In Economics, data and Statistics are important because _____ .

It helps a consumer decide what to buy

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It helps a producer decide what to make

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Both A and B

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Neither A nor B

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Solution

The correct option is C
Both A and B

It helps a producer decide what to make and a consumer decide what to buy.

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Similar questions

What is the importance of statistics in economics?

Mark the following statements as true or false.

(i) Statistics can only deal with quantitative data.

(ii) Statistics solves economic problems.

(iii) Statistics is of no use to Economics without data.

Statistics provides important guidelines for the formulation of various economic policies.

Discuss the importance of Statistics in Economics?

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