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**Q.1. Name the two distinct senses in which statistics is used.Ans.**

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(i) Collection of Data

(ii) Classification of Data

(iii) Presentation of Data

(iv) Analysis of Data

(v) Interpretation of Data

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(i) Sampling

(ii) Census

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(i) help analyse economic problems; and

(ii) formulate policies to solve them.

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(i) Collection of Data: It is the process of gathering information in order to arrive at an effective solution to an economic problem.

(ii) Organisation of Data: It is the process of classifying the raw data to facilitate further statistical analysis.

(iii) Presentation of Data: It is the process of putting the voluminous data in compact and presentable form.

(iv) Analysis of Data: It is the process of examining, modifying and modelling data with the objective of drawing useful information, suggesting inferences and supporting decision-making.

(v) Interpretation of Data: It is the process of making sense of numerical data that has been collected, presented and analysed.

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(i) Statistics study only numerical facts.

(ii) Statistics study only aggregate of facts, not individual data.

(iii) Statistics require only homogeneous data.

(iv) Statistics results are true only on the basis of average.

(v) Drawing conclusions without references in statistics increase the possibilities of errors.

(vi) Statistics can only be used by the experts.

(vii) Statistics can be misused.

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(i) Statistics are aggregate of facts.

(ii) Statistics are numerically expressed.

(iii) Statistics are enumerated or estimated according to reasonable standards of accuracy.

(iv) Statistics are facts affected by multiplicity of causes.

(v) Statistics are placed in relation to each other.

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(i) prices on demand for a commodity;

(ii) interest rate on savings/ investment;

(iii) government expenditure on general price level; etc.

Applying statistical methods to data not only check the existence of relationship between various economic factors but also help to determine and verify the relationship between them.

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