Introduction:

Statistics is a branch of mathematics that deals with the collection, analysis, interpretation, presentation, and organization of data. It is widely used in various fields, including economics, to understand and make sense of complex data sets. The question asks us to identify the correct statement regarding the role of statistics in economics.

Explanation:

The correct statement is option 'D', which states that all of the given statements are correct. Let's examine each statement in detail:

a) Statistics finds economic relationships using data and verifies them:

One of the key roles of statistics in economics is to identify and analyze economic relationships using data. By collecting and analyzing data related to various economic variables, statisticians can uncover patterns, correlations, and causal relationships. These relationships can then be verified using statistical methods such as hypothesis testing. For example, statistics can help determine whether there is a significant relationship between changes in the price of a product and its demand.

b) Statistics provides tools which are used to predict future value:

Another important role of statistics in economics is to provide tools and techniques that can be used to predict future values. Statistical forecasting methods, such as time series analysis and regression analysis, can be used to make predictions based on historical data. These predictions can be valuable for businesses and policymakers in planning for the future. For example, statistics can be used to forecast future sales, inflation rates, or GDP growth.

c) Statistical methods help in analyzing economic problems:

Statistical methods play a crucial role in analyzing economic problems. They provide a systematic and objective approach to analyzing complex economic data and understanding the underlying patterns and trends. Statistical techniques such as descriptive statistics, inferential statistics, and econometric modeling are used to analyze economic data, test hypotheses, and draw meaningful conclusions. For example, statistical analysis can help determine the impact of government policies on economic growth or evaluate the effectiveness of a marketing campaign.

Conclusion:

In conclusion, statistics plays a vital role in economics by helping to identify economic relationships, providing tools for predicting future values, and analyzing economic problems. It is a powerful tool that enables economists to make informed decisions and understand the complexities of the economic world. Therefore, the correct statement is option 'D' - all of the above.