CBSE Questions for Class 11 Commerce Economics Introduction To Economics Quiz 2 - MCQExams.com

As per the law of statistics given by king _________________.
  • if a data is chosen randomly from a large group than that data will invariably show the characteristic of the group.
  • the law developed by King is more accurate if applied for large group.
  • data sample which is to be taken for a large group should be systematic so that invariably it shows the characteristic of a large group.
  • Both A & B
We use inferential statistic to generalize from our samples and descriptive statistics to describe our samples.
  • True
  • False
  • Partially true
  • None of the above
The commonly found limitations to statistics are  ________________.
  • it deals with individual elements
  • statistics gives precise and accurate information
  • results of statistics are based on assumptions.
  • all of the above
The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called
  • Statistics
  • Descriptive statistics
  • Qualitative descriptive
  • Measurement of statistics
In statistics the facts _______________.
  • should be expressed numerically
  • should be related to other facts for comparison
  • can't be estimated
  • both A & B
Which of the following sentence shows distrust about statistics?
An ounce of truth will produce tonnes of statistics.
It can prove anything.
It can prove nothing.
Select the correct answer from the options given below:
  • 1 only
  • 1 and 2 only
  • 2 and 3 only
  • All 1 , 2 and 3
Which of the following is not a part of the opportunity cost of going on holiday?
  • The money you spent on a theatre show.
  • The money you could have made if you had stayed at home and worked.
  • The money you spent on airline tickets.
  • The money you spent on food.
Convertibility of rupee means _________.
  • determination its own exchange rate in international market
  • conversion of rupee into any foreign currency
  • transfer of funds in international market
  • none of these
Who is responsible for collecting & presenting statistics in India ________.
  • ISI
  • CSO
  • ICAER
  • NCERT
"Statistics refers to the classified facts representing the conditions of the people in the State, especially those facts which can be stated in numbers or in tables of numbers or in any tabular classified arrangement".
This definition of statistics was given by _____________.
  • Bowley
  • Wappans
  • Prof. Horace Secrist
  • Webster
 Production is a / an _____________ activity.
  • Charitable
  • Beneficial
  • Economic
  • Successful
The word 'Statistics' as used in earlier days by Italians is __________.
  • statistik
  • statista
  • status
  • statustic
Ram : My corn harvest this year is poor.
Krishna : Don't worry. Price increases will compensate for the fall in quantity supplied.
Vinod : Climate affects crop yields. Some years are bad, others are good.
Madhur : The Government ought to guarantee that our income will not fall.
In the conversation the normative statement is made by ______________.
  • Ram
  • Krishna
  • Vinod
  • Madhur
The word 'Statistics' had its origin from the Latin word _____________.
  • statistik
  • stato
  • status
  • statustic
In ancient days, the word statistics was used only for facts and figures required by the state for its official use and was known as ___________.
  • the science of king
  • the science of state craft
  • political arithmetic
  • all of the above
Which of the following is/are an outcome of a technological change?
  • A downward shift in the production function
  • Same output with fewer inputs or more output with same inputs
  • Invention of a product or production process
  • Both (b) and (c) above
Custom Duties are levied on ______________.
  • Exports and imports
  • Manufacture of excisable goods/commodities
  • Services rendered
  • Sale made by a dealer in the course of inter-state or intra-state or commerce
As part of Economic Reforms in 1991, Financial Sector Reforms relates to :
  • Banking Sector
  • Capital Market Sector
  • Insurance Sector
  • All of the above
All of the following developments were noticed during 1991 (when economic reforms were enforced) except one. Identify it.
  • National Debt was nearly 60% of the GNP of India
  • Inflation crossed double digits
  • Foreign Reserves were maintained at a very high level
  • None of the above
In the pre-reforms period (i.e. before 1991), banking scene was dominated by the __________ sector.
  • private
  • public
  • both (a) and (b)
  • neither (a) nor (b)
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Practice Class 11 Commerce Economics Quiz Questions and Answers