This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 3 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Individual consumers and producers make economic decisions based on the principles of freedom, competition, and profit. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: B) Market Economy. 2. Mode is the value that: A) Lies in the middle. B) Appears most frequently. C) Has highest value. D) Has lowest value. Show Answer Correct Answer: B) Appears most frequently. 3. What is the range of the data set:12, 15, 30, 18, 21, 24? A) 9. B) 12. C) 15. D) 18. Show Answer Correct Answer: D) 18. 4. If you were invited by friends to go to the movies but you instead to stayed in and watched Netflix what is the opportunity cost of your choice? A) Watching Netflix. B) Going to the movies with your friends. C) Taking a nap. D) Ordering takeout. Show Answer Correct Answer: B) Going to the movies with your friends. 5. The science of analysing data, drawing conclusion with respect to variation observed in data is called as ..... ? A) CONCEPT. B) STATISTICS. C) DERIVATIVE. D) None of the above. Show Answer Correct Answer: B) STATISTICS. 6. Which of the following is the characteristics of a data? A) Aggregate of fact. B) Numerical expressed. C) Affected by various cause. D) All of the above. Show Answer Correct Answer: D) All of the above. 7. What is the main theme of the book 'Introduction to Economics'? A) The impact of technology on society. B) The principles of economic theory. C) The history of economic thought. D) The role of government in the economy. Show Answer Correct Answer: B) The principles of economic theory. 8. The limited availability of resources is known as ..... A) Scarcity. B) Voluntary Exchange. C) Profit. D) Opportunity Cost. Show Answer Correct Answer: A) Scarcity. 9. A point outside the PPC indicates A) Unattainable point of production. B) Actual output in the economy. C) Unattainable point of output at the current level of resources and technology. D) Does not mean anything. Show Answer Correct Answer: C) Unattainable point of output at the current level of resources and technology. 10. The mode of a set of numbers is: ..... A) The number that appears most frequently in the set. B) The number that is the smallest in the set. C) The number that is in the middle of the set. D) The number that is the largest in the set. Show Answer Correct Answer: A) The number that appears most frequently in the set. 11. We can measure the cause and effect relationship by the help of A) Time series analysis. B) Cross-sectional analysis. C) Correlation analysis. D) Regression analysis. Show Answer Correct Answer: D) Regression analysis. 12. How can we reduce variability in process and productivity? A) Quality Improvement. B) Quality Deteriorate. C) Quality Ignorance. D) None of the above. Show Answer Correct Answer: A) Quality Improvement. 13. Measures of dispersion show: A) Central value. B) Spread of data. C) Frequency. D) Data type. Show Answer Correct Answer: B) Spread of data. 14. Which is NOT a function of money? A) As an indicator of debt. B) As a store of value. C) As a unit of accounting. D) As a medium of exchange. Show Answer Correct Answer: A) As an indicator of debt. 15. Milk tea machines are A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: B) Capital resources. 16. To which economic factor is the management of individual or family finances related. A) DEMAND. B) SUPPLY. C) INCOME AND EXPENDITURE. D) None of the above. Show Answer Correct Answer: C) INCOME AND EXPENDITURE. 17. The machines used to make cars are ..... A) Technology. B) Natural Resources. C) Human Resources. D) Capital Resources. Show Answer Correct Answer: D) Capital Resources. 18. Which sentence uses the word 'economics' correctly? A) Economics is a subject that deals with money and trade. B) Economics are a subject that deals with money and trade. C) Economics were a subject that deals with money and trade. D) Economics have a subject that deals with money and trade. Show Answer Correct Answer: A) Economics is a subject that deals with money and trade. 19. Weather and Air Conditioner Demand A) Hotter summers increase the demand for air conditioners. B) Colder winters decrease the demand for air conditioners. C) Rainy seasons have no effect on air conditioner demand. D) Mild weather leads to a stable demand for air conditioners. Show Answer Correct Answer: A) Hotter summers increase the demand for air conditioners. 20. Which of the following best describes the role of statistics? A) Eliminating uncertainty. B) Making decisions under uncertainty. C) Avoiding data usage. D) Producing exact predictions. Show Answer Correct Answer: B) Making decisions under uncertainty. 21. There are a limited about of KBMS sweatpants available for sale. Due to resource scarcity, they should cost ..... A) Less. B) More. C) They should cost the same. D) None of the above. Show Answer Correct Answer: B) More. 22. What is the definition of Utility in economics? A) The amount of goods produced. B) The total revenue generated. C) The capacity of a commodity to satisfy human wants. D) The total cost of production. Show Answer Correct Answer: C) The capacity of a commodity to satisfy human wants. 23. Who wrote the "Communist Manifesto", which stated the government should have complete control of the economy? A) Joseph Stalin. B) Vladimir Lenin. C) Adolf Hitler. D) Karl Marx. Show Answer Correct Answer: D) Karl Marx. 24. What do you mean by the supply of goods? A) Stock available for sale. B) Total stock in the warehouse. C) The actual production of the good. D) Quantity of the good offered for sale at a particular price per unit of time. Show Answer Correct Answer: D) Quantity of the good offered for sale at a particular price per unit of time. 25. Which of the following is an example of quantitative data? A) Blood group. B) Eye color. C) Height of students. D) Gender. Show Answer Correct Answer: C) Height of students. ← 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 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