This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Economics (Statistics For Economics) Chapter 1 Introduction – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Statistics For Economics) Chapter 1 Introduction Quiz 8 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the effect of Competition in a market? A) It encourages innovation and drives down prices. B) It leads to less innovation. C) It creates monopolies. D) It drives prices up. Show Answer Correct Answer: A) It encourages innovation and drives down prices. 2. Inferential statistics is ..... A) A techniques to improve the efficiency and effectiveness of the organization. B) Is a techniques to implement a strategic plan. C) Making generalization about population by analyzing the sample. D) Is a good representation of a population. Show Answer Correct Answer: C) Making generalization about population by analyzing the sample. 3. What structure fell in 1989 symbolizing the fall of Communism in Eastern Europe? A) St. Peter's Cathedral. B) Brandenburg Gates. C) Berlin Wall. D) Jenga Tower. Show Answer Correct Answer: C) Berlin Wall. 4. Activities undertaken to earn a living are known as A) Non-Economic activities. B) Economic activities. C) Both of these. D) None of these. Show Answer Correct Answer: B) Economic activities. 5. Determine whether the given data is Qualitative or Quantitative.Data:Employee classification (Permanent, Part-time, Probationary) A) Qualitative Data. B) Quantitative Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Qualitative Data. 6. Which economy is a mixed economy? A) United States. B) China. C) India. D) France. Show Answer Correct Answer: C) India. 7. Inferential technique which make weaker assumptions using nominal and ordinal scales. A) Descriptive. B) Inferential. C) Parametric. D) Non Parametric. Show Answer Correct Answer: D) Non Parametric. 8. Identify the sample:A survey of 500 adults in the U.S. found that 54% drink coffee daily. A) Collection of the 500 adults surveyed. B) Collection of all adults in the U.S. C) 54%. D) 500. Show Answer Correct Answer: A) Collection of the 500 adults surveyed. 9. The median of 10, 12, 14, 16, 18 will be A) 12. B) 16. C) 15. D) 14. Show Answer Correct Answer: D) 14. 10. The arithmetic mean is calculated by: A) Adding all values and dividing by number of values. B) Finding the middle value. C) Finding the most frequent value. D) Finding the range. Show Answer Correct Answer: A) Adding all values and dividing by number of values. 11. On organized way in which a nation chooses to use its resources to create goods/services. A) Economic systems. B) Traditional economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: A) Economic systems. 12. Determine whether the given data is Discrete or Continuous.Data:The number of words in a book. A) Discrete Data. B) Continuous Data. C) All the above. D) None of the above. Show Answer Correct Answer: A) Discrete Data. 13. Ranking system is part of which classification? A) Nominal. B) Ordinal. C) Interval. D) Ratio. Show Answer Correct Answer: B) Ordinal. 14. True or false:In the statement "A survey of 500 adults in the U.S. found that 54% drink coffee daily" 54% is a parameter. A) A. TRUE. B) B. FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) B. FALSE. 15. What is the process where resources are taken from the earth, modified, sold, used, and disposed of called? A) Supply chain. B) Resource Scarcity. C) Economy. D) Supply and Demand. Show Answer Correct Answer: A) Supply chain. 16. Statistics helps in: A) Making random guesses. B) Making informed decisions. C) Storing data. D) None of the above. Show Answer Correct Answer: B) Making informed decisions. 17. A high standard deviation indicates that the values are spread over ..... ? A) Small Range. B) Wide Range. C) Uniform Range. D) None of the above. Show Answer Correct Answer: B) Wide Range. 18. The rainy weather increased the ..... of umbrellas at the stores. A) Production. B) Consumption. C) Distribution. D) Factors of Production. Show Answer Correct Answer: B) Consumption. 19. Which field does NOT commonly use statistics? A) Economics. B) Medicine. C) Engineering. D) Astrology. Show Answer Correct Answer: D) Astrology. 20. Word economics "oikonomia" , Where is the origin of the word from A) FRENCH. B) LATIN. C) OLD ENGLISH. D) GREEK. Show Answer Correct Answer: D) GREEK. 21. Which of the following is a method of probability sampling? A) Cluster sampling. B) Quota sampling. C) Both of these. D) None of these. Show Answer Correct Answer: A) Cluster sampling. 22. .... is the process of arranging data into sequence and groups according to their features A) Collection data. B) Organizing data. C) Analyzing data. D) None of the above. Show Answer Correct Answer: B) Organizing data. 23. The type of Economy whose main aim is to earn profit A) Mixed Economy. B) Socialist Economy. C) Capitalistic Economy. D) None of the above. Show Answer Correct Answer: C) Capitalistic Economy. 24. Study of small units of an economic system is called? A) Micro Economics. B) Macro Economics. C) Monetary Economics. D) Industrial Economics. Show Answer Correct Answer: A) Micro Economics. 25. What does the Law of Demand state? A) As price decreases, demand decreases. B) As price increases, demand increases. C) As price increases, demand decreases. D) As price remains constant, demand fluctuates. Show Answer Correct Answer: C) As price increases, demand decreases. ← 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 7Class 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