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Direction: Read the following Passage and Answer the Questions.
Statistics deals with the collection, analysis, interpretation and presentation of numerical data. It is a branch of mathematics and also used in the disciplines such as accounting, economics, management, physics, finance, psychology and sociology. Here we are concerned with data from the field of Economics. Most Economics data are quantitative.
Q1: What is the primary focus of statistics, and how is it defined in the passage?
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Q2: In which field of study is the data discussed in this passage derived from, and what characterizes the data in this field?
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Q3: How does statistics play a role in the field of Economics, and what functions does it perform?
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Direction: Read the following Passage and Answer the Questions.
Statistics is an indispensable tool for an economist that helps him to understand an economic problem. Using its various methods, effort is made to find the causes behind it with the help of qualitative and quantitative facts of an economic problem. Once the causes of the problem are identified, it is easier to formulate certain policies to tackle it.
Q1: What role does statistics play in economics, and how does it aid economists in understanding economic issues?
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Q2: How do economists use statistics to analyze economic problems, and what types of data do they consider?
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Q3: Why is the identification of the causes behind an economic problem significant, and how does it enable the formulation of effective policies?
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Direction: Read the following Passage and Answer the Questions.
Statistics also helps in condensing mass data into a few numerical measures (such as mean, variance etc., about which you will learn later). These numerical measures help to summarise data. For example, it would be impossible for you to remember the incomes of all the people in a data if the number of people is very large. Yet, one can remember easily a summary figure like the average income that is obtained statistically. In this way, Statistics summarises and presents a meaningful overall information about a mass of data.
Q1: What role do numerical measures like the mean and variance play in statistics, as mentioned in the passage?
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Q2: How does statistics address the challenge of handling large volumes of data effectively?
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Q3: What is the significance of using statistics to obtain summary information from a mass of data?
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Direction: Read the following Passage and Answer the Questions.
In economic policies, Statistics plays a vital role in decision making. For example, in the present time of rising global oil prices, it might be necessary to decide how much oil India should import in 2025. The decision to import would depend on the expected domestic production of oil and the likely demand for oil in 2025. Without the use of Statistics, it cannot be determined what the expected domestic production of oil and the likely demand for it would be. Thus, the decision to import oil cannot be made unless we know the actual requirement of oil. This vital information that helps to make the decision to import oil can only be obtained statistically.
Q1: How does Statistics play a significant role in the decision-making process for economic policies, as discussed in the passage?
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Q2: What specific example is provided in the passage to illustrate the importance of Statistics in economic decision-making?
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Q3: Why is statistical information crucial for making decisions regarding the import of oil or other economic policies?
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