Question

Discuss the importance of Statistics in Economics?

Answer 1

Statistics play an important role in Economics.

i. National income accounts are multipurpose indicators for the economists and administrators.

ii. In Economics research statistical methods are used for collecting and analysis the data and testing hypothesis.

iii. The relationship between supply and demand is studied by statistical methods, the imports and exports, the inflation rate, the per capita income are the problems which require a good knowledge of Statistics.