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Test: Statistics for Economics - 1 - Commerce MCQ


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10 Questions MCQ Test - Test: Statistics for Economics - 1

Test: Statistics for Economics - 1 for Commerce 2024 is part of Commerce preparation. The Test: Statistics for Economics - 1 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Statistics for Economics - 1 MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Statistics for Economics - 1 below.
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Test: Statistics for Economics - 1 - Question 1
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Which of the following is NOT a basic macroeconomic problem?

Detailed Solution for Test: Statistics for Economics - 1 - Question 1
Inflation is a general increase in prices, which is a different issue from poverty, unemployment, and income disparity, which are key macroeconomic concerns.
Test: Statistics for Economics - 1 - Question 2
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Why is common sense important when interpreting statistical data?

Detailed Solution for Test: Statistics for Economics - 1 - Question 2
Common sense is crucial to evaluate statistical results logically and not blindly trust data. It helps in detecting errors or inconsistencies in the data.
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Test: Statistics for Economics - 1 - Question 3
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What does the study of the Theory of Production in economics focus on?

Detailed Solution for Test: Statistics for Economics - 1 - Question 3
The Theory of Production in economics focuses on how producers make decisions to maximize profits by minimizing production costs and optimizing production levels.
Test: Statistics for Economics - 1 - Question 4
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What is the fundamental problem that every economy faces?
Detailed Solution for Test: Statistics for Economics - 1 - Question 4
Every economy faces the problem of scarcity, where resources are limited while wants are unlimited.
Test: Statistics for Economics - 1 - Question 5
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In economics, what is the role of statistics?
Detailed Solution for Test: Statistics for Economics - 1 - Question 5
Statistics in economics is used to analyze and evaluate economic problems, understand patterns, and formulate policies based on data.
Test: Statistics for Economics - 1 - Question 6
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Which of the following is NOT an economic activity?
Detailed Solution for Test: Statistics for Economics - 1 - Question 6
Attending a music concert is not considered an economic activity as it does not involve the production, purchase, or sale of goods or services.
Test: Statistics for Economics - 1 - Question 7
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What is the purpose of descriptive statistics?
Detailed Solution for Test: Statistics for Economics - 1 - Question 7
Descriptive statistics is used to present, summarize, and describe data, making it easier to understand and interpret.
Test: Statistics for Economics - 1 - Question 8
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What is the primary concern of economics?
Detailed Solution for Test: Statistics for Economics - 1 - Question 8
Economics primarily deals with the allocation of scarce resources to satisfy unlimited wants. It focuses on making choices to make the best use of limited resources.
Test: Statistics for Economics - 1 - Question 9
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What is the purpose of inferential statistics?
Detailed Solution for Test: Statistics for Economics - 1 - Question 9
Inferential statistics is used to draw conclusions about a larger population based on data obtained from a sample. It helps make generalizations and predictions.
Test: Statistics for Economics - 1 - Question 10
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Why is the concept of scarcity important in economics?
Detailed Solution for Test: Statistics for Economics - 1 - Question 10
Scarcity in economics forces individuals and societies to make choices and trade-offs, as resources are limited and wants are unlimited. This concept is fundamental to economic decision-making.
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