D) Stock Accounts. Show Answer Correct Answer: B) Flow Accounts. 6. Type II error occurs when: A) Null hypothesis is rejected when false. B) Null hypothesis is accepted when false. C) Sample is small. D) P-value is low. Show Answer Correct Answer: B) Null hypothesis is accepted when false. 7. What step of the supply chain involves taking resources from the earth? A) Extraction. B) Production. C) Distribution. D) Production. Show Answer Correct Answer: A) Extraction. 8. Which of the following is not a principle upon which the U.S. economic system is based? A) Freedom of Choice. B) Government Regulation. C) Competition. D) Private Property. Show Answer Correct Answer: B) Government Regulation. 9. Government makes all economic decisions for its citizens A) Free economy. B) Mixed economy. C) Command economy. D) None of the above. Show Answer Correct Answer: C) Command economy. 10. Which area uses statistics extensively? A) Economics and business. B) Art and literature. C) Sports. D) None of the above. Show Answer Correct Answer: A) Economics and business. 11. Entrepreneurship A) The act of running a business and taking risks to succeed. B) A method of investing in stocks and bonds. C) A process of managing personal finances effectively. D) A strategy for marketing products online. Show Answer Correct Answer: A) The act of running a business and taking risks to succeed. 12. Which of the following statements are true?I. All variable can be classified as quantitative or categorical variables.II. Categorical variables can be continuous variable.III. Quantitative variables can be discrete variables. A) I only. B) Ii only. C) Iii only. D) I and iii. E) I and ii. Show Answer Correct Answer: D) I and iii. 13. Is an economic system where the economic resources are privately owned by individuals rather than the government A) Capitalism. B) Command economy. C) Mixed economy. D) None of the above. Show Answer Correct Answer: A) Capitalism. 14. The process of converting raw material into finished goods is called A) Production. B) Consumption. C) Investment. D) Exchange. Show Answer Correct Answer: A) Production. 15. Statistics can be misused when: A) Correct methods are applied. B) Wrong methods are applied deliberately. C) Data is ignored. D) None of the above. Show Answer Correct Answer: B) Wrong methods are applied deliberately. 16. These are always limited. Individuals, businesses, and government must decide on how to use these. A) Economic resources. B) Factors of Production. C) Market Forces. D) None of the above. Show Answer Correct Answer: A) Economic resources. 17. What is the class interval of 100-200 A) 150. B) 100. C) 50. D) None of the above. Show Answer Correct Answer: B) 100. 18. Maximise the cost of production as much as possible A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 19. A researcher is classifying data object watch for its color and size. What type of classification is this? A) Ranking the object. B) One-way classification. C) Two-way classification. D) None of these. Show Answer Correct Answer: C) Two-way classification. 20. Created when demand is higher than supply A) Trade Off. B) Scarcity. C) Opportunity Cost. D) None of the above. Show Answer Correct Answer: B) Scarcity. 21. What is profit? A) The money a company has left after subtracting its costs from its sales. B) The money earned by selling goods and services. C) The cost of making one more unit of a product. D) The price paid for using someone else's money. Show Answer Correct Answer: A) The money a company has left after subtracting its costs from its sales. 22. What is competition? A) The desire to earn money. B) The struggle among producers for consumers' money. C) The act of concentrating on a limited number of goods and activities. D) The struggle among consumers for limited resources. Show Answer Correct Answer: B) The struggle among producers for consumers' money. 23. Price of a product is determined by the relationship of the supply of a product and the demand for the product A) Law of economy. B) Law of buying and selling. C) Law of supply & demand. D) None of the above. Show Answer Correct Answer: C) Law of supply & demand. 24. Find the mode of the numbers:2, 4, 6, 4, 8, 4, 2. A) 2. B) 4. C) 6. D) 8. Show Answer Correct Answer: B) 4. ← PreviousRelated 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