Identify the incorrect statement.
Correct Answer :- d
Explanation : All the statements are correct.
Statistics in economics deals with numbers and is quantitative. Qualitative adjectives like rich, poor, tall etc. have no attached significance in the statistical universe.
Statistics provides tools which are used to predict future value
Statistics only deals with quantitative data it does not deal well with qualitative data beauty, honesty, goodwill etc can’t be measured.
Statistics is an indispensable tool for studying and understanding the economic problems of a country.It helps in analysing economic problems such as production, consumption, pricing, income distribution, population, unemployment and poverty.
There should be free education provided to poor. It is an example of
There should be free education given to poor. It is an example of normative science as it deals with what should be.
Persons doing a particular job are called
In a job, we work for some other person and are paid for our services. Thus, persons engaged in a particular job are called service holders.
The process of buying goods by consumers to satisfy their various needs is
Which of the following is not a manifestations of scarcity?
The examples of scarcity are long queues at railway booking counters, crowded buses and trains, shortage of essential commodities etc.
In singular sense statistics is
In singular sense the term statistics means statistical methods. Statistics is an applied science in singular sense.
Qualitative expressions are outside the scope of statistics unless they are expressed in
Beauty, intelligence, etc. are example of qualitative data which are outside the scope of statistics.
Match the column I and II and choose the correct pair of statements:
A farmer is a person engaged in agriculture, raising living organisms for food or raw materials.So he is a producer .
A shopkeeper is an individual who owns or runs a shop.A shopkeeper sells some items. So he is a seller.
A service holder is a person who takes service or that he is working under someone. This means employee and the service provider is the person who gives job(employer). So service holder is employee.
A service provider is a company that provides organizations with consulting, legal, real estate, education, communications, storage, processing, transport, and many other services. So the service provider is the cab driver.
People engaged in adding value to the matter are called
A producer produces goods for consumption. The process of adding value to a matter is known as production.
Select the incorrect statement with regard to the study of economics.
Economics is generally discussed in three parts: consumption, production and distribution.