Free Introduction to Statistics 01 Practice Test - 11th Grade - Commerce 

Question 1

A consumer is one who produces goods and services for the generation of income.

A. True
B. False

SOLUTION

Solution : B

A consumer is the one who uses or 'consumes' a product or service. 

Question 2

What is the root cause of all economic problems?

A. Population
B. Scarcity
C.

Unemployment

D.

Poverty

SOLUTION

Solution : B

Limited resources and unlimited human wants lead to scarcity. This is the root of all economic problems.

Question 3

Problem of choice arises when there are _____ .

A.

multiple resources having limited uses

B.

limited resources having multiple uses

C.

limited resources having limited uses

D.

multiple resources having multiple uses

SOLUTION

Solution : B

The problem of choices arises when there are multiple alternatives and limited resources. In this case, a choice between one or the other has to be made.

Question 4

Which of these comes under the study of production?

A. The choice of produce, given limited resources
B. Adjusting the price of a product to maximize profits
C. Distribution of a country's GDP
D. The choice of a consumer, given alternatives.

SOLUTION

Solution : A

Production deals with the choice of produce, given costs and prices when the resources are limited.

Question 5

Economic facts expressed in terms of numbers are known as ___ .

SOLUTION

Solution :

Economic facts expressed in terms of numbers are known as data.

Question 6

Which of the following is/are qualitative data about a person?

A. Date of birth
B. Ethnicity
C. Nationality
D. Height

SOLUTION

Solution : B and C

Ethnicity and nationality are the only qualitative attributes. The others can be quantified using numbers.

Question 7

Which of the following is not an example of production?

A. A barber giving a haircut.
B. A travel agent who books tickets
C. A writer writing a book
D. A man creating a short film

SOLUTION

Solution : B

A travel agent booking tickets is involved in distribution. Everything else are examples of production. 

Question 8

In Economics, data and Statistics are important because _____ .

A.

It helps a consumer decide what to buy

B.

It helps a producer decide what to make

C.

Both A and B

D.

Neither A nor B

SOLUTION

Solution : C

It helps a producer decide what to make and a consumer decide what to buy.

Question 9

The measures used to mitigate or solve economic problems are known as ___ .

SOLUTION

Solution :

The measures used to mitigate or solve economic problems are known as policies.

Question 10

Statistics can be applied in studying qualitatively expressed problems.

A. True
B. False

SOLUTION

Solution : A

Statistics can be used to study qualitatively expressed problems.