Plus One Economics Chapter Wise Questions and Answers Chapter 1 Statistics for Economics Introduction

Students can Download Chapter 1 Statistics for Economics Introduction Questions and Answers, Plus One Economics Chapter Wise Questions and Answers helps you to revise the complete Kerala State Syllabus and score more marks in your examinations

Kerala Plus One Economics Chapter Wise Questions and Answers Chapter 1 Statistics for Economics Introduction

Plus One Economics Statistics for Economics Introduction One Mark Questions and Answers

Question 1.
The word statistics is used as ……………
(a) Singular
(b) Plural
(c) Both (a) and (b)
(d) None of (a) and (b)
Answer:
(c) Both (a) and (b)

Question 2.
Statistics deals with …………..
(a) Qualitative data
(b) Quantitative data
(c) Both (a) and (b)
(d) None of (a) and (b)
Answer:
(b) Quantitative data

Question 3.
The statistical method to analyze the data maybe ……….
(a) Explanatory
(b) Non-explanatory
(c) Both (a) and (b)
(d) None of (a) and (b)
Answer:
(a) Explanatory

Question 4.
Who is known as the father of statistics?
Answer:
Grottfried Achenwale is known as the father of statistics.

Plus One Economics Statistics for Economics Introduction Two Mark Questions and Answers

Question 1.
Distinguish the singular and plural senses of statistics.
Answer:

• singular sense statistics is the science of collecting, classifying and using statistics or a statistical fact.
• In plural sense, it means numerical facts systematically collected or it is data.

Question 2.
Classify the following data into qualitative and quantitative.
Height, weight, marks scored in an exam, truth, honesty, beauty, credibility, income.
Answer:

• Quantitative data: Income, height, weight, marks scored in an exam.
• Qualitative data: Truth, honesty, beauty, credibility.

Question 3.
Mention a few examples each for quantitative and qualitative data.
Answer:
1. Quantitative data

• height
• weight
• marks
• price
• income

Qualitative data

• colour
• intelligence
• attitude
• honesty
• beauty

Question 4.
Write some examples for distrust of statistics.
Answer:
Distrust of statistics means lack of confidence in statistical statements and statistical methods. Examples of such distrust are:

• People keep blind faith in statistics. So they are not careful while accepting statistical figures.
• People manipulate statistical data to present a wrong idea of their interest.

Plus One Economics Statistics for Economics Introduction Three Mark Questions and Answers

Question 1.
Give the limitations of statistics.
Answer:
The limitations of statistics are given below.

• Statistical laws are true only on average.
• Statistics can be misused.
• Statistics deals only with quantitative data.
• Statistical results lack mathematical accuracy.
• Statistical facts are collected for a predetermined purpose.

Question 2.
Identify the data from the following statement.

1. Indian economy grew at an average rate of 7% after the reforms.
2. RBI increased the bank rate to 6.5.
3. The percentage of people below poverty line in India is 26.

Answer:

1. Average growth rate – 7%
2. Bank rate – 6.5
3. Percentage of people below poverty line – 26%

Question 3.
Mark the following statements as true or false

1. statistics can only deal with quantitative data
2. statistics solves economic problems
3. statistics is of no use to economics without data.

Answer:

1. True
2. True
3. True

Question 4.
Explain how statistics is helpful in the formulation of economic planning.
Answer:
Statistics is the most important tool in economic planning. Economic planning is the best use of national resources, both in planning, without statistics is a leap in the dark. Every phase in planning, drawing a plan, execution, and review is based on statistics. The success of plan depends upon sufficient and accurate statistical data available at all the stages.

Question 5.
Make a list of economic activities found in your daily life.
Answer:
Some of the economic activities found in our daily life are:

• Teachers teaching in the school.
• People working in a factory.
• Doctor treating a patient.
• Milkman working in a dairy farm.

Question 6.
‘Statistics plays a vital role in policymaking’. Illustrate with examples.
Answer:
The government and the policymakers use statistical data to formulate suitable policies of economic development. No analysis of a problem would be possible without the availability of data on various factors underlying an economic problem. For example, if the government wants to make policy to solve the problem of unemployment and poverty, reliable data are required for it.

The number of persons who are waiting for a job, unemployed, the number of illiterate people, those living below the poverty line, etc are required. If the government wants to help the people affected by the tsunami earthquakes, the bind flu dangers then the data should be collected and put together about disaster’s cost systematically and correctly.

Modern economists include learning the basic skills involved in making useful studies for measuring poverty, how incomes are distributed, how earning opportunities are related to education, how environmental disasters affect our lives and so on.

Question 7.
Write the important functions of statistics.
Answer:
The important functions of statistics are the following:
1. It enables an economist to present economic facts in a precise and definite form that helps in proper comprehension of what is stated.

2. Statistics also helps in condensing the mass of data into a few numerical measures (such as mean, variance, etc., about which you will learn later). These numerical measures help summarize data.

3. Statistics is used in finding relationships between different economic factors. Statistics find economic relationships using data and verifies them.

4. Statistical tools are used in the prediction of future trends. The economist might be interested in predicting the changes in one economic factor due to the changes in another factor.

5. Statistical methods help formulate appropriate economic policies that solve economic problems.

Question 8.
The knowledge of statistics is helpful in several ways. List out the beneficiaries of statistics with examples for each.
Answer:
1. The applications of statistics are so numerous and ever interesting. It can be applied to any field of study whether it be trade, sociology, medicine, etc. Its application in economics, business, research, etc are discussed below.

2. In economics variables like income, consumption, input, saving, etc. are systematically and scientifically analyzed and studied with the tools of statistics. Therefore, it is highly useful in economics.

3. With the help of statistical methods abundant quantitative information can be obtained which can help immensely in formulating suitable policies. Statistics are so important to the state that government in most countries is the biggest collector and user of statistical data.

4. There is hardly any research work today that one can complete without statistical data and statistical methods. The statistical tools are highly needed for research.

5. Thus in this respect, the knowledge of statistics is helpful to society in different ways.

Plus One Economics Statistics for Economics Introduction Four Mark Questions and Answers

Question 1.
List out examples for quantitative data and qualitative data.
Answer:
A. Some examples of quantitative data in daily life are:

1. family income
2. family expenditure
3. monthly saving of a family
4. expenditure on education
5. expenditure on medical treatment
6. marks scored in examination

B. Some examples of qualitative data in daily life are:

1. nationality
2. sex
3. religion
4. caste
5. colour
6. educational qualification

Question 2.
Distinguish between quantitative and qualitative data.
Answer:
1. Quantitative data are those data which can be measured in numerical terms.
Eg: height, weight, etc.

2. On the other hand, qualitative data are those facts that cannot be numerically measured.
Eg: intelligence, beauty, etc.