Question

What does statistics do?

• A. It enables an economist to present economic facts in a precise and definite form
• B. Helps in condensing the mass of data into a few numerical measures
• C. Statistics is used in finding relationships between different economic factors
• D. All of these

Answer 1

The correct option is D All of these

Statistics helps in grasping the meaning of certain laws of behavior in social sciences and lends precision to scientific inquiry. It helps finding out how various factors of production interact and contribute to economic activity. Analysts are able to collect and collate data in a precise manner to provide empirical evidence to a theory. Thus, it helps in condensing the mass of data into a few numerical measures and it enables an economist to present economic facts in a precise and definite form.