Question

State with reason, whether you agree or disagree

With the help of statistics various economic problems can be solved.

Answer 1

Yes, statistics is an indispensable tool for studying and understanding the economic problems of a country. By giving a quantitative aspect to qualitative statements, statistics helps in analysing economic problems such as production, consumption, pricing, income distribution, population, unemployment and poverty. Also, statistical data helps in judging the performance of a country on various grounds like contribution of different sectors to national income, wealth, investment, etc. Thus, on the basis of statistical data, governments can formulate suitable plans and policies for solving economic problems.