Test: Use of Statistical Tools- Match Based Type Questions - Commerce MCQ

A. Arithmetic Mean:

B. Weighted Mean:

C. Mid Value of Class Intervals:

D. Combined Mean:

A. Good Average: Good Average should be based on all the observations:

• Only those averages, where all the data are used give best result, whereas the averages which use less data are not representative of the whole group.
• Good Average should not be unduly affected by extreme value: No term should affect the average too much.

B. Arithmetic Mean:

A = arithmetic mean

n = number of values

a_i = data set values

C. Weighted Mean: Weighted average is a calculation that takes into account the varying degrees of importance of the numbers in a data set. In calculating a weighted average, each number in the data set is multiplied by a predetermined weight before the final calculation is made.

D. Combined Mean: A combined mean is a mean of two or more separate groups, and is found by : Calculating the mean of each group, Combining the results.

A. Frequency of the given variable: The symbols most often used for frequency are f and the Greek letters nu (ν) and omega (ω).

B. Assumed Mean: Correct symbol of assumed mean is a.

C. Deviations from the assumed mean: Correct symbol of assumed mean is d.

D. Mean: The symbol 'μ' represents the population mean.

A. Weighted Index Number:

B. Fisher’s Ideal Index Number:

C. Paasche’s Index Number:

D. Laspeyre’s Index Number:

A. Wholesale Price Index: A wholesale price index (WPI) is an index that measures and tracks the changes in the price of goods in the stages before the retail level. This refers to goods that are sold in bulk and traded between entities or businesses (instead of between consumers).

B. Weighted Index Number: An index number in which the component items are weighted according to some system of weights reflecting their relative importance. It is, however, usual to describe an index as “weighted” only when weighting coefficients enter explicitly into its definition and calculation.

C. Simple Index Number: A simple index number is the ratio of two values representing the same variable, measured in two different situations or in two different periods. For example, a simple index number of price will give the relative variation of the price between the current period and a reference period.

D. Consumer Price Index: The Consumer Price Index (CPI) is a measure of the average change in prices over time in a fixed market basket of goods and services.

A. Measure of central Tendency: In statistics, a central tendency (or measure of central tendency) is a central or typical value for a probability distribution. It may also be called a center or location of the distribution. The most common measures of central tendency are the arithmetic mean, the median, and the mode.

B. Measure of Dispersion: Measures of dispersion describe the spread of data around a central value (mean, median or mode). There are two measures of dispersion: range (where you subtract the lowest score from the highest score) and standard deviation (SD), which calculates the spread of scores around the mean.

C. Correlation: Correlation is a statistical term describing the degree to which two variables move in coordination with one another. If the two variables move in the same direction, then those variables are said to have a positive correlation. If they move in opposite directions, then they have a negative correlation.

D. Index Number: An index number is the measure of change in a variable (or group of variables) over time. Index numbers are one of the most used statistical tools in economics. Index numbers are not directly measurable, but represent general, relative changes. They are typically expressed as percents.

B. Q₂: Q₂ is denoted as second financial quarter.

C. Q3: Q₂ is denoted as The upper or third quartile.

D. Q₂: Q₂ is denoted as second financial quarter.

A. Upper Quartile: The upper quartile (sometimes called Q₃) is the number dividing the third and fourth quartile. The upper quartile can also be thought of as the median of the upper half of the numbers. The upper quartile is also called the 75th percentile; it splits the lowest 75% of data from the highest 25%.

B. Lower Quartile: The lower quartile, or first quartile (Q₁), is the value under which 25% of data points are found when they are arranged in increasing order. The upper quartile, or third quartile (Q₃), is the value under which 75% of data points are found when arranged in increasing order.

C. Median: The median is the middle number in a sorted, ascending or descending, list of numbers and can be more descriptive of that data set than the average. If there is an odd amount of numbers, the median value is the number that is in the middle, with the same amount of numbers below and above.

D. Percentile: A percentile (or a centile) is a measure in statistics. It is a way of expressing where an observation falls in a range of other observations. For example, if a score falls in the 20th percentile, this means that 20 percent of all the scores recorded are lower.

A. Advantages of Median: The median is not affected by very large or very small values.

B. Disadvantages of Median: Since the median is an average of position, therefore arranging the data in ascending or descending order of magnitude is time-consuming in the case of a large number of observations.

C. Advantage of Mean: Takes account of all values to calculate the average.

D. Disadvantage of Mean: It is affected by the extreme values.

A. Simple Correlation: Simple correlation is a measure used to determine the strength and the direction of the relationship between two variables, X and Y.

B. Mode: The mode is the value that appears most often in a set of data values.

C. Standard Deviation: The standard deviation is a measure of the amount of variation or dispersion of a set of values.

D. Moderate degree of Correlation: In cases (positive or negative), if the value of 'r' is 0.50, it is called moderate correlation. When it lies between 0.50 and 0.75, the degree of correlation is high and when it lies between 0.25 and 0.50, the degree of correlation is low.

A. Scatter Diagram: Scatter diagram also called scatter plot, X-Y graph. The scatter diagram graphs pairs of numerical data, with one variable on each axis, to look for a relationship between them. If the variables are correlated, the points will fall along a line or curve.

B. Good statistical average: Good Average should be based on all the observations: Only those averages, where all the data are used give best result, whereas the averages which use less data are not representative of the whole group.

C. Perfect negative correlation: A perfect negative correlation means the relationship that exists between two variables is exactly opposite all of the time.

D. Standard deviation: The standard deviation is a measure of the amount of variation or dispersion of a set of values.

A. Karl Pearson’s Coefficient of Correlation:

B. Spearman’s Rank Correlation when ranks are tied:

C. Spearman’s Rank Correlation when ranks are not tied:

D. Karl Pearson’s Coefficient of Correlation:

A. Median:

B. Mode:

C. Mean:

D. Lower Quartile: (N + 1) * 1 / 4

A. Median: An ogive is a free-hand graph showing the curve of a cumulative distribution function.

B. Mode: The mode is the value that appears most frequently in a data set.

C. Mean: The mean formula is given as the average of all the observations. It is expressed as Mean = {Sum of Observation} ÷ {Total numbers of Observations}.

D. Mean: The mean formula is given as the average of all the observations. It is expressed as Mean = {Sum of Observation} ÷ {Total numbers of Observations}.

A. Mean: The mean formula is given as the average of all the observations. It is expressed as Mean = {Sum of Observation} ÷ {Total numbers of Observations}.

B. Mode: Mode = L + h(fm − f1)(fm − f1) − (fm − f2) L + h(fm − f1)(fm − f1) − (fm − f2), h refers to the size of the class interval.

C. Median: The median formula is {(n + 1) ÷ 2}th, where “n” is the number of items in the set and “th” just means the (n)th number.

D. Combined Mean: A combined mean is a mean of two or more separate groups, and is found by : Calculating the mean of each group, Combining the results.