This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 6 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Hypothesis testing helps in: A) Data collection. B) Decision making. C) Data visualization. D) Data cleaning. Show Answer Correct Answer: B) Decision making. 2. Variance is the average of: A) Observations. B) Squared deviations from mean. C) Absolute deviations. D) Standard deviations. Show Answer Correct Answer: B) Squared deviations from mean. 3. The ultimate use of statistics is to: A) Draw meaningful conclusions. B) Store data. C) Make random guesses. D) None of the above. Show Answer Correct Answer: A) Draw meaningful conclusions. 4. Poisson distribution is used for: A) Large samples. B) Rare events. C) Continuous variables. D) Symmetric data. Show Answer Correct Answer: B) Rare events. 5. When does scarcity occur? A) When we have too many goods and services. B) Whenever the there are too many services and not enough goods. C) Whenever we do not have enough resources to produce all of the things we would like to have. D) None of the above. Show Answer Correct Answer: C) Whenever we do not have enough resources to produce all of the things we would like to have. 6. This resource is identified as something you can find on Earth and is not made by people. A) Human resources. B) Capital resources. C) Natural resources. D) None of the above. Show Answer Correct Answer: C) Natural resources. 7. .... refers to the systematic arrangement of the information in rows & columns. A) Presenting data. B) Tabulation. C) Both a & b. D) None of the above. Show Answer Correct Answer: B) Tabulation. 8. Who is the Father of Economics? A) Adam Smith. B) Marshall. C) J.M.Keynes. D) Robinson. Show Answer Correct Answer: A) Adam Smith. 9. State whether the statement is true or falseTelephone survey is the most suitable method of collecting data, when the population is literate and spread over a large area A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 10. What is the correct definition of 'scarcity' in an economic context? A) A situation where resources are unlimited. B) A situation where resources are limited. C) A situation where resources are abundant. D) A situation where resources are excessive. Show Answer Correct Answer: B) A situation where resources are limited. 11. Identify the data set's level of measurement:The IQ scores of students in a class. A) Nominal. B) Ordinal. C) Interval. D) Ratio. Show Answer Correct Answer: C) Interval. 12. The total value of goods and services produced within the a country during one year. A) Gross Domestic Product (GDP). B) Gross National Income (GNI). C) Gross Food Cafeteria (GFC). D) Human Consumption Chart (HCC). Show Answer Correct Answer: A) Gross Domestic Product (GDP). 13. Free Enterprise System A) Individuals can make many choices, such as deciding what to buy or what type of job to look for, with the freedom to choose. B) The government controls all economic decisions and resources. C) All businesses are owned by the state and operate for the public good. D) Consumers have no influence over the market and must accept what is provided. Show Answer Correct Answer: A) Individuals can make many choices, such as deciding what to buy or what type of job to look for, with the freedom to choose. 14. Data is mostly based on opinion and not factual A) Maybe. B) No. C) Yes. D) Always. Show Answer Correct Answer: B) No. 15. All countries have different ..... to help them determine what to produce and how to produce things. A) Economic System. B) Economics. C) Economic Globalization. D) None of the above. Show Answer Correct Answer: A) Economic System. 16. Economy in which people make economic decisions based on their group's customs and values. Not common today. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: A) Traditional Economy. 17. Level of measurement where there is logical ordering or categories. A) Nominal. B) Ordinal. C) Interval. D) Ratio. Show Answer Correct Answer: B) Ordinal. 18. This SEEA-CF Accounting Structure records both the opening and closing stock of assets and the changes over the accounting period. A) Flow Accounts. B) Activity/purpose Accounts. C) Asset Accounts. D) None of the above. Show Answer Correct Answer: C) Asset Accounts. 19. If you want to use non-parametric statistics, then you must gather data in? A) Must be nominal or ordinal. B) Either interval or ratio. C) Either nominal or interval. D) Either ordinal or ratio. Show Answer Correct Answer: A) Must be nominal or ordinal. 20. ..... defines economics as the study of man in the ordinary business of life. A) Alfred Marshall. B) Paul krugman. C) Milton friedman. D) Adam Smith. Show Answer Correct Answer: A) Alfred Marshall. 21. A limitation of statistics is that it does not study: A) Quantifiable factors. B) Non-quantifiable factors. C) All factors. D) None of the above. Show Answer Correct Answer: B) Non-quantifiable factors. 22. Calculate the median of the following numbers:12, 3, 5, 7, 9, 11. A) 5. B) 7. C) 8. D) 11. Show Answer Correct Answer: C) 8. 23. A business needs to know what ..... it needs to make their goods and services. A) Economics. B) Factors of Production. C) Economic Globalization. D) Economic System. Show Answer Correct Answer: B) Factors of Production. 24. We use statistics to give a opinion A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 25. In a normal distribution, mean, median, and mode are: A) Different. B) Unrelated. C) Equal. D) Zero. Show Answer Correct Answer: C) Equal. ← 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 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