MCQs on Statistics for Economics

The field of statistics has a very important role to play in economics as it deals with areas like collection, organisation, evaluation, interpretation as well as the presentation of data. It is essential to make sense of the datasets related to economics and formulate conclusions based on that information. Statistics help us to understand the complex relationship between areas like quantity and price, demand and supply, gross domestic product, economic output and per capita income, to name a few.

We have listed below a number of multiple-choice questions on Statistics for Economics to help students get a better understanding of the topic.

  1. Which of the following statements about the statistical study is true?
    1. Presentation of data is the first stage of statistical study
    2. Analysis of data is the first stage of statistical study
    3. Collection of data is the first stage of statistical study
    4. Organisation of data is the first stage of statistical study
  2. Answer: c

  3. Which of the following statements about data collection is accurate?
    1. The data collected from the source of origin for the first time is known as internal data
    2. The data collected from the source of origin for the first time is known as secondary data
    3. The data collected from the source of origin for the first time is known as primary data
    4. The data collected from the source of origin for the first time is known as external data
  4. Answer: c

  5. Which of the following statements about the function of statistics is not true?
    1. The social equilibrium is a function of statistics
    2. The political equilibrium is a function of statistics
    3. The construction of economic models is a function of statistics
    4. The economic equilibrium is a function of statistics
  6. Answer: b

  7. Which of the following definitions of statistics is true, according to Professor Topper?
    1. Statistics is both a science as well as a sociology
    2. Statistics is both a science as well as an art
    3. Statistics is both a science as well as a psychology
    4. Statistics is both a science as well as a mystery
  8. Answer: b

  9. Which of the following statements is correct?
    1. The direct oral investigation is a method for the collection of secondary data
    2. The direct personal investigation is a method for the collection of secondary data
    3. The collection of information through a questionnaire is a method for the gathering of secondary data
    4. None of the above
  10. Answer: d

  11. Which of the following statements reflects the reality of the field of statistics?
    1. The field of statistics is concerned with the aggregation of unrelated facts
    2. The field of statistics is concerned with the aggregation of disorganised facts
    3. The field of statistics is concerned with the aggregation of organised facts
    4. The field of statistics is concerned with the aggregation of useless facts
  12. Answer: c

  13. Which of the following statements is not true about Statistics?
    1. One of the main characteristics of statistics is that it is an aggregation of data
    2. One of the main characteristics of statistics is that it is only expressed in words
    3. One of the main characteristics of statistics is that it is affected by a number of causes
    4. One of the main characteristics of statistics is that it is collected in a systematic manner
  14. Answer: b

  15. Which of the following statements is not an example of statistics?
    1. Suresh has a note of Rs. 500 with him
    2. Over the last 20 years, India has managed to win 80 cricket matches and lose 40
    3. The average allowance given to the first year B.Com students in St. Xavier’s college is Rs. 1000 per month
    4. The birth rate for India is 20 per thousand compared to 10 per thousand in the United Kingdom
  16. Answer: a

  17. Which of the following statements about statistics is not true?
    1. Banking is considered as an economic activity
    2. Business is considered as an economic activity
    3. Agriculture is considered as an economic activity
    4. Sunil helping her mother in the kitchen is considered as an economic activity
  18. Answer: d

  19. Which of the following statements about human-made goods is correct?
    1. Human-made goods are known as public goods
    2. Human-made goods are known as economic goods
    3. Human-made goods are known as non-economic goods
    4. Human-made goods are known as luxury goods
  20. Answer: b

  21. Which of the following statements is accurate?
    1. The purchase of goods by the consumers for the purpose of satisfying their various needs is known as marketing
    2. The purchase of goods by the consumers for the purpose of satisfying their various needs is known as distribution
    3. The purchase of goods by the consumers for the purpose of satisfying their various needs is known as production
    4. The purchase of goods by the consumers for the purpose of satisfying their various needs is known as consumption
  22. Answer: d

  23. Which of the following statements about the aggregate of data is true?
    1. The aggregate of data is known as statistics
    2. The aggregate of data is known as economics
    3. The aggregate of data is known as collection
    4. The aggregate of data is known as analysis
  24. Answer: a

  25. Which of the following statements accurately reflects the root of economic problems?
    1. Recession is the root of all economic problems in a country
    2. Scarcity is the root of all economic problems in a country
    3. Monopoly is the root of all economic problems in a country
    4. Inflation is the root of all economic problems in a country
  26. Answer: b

  27. Which of the following statements about statistics is accurate?
    1. In a singular sense, statistics is a statistical law
    2. In a singular sense, statistics is a statistical science
    3. Both a and b are incorrect
    4. Both a and b are correct
  28. Answer: d

  29. A ____________ is a party that manufactures goods or services and sells them in the market to generate an income.
    1. Consumer
    2. Producer
    3. Investor
    4. None of the above
  30. Answer: b

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