This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 5 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which distribution is used for fixed number of trials? A) Poisson. B) Normal. C) Binomial. D) Uniform. Show Answer Correct Answer: C) Binomial. 2. The study of behavior of individual households, firms, and governments ..... A) Microeconomics. B) Macroeconomics. C) Economics. D) Personal Finance. Show Answer Correct Answer: A) Microeconomics. 3. Each and every element of a large group of data. A) Population. B) Sample. C) Variable. D) Data. Show Answer Correct Answer: A) Population. 4. Decide which method of data collection would be most appropriate:A study of the effect of using MyStatLab on grades in a statistics course. A) Observational study. B) Experiment. C) Simulation. D) Survey. Show Answer Correct Answer: B) Experiment. 5. What does Specialization mean? A) Something oe person does for someone else. B) Not being able to have everything that you want because of limited resources. C) Having more than you want, or need. D) When people work in jobs where they produce a few special goods, or services. Show Answer Correct Answer: D) When people work in jobs where they produce a few special goods, or services. 6. The most fundamental economic problem is A) Health. B) Security. C) Export and import. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 7. Which of the following is not a restricted random sampling technique? A) Stratified sampling. B) Simple random sampling. C) Systemic sampling. D) Multistage sampling. Show Answer Correct Answer: B) Simple random sampling. 8. TRUE or FALSE:SEEA helps to organize data, enabling gaps and deficiencies to be identified and through the application of inconsistent standards that allow comparisons over time and between different areas. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 9. Earned money is called ..... A) Tax. B) Currency. C) Income. D) None of the above. Show Answer Correct Answer: C) Income. 10. The data that are gathered can should be always reliable and true. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 11. Basic economic activities are A) Production. B) Consumption. C) Distribution. D) All of these. Show Answer Correct Answer: D) All of these. 12. Statistics is the most important tool for A) Human welfare. B) Economic planning. C) Studying individuals. D) None of these. Show Answer Correct Answer: B) Economic planning. 13. One limitation of statistics is that it: A) Can be misused easily. B) Is always accurate. C) Is easy to understand. D) None of the above. Show Answer Correct Answer: A) Can be misused easily. 14. The total value of goods and services produced within the borders of a country during a specific time period, usually one year. A) GDP. B) GNI. C) GDP per capita. D) HDI. Show Answer Correct Answer: A) GDP. 15. Which of the following is NOT a method of disposal? A) Trash. B) Recycle. C) Burying. D) Compost. Show Answer Correct Answer: C) Burying. 16. Name for the risk-taking businessmen who start businesses and are one of the factors of production. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 17. Coefficient of correlation will be always A) More than 0. B) More than-1. C) Less than-1. D) Between-1 and + 1. Show Answer Correct Answer: D) Between-1 and + 1. 18. Economics is best defined as the study of how people A) Use their infinite resources. B) Attain wealth. C) Choose abundance over scarcity. D) Attain education from best school. Show Answer Correct Answer: C) Choose abundance over scarcity. 19. The alternative hypothesis represents: A) No effect. B) Assumed truth. C) Opposite of null hypothesis. D) Sample mean. Show Answer Correct Answer: C) Opposite of null hypothesis. 20. The branch of Mathematics that deals with the scientific collection, organization, presentation, analysis, and interpretation of numerical data. A) Statistics. B) Geometry. C) Analysis. D) Accounting. Show Answer Correct Answer: A) Statistics. 21. When countries trade goods and services it increases ..... A) Economics. B) Economic System. C) Economic Globalization. D) None of the above. Show Answer Correct Answer: C) Economic Globalization. 22. Statistics is mainly concerned with: A) Guessing results. B) Collection, analysis, interpretation, and presentation of data. C) Only numerical calculations. D) Drawing without data. Show Answer Correct Answer: B) Collection, analysis, interpretation, and presentation of data. 23. Each day you have $ 5 for lunch. Today, you decide to save $ 2 and buy the chicken salad tomorrow for 6.50. How is the money being used in this case? A) As a unit of accounting. B) As a store of value. C) As a medium of exchange. D) As an indicator of debt. Show Answer Correct Answer: B) As a store of value. 24. What are physiological needs? A) Water, food, air. B) Consistent employment. C) Love, friendship, companionship. D) Achievieng a life-long goal. Show Answer Correct Answer: A) Water, food, air. 25. The level of measurement that classifies data without order is: A) Ordinal. B) Nominal. C) Interval. D) Ratio. Show Answer Correct Answer: B) Nominal. ← 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 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