The subject that helps in analysing economic problems and formulating policies to solve them isa)Physics.b)Chemistryc)Mathematics.d)Statistics.Correct answer is option 'D'. Can you explain this answer?

Question

Answer

Statistics helps in analysing economic problems and formulating policies to solve them. Statistics is the study of aggregate of facts numerically expressed.

Answer

Statistics is the subject which deals with analysing economic problem and formulating policies using quantitative data.

Answer

The correct answer is option 'D' - Statistics.

Statistics is the subject that helps in analyzing economic problems and formulating policies to solve them. It plays a crucial role in understanding and interpreting economic data, making informed decisions, and formulating effective economic policies.

Here are the reasons why statistics is the correct answer:

1. Data Collection and Analysis:
- Statistics helps in collecting and organizing economic data from various sources such as surveys, censuses, and experiments.
- It provides tools and techniques to analyze this data and extract meaningful insights.
- By analyzing economic data, statisticians can identify trends, patterns, and relationships that are essential for understanding economic problems.

2. Economic Forecasting:
- Statistics enables economists to make accurate predictions and forecasts about economic variables such as GDP growth, inflation rates, and employment levels.
- By using statistical models and techniques, economists can analyze historical data and make projections for the future.
- These forecasts play a crucial role in policy-making as they help policymakers anticipate and address potential economic challenges.

3. Policy Evaluation:
- Statistics helps in evaluating the effectiveness of economic policies.
- By collecting data before and after implementing a policy, statisticians can analyze its impact and determine whether it has achieved its intended objectives.
- This evaluation allows policymakers to make informed decisions and modify policies if necessary.

4. Sampling Techniques:
- Statistics provides various sampling techniques that enable economists to study a subset of the population and make inferences about the whole population.
- This is particularly useful when collecting data from large populations is impractical or costly.
- By using statistical sampling techniques, economists can obtain reliable estimates and make generalizations about the entire population.

5. Hypothesis Testing:
- Statistics facilitates hypothesis testing, which is crucial for economic analysis and policy formulation.
- Economists often formulate hypotheses about the relationships between economic variables and use statistical tests to determine whether these hypotheses are valid.
- This helps in identifying causal relationships and guiding policy decisions.

In conclusion, statistics plays a vital role in analyzing economic problems and formulating policies to solve them. It provides the necessary tools and techniques for data analysis, forecasting, policy evaluation, sampling, and hypothesis testing. By utilizing statistical methods, economists can make evidence-based decisions and design effective economic policies.

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