Test: Introduction To Statistics - 1 - Commerce MCQ

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 given to poor. It is an example of normative science as it deals with what should be.

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.

• Consumption, defined as spending for acquisition of utility, is a major concept in economics and is also studied in many other social sciences.
• It is seen in contrast to investing, which is spending for acquisition of future income.
• Consumption, in economics, the use of goods and services by households.
• Consumption is distinct from consumption expenditure, which is the purchase of goods and services for use by households.

The examples of scarcity are long queues at railway booking counters, crowded buses and trains, shortage of essential commodities etc.

In singular sense the term statistics means statistical methods. Statistics is an applied science in singular sense.

Beauty, intelligence, etc. are example of qualitative data which are outside the scope of statistics.

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.

A producer produces goods for consumption. The process of adding value to a matter is known as production.

Economics is generally discussed in three parts: consumption, production and distribution.