Question

In which of the following fields/areas can the use of statistics and statistical techniques be better examined?

• A. Test and verification of economic theories/principles/hypothesis.
• B. Understanding and study of economic problems.
• C. Economic planning.
• D. All of the above.

Answer 1

The correct option is D All of the above.

The computation of statistics is immensely helpful in the identification of economic problems and the planning of policies to solve them as the government can now see how the economy is progressing and implement targeted policies to improve the situation. E.g.: If the unemployment level is higher than average the government can choose to have targeted employment schemes in that area of the country.
Statistics is also highly useful to test and verify economic theories/principles and/or hypothesis.