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Amity International School, Mayur Vihar Subject: Economics Class Xi DATE: 17/04/23 Concept of Economics 1 Marks Questions (MCQ)

This document contains a practice test on the concept of economics and statistics. It includes 15 multiple choice questions and 10 short answer questions covering topics such as the definition of statistics, uses of statistics, types of statistics (descriptive vs inferential), and importance of statistics for economic planning and policymaking. The questions assess understanding of key statistical concepts as well as the ability to distinguish statistical statements from non-statistical ones.

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109 views

Amity International School, Mayur Vihar Subject: Economics Class Xi DATE: 17/04/23 Concept of Economics 1 Marks Questions (MCQ)

This document contains a practice test on the concept of economics and statistics. It includes 15 multiple choice questions and 10 short answer questions covering topics such as the definition of statistics, uses of statistics, types of statistics (descriptive vs inferential), and importance of statistics for economic planning and policymaking. The questions assess understanding of key statistical concepts as well as the ability to distinguish statistical statements from non-statistical ones.

Uploaded by

Parth
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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AMITY INTERNATIONAL SCHOOL, MAYUR VIHAR

SUBJECT: ECONOMICS
CLASS XI
DATE: 17/04/23
CONCEPT OF ECONOMICS
CHAPTER 1
1 MARKS QUESTIONS (MCQ)
1. With regards to distrust of Statistics which of the following statements is not correct?
(a) Statistics is a rainbow of lies
(b) Statistics are tissues of falsehood
(c) Statistics express the facts in numbers
(d) There are three kinds of lies-lies, damned lies, and statistics

2. Identify the incorrect set of statements from the set of statements given below in column I
and column II.
Column I Column II
(a) Interpretation of data (i) Drawing conclusions
(b) Presentation of data (ii) Table, graphs, and diagrams
(c) Statistics (iii) Not numerically expressed
(d) Scarcity of resources (iv) A cause of economic problem

3. Which of the following statements is not an example of Statistics? (1)


(a) Birth rate in India is 18 per thousand as compared to 8 per thousand in the US.
(b) Ramesh has a Rs. 100 notes in his pocket.
(c) Over the last 10 years, India has won 60 text matches in cricket and lost 50.
(d) Average pocket allowance of the students of Class XI is Rs. 500 per month.

3. Identify odd one out:


(a) Purchase of shirt for office
(b) Foreign aid received from USA for flood victims
(c) Teacher teaching in a school
(d) Production of shirts in a factory

4. Read the following statements carefully:


Statement 1: Statistics can only deal with quantitative data.
Statement2: Statistics solves economic problems.
In the light of the given statements, choose the correct alternative:
(a) Statement 1 is true and statement 2 is false
(b) Statement 1 is false and statement 2 is true
(c) Both statements 1 and 2 are true
(d) Both statements 1 and 2 are false

5. Statistics are true only an________.


(a) average (b) estimation (c) observation (d) experiment

6. Choose the correct sequence of stages of statistical study:


(a) Organisation of data, analysis of data, presentation of data, collection of data,
interpretation of data.
(b) Collection of data, interpretation of data, organisation of data, analysis of data,
presentation of data.
AISMV/SR-23/ECO/WS Page 1
(c) Collection of data, organisation of data, presentation of data, analysis of data,
interpretation of data.
(d) Collection of data, organisation of data, analysis of data, presentation of data,
interpretation of data.

7. Match the Column:


Column I Column II
(a) Command price (i) Adam Smith
(b) Father of Economics (ii) Economic activities
(c) Air and rainfall (iii) Economic goods
(d) Activities undertaken to earn a living (iv) Non-economic goods
(a) a iii, b i, c iv, d ii (b) a ii, b i, c iv, d iii
(c) a iv, b i, c iii, d ii (d) a iii, b iv, c i, d ii

8. Read the following statements carefully:


Statement 1: Statistics can be used only by those persons who have special knowledge of
statistical methods.
Statement 2: Inferential Statistics refers to those methods by which conclusions are drawn
relating to the population based on a given sample.
In the light of the given statements, choose the correct alternative:
(a) Statement 1 is true and statement 2 is false
(b) Statement 1 is false and statement 2 is true
(c) Both statements 1 and 2 are true
(d) Both statements 1 and 2 are false

9. From the set of the statements given in column I and Column II, choose the correct pair of
statements.
Column I Column II
(A) Consumption (i) The process of converting raw material into useful things.
(B) Statistics (ii) It means some qualitative information.
(C) Investment (iii) It is an act of abstinence from consumption.
(D) Inferential Statistics (iv) It refers to all such methods by which conclusions are
drawn relating to the universe on the basis of a given sample.
(a) A (i) (b) B(ii) (c) C (iii) (d) D(iv)

10. Statistics in Plural Sense means:


(a) Statistical Data (b) Descriptive Statistics
(c) Statistical Methods (d) Inductive Statistics

11. Read the following statements: Assertion (A) and Reason (R). Choose one of the correct
alternatives given below:
Assertion (A): Statistics deals with the collection, organisation, presentation, analysis and
interpretation of data.
Reason (R): Statistics are aggregates of facts affected by multiplicity of causes.
(a) Both Assertion (A) and Reason (R) are true and reason (R) is the correct explanation of
Assertion (A).
(b) Both Assertion (A) and Reason (R) are true but reason (R) is not the correct explanation
of Assertion (A).

AISMV/SR-23/ECO/WS Page 2
(c) Assertion (A) is true but Reason (R) is false.
(d) Assertion (A) is false but Reason (R) is true.

12. Assertion(A): Human Activities are broadly divided as economic activities and non-
economic activities.
Reason (R): Non-economic activities are undertaken without any expectation of monetary
benefits.

13. Assertion (A): Statistics also helps in condensing mass data into a few numerical
measures such as mean, variance etc.
Reason (R): These numerical measures help to summaries data.

14. Assertion (A): Statistics should be enumerated or estimated according to a reasonable


standard of accuracy.
Reason (R): If the area of investigation is limited, then the investigator uses the methods of
enumeration to collect data and if the scope of enquiry is wide then the investigator collects
data by the method of estimation.
explanation of Assertion(A)

15. Assertion (A): Statistics help in solving economic problems.


Reason (R): Statistics is considered as an indispensable tool for understanding economic
problems.

Short answer questions (3/4 marks) CBQ’s


1. "Statistics are numerical statements of facts, but all facts numerically stated are not
statistics." Clearly explains the above statement and point out briefly which numerical
statements of facts are statistics.
2. "Statistics affects everybody and touches life at many points." Explain the above statement
with suitable examples.
3. Distinguish between 'statistics in singular sense' and 'statistics in plural sense'.
4. The government and policy makers use statistical data to formulate suitable policies for
economic development’. Illustrate with two examples.
5. Suppose the 30% rise in prices has been due to several causes, like reduction in supply,
increase in demand, shortage of power, rise in wages, rise in taxes, etc. Which feature of statistics
does it indicate?
6. Statistical methods are no substitutes to common sense. Comment.
7. Define statistics as a singular noun. Discuss various statistical methods involved in it.
8. "Planning without Statistics is a ship without radar and compass." In the light of this
statement explain the importance of Statistics as an effective aid to national planning.
9. Statistical methods are no substitute for common sense. Comment
10. “All Statistics are expressed in numbers, but all numbers are not Statistics”. Explain with
an example.

AISMV/SR-23/ECO/WS Page 3

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