This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 7 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Who was the founder of Economics? A) Adam Smith. B) Alfred Marshall. C) Keynes. D) Ricardo. Show Answer Correct Answer: A) Adam Smith. 2. Statistics is of no use to government in policy formulation A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 3. When you buy a good or service, you are a ..... A) Seller. B) Consumer. C) Producer. D) None of the above. Show Answer Correct Answer: B) Consumer. 4. The median of a set of numbers is: ..... A) The median is the middle number when the numbers are arranged in ascending order. B) The median is the average of the first and last numbers in the set. C) The median is always the largest number in the set. D) The median is the sum of all numbers divided by the total count of numbers. Show Answer Correct Answer: A) The median is the middle number when the numbers are arranged in ascending order. 5. Facts or set of information or observation under study. A) Qualitative. B) Quantitative. C) Data. D) Statistics. Show Answer Correct Answer: C) Data. 6. What is consumer sovereignty? A) In a planned economy consumers can only purchase what they government created. B) Producers are free to create whatever they want. C) The freedom to buy what we want. D) Producers decide what gets consumed. Show Answer Correct Answer: C) The freedom to buy what we want. 7. What do we call what is given up when a choice is made? A) Opportunity cost. B) Scarcity. C) Resources. D) Economics. Show Answer Correct Answer: A) Opportunity cost. 8. Economics is the study of how people make choices about ways to use ..... resources to fulfill their unlimited wants and needs. A) Limited. B) Unlimited. C) Natural. D) Man-made. Show Answer Correct Answer: A) Limited. 9. Production Possibility Curve is: A) Concave to the axis. B) Convex to the axis. C) Parallel to the axis. D) Vertical to the axis. Show Answer Correct Answer: A) Concave to the axis. 10. The four factors of production. A) Machines, Money, Oil, Plastic. B) Money, big cars, money, diamond rings. C) Natural Resources, Labor, Capital, Entrepreneurship. D) None of the above. Show Answer Correct Answer: C) Natural Resources, Labor, Capital, Entrepreneurship. 11. What does the Principle of Opportunity Cost refer to? A) The cost of producing goods. B) The cost of an alternative that must be forgone. C) The cost of variable expenses. D) The cost of fixed expenses. Show Answer Correct Answer: B) The cost of an alternative that must be forgone. 12. If a research uses parametric statistics, then the data must be? A) Must be nominal of ordinal. B) Either interval or ratio. C) Either nominal or interval. D) Either ordinal or ratio. Show Answer Correct Answer: B) Either interval or ratio. 13. Who makes the most money because of specialization? A) A doctor. B) A waitress. C) A teacher. D) A social worker. Show Answer Correct Answer: A) A doctor. 14. This is a way a country uses its money, resources, goods and services. A) Opportunity costs. B) Economy. C) Savings. D) None of the above. Show Answer Correct Answer: B) Economy. 15. Statistics is used by A) Government. B) Businessmen. C) Economists. D) All of the above. Show Answer Correct Answer: D) All of the above. 16. Ordinal data has: A) Only names. B) Order but no fixed differences. C) Equal intervals. D) A true zero. Show Answer Correct Answer: B) Order but no fixed differences. 17. Who called economics the study of man in the ordinary business of life? A) Adam Smith. B) Alfred Marshall. C) Robbins. D) Samuelson. Show Answer Correct Answer: B) Alfred Marshall. 18. Statistics can help to predict the future growth of an economy. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 19. The main objective of a socialist economy is ..... A) Maximum production. B) Economic freedom. C) Earning profit. D) Maximum public welfare. Show Answer Correct Answer: D) Maximum public welfare. 20. A car wash is a ..... A) Good. B) Service. C) Income. D) None of the above. Show Answer Correct Answer: B) Service. 21. The median is: A) Most frequent value. B) Average value. C) Middle value when data is ordered. D) Difference between highest and lowest. Show Answer Correct Answer: C) Middle value when data is ordered. 22. Who gave the definition of Economics related to welfare? A) Adam Smith. B) Marshall. C) Robbins. D) Samuelson. Show Answer Correct Answer: B) Marshall. 23. What is specialization? A) The economy allows us to meet our wants and needs without producing everything we want. B) A resource that you would like to have but could live without. C) A type of income. D) The difference between a resource that you can touch (physical, tangible) and a service. Show Answer Correct Answer: A) The economy allows us to meet our wants and needs without producing everything we want. 24. Poverty reduction, waged work and infrastructure are all what type of change? A) Postive. B) Negative. C) All the above. D) None of the above. Show Answer Correct Answer: A) Postive. 25. The willingness and ability to start new businesses A) Entrepreneurship. B) Entrepreneur. C) Business Owner. D) None of the above. Show Answer Correct Answer: A) Entrepreneurship. ← 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 6Class 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