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Test: Measures of Dispersion - Commerce MCQ


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10 Questions MCQ Test - Test: Measures of Dispersion

Test: Measures of Dispersion for Commerce 2024 is part of Commerce preparation. The Test: Measures of Dispersion questions and answers have been prepared according to the Commerce exam syllabus.The Test: Measures of Dispersion MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Measures of Dispersion below.
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Test: Measures of Dispersion - Question 1
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What does a measure of dispersion reveal about data?

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A measure of dispersion, such as the range, reveals the spread of data by calculating the difference between the largest and smallest values in a dataset. This helps us understand how data points deviate from the central value, providing insights into the variability within the data.
Test: Measures of Dispersion - Question 2
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What characteristic should a good measure of dispersion NOT have?

Detailed Solution for Test: Measures of Dispersion - Question 2
A good measure of dispersion should consider all data points, have a well-defined formula, and not be heavily influenced by sampling variations. However, it should not disregard outliers as they can also provide valuable information about the data's spread.
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Test: Measures of Dispersion - Question 3
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What does a smaller measure of dispersion indicate about a data set?

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A smaller measure of dispersion indicates greater consistency and uniformity in the data set, with less variability and inconsistency among data points. This makes the average a more reliable representative of the observations.
Test: Measures of Dispersion - Question 4
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Which of the following is NOT a relative measure of dispersion?
Detailed Solution for Test: Measures of Dispersion - Question 4
Standard deviation is not a relative measure of dispersion. Relative measures are expressed as ratios or percentages of the central tendency, while standard deviation is an absolute measure expressed in the same units as the variable being measured.
Test: Measures of Dispersion - Question 5
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What is the formula for calculating the coefficient of quartile deviation?
Detailed Solution for Test: Measures of Dispersion - Question 5
The coefficient of quartile deviation is calculated as (Q3 - Q1) / (Q3 + Q1), where Q3 is the third quartile and Q1 is the first quartile.
Test: Measures of Dispersion - Question 6
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What is the main advantage of using the mean deviation compared to other measures of dispersion?
Detailed Solution for Test: Measures of Dispersion - Question 6
The main advantage of using mean deviation is that it is less influenced by extreme values, making it a robust measure of dispersion that provides a better representation of data variability.
Test: Measures of Dispersion - Question 7
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Which method is NOT used for calculating the standard deviation?
Detailed Solution for Test: Measures of Dispersion - Question 7
The standard deviation can be calculated using methods like the actual mean method, shortcut method, and step deviation method, but there is no method called the "assumed mean method" for calculating standard deviation.
Test: Measures of Dispersion - Question 8
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What does the coefficient of variation measure?
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The coefficient of variation measures the stability, uniformity, consistency, or homogeneity of data by calculating the ratio of the standard deviation to the mean. It helps compare the variability of different datasets.
Test: Measures of Dispersion - Question 9
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In the Lorenz curve, what does a greater area between the curve and the line of equal distribution indicate?
Detailed Solution for Test: Measures of Dispersion - Question 9
A greater area between the Lorenz curve and the line of equal distribution in the Lorenz curve indicates higher inequality in the items being analyzed. This is a visual representation of the degree of inequality within a dataset.
Test: Measures of Dispersion - Question 10
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Which measure of dispersion is widely used in fields like economics and business?
Detailed Solution for Test: Measures of Dispersion - Question 10
Standard deviation is widely used in fields like economics and business because it provides a precise measure of dispersion and is less susceptible to sampling fluctuations compared to other measures.
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