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.
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?
Unemployment
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 _____ .
multiple resources having limited uses
limited resources having multiple uses
limited resources having limited uses
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?
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?
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?
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 _____ .
It helps a consumer decide what to buy
It helps a producer decide what to make
Both A and B
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.
SOLUTION
Solution : A
Statistics can be used to study qualitatively expressed problems.