Important Multiple Choice Questions on Statistics for Economics (Class 11)
Statistics for Economics is a key subject that combines quantitative statistical tools with economic data and analysis. Understanding it is essential for school exams, competitive tests, and making informed business decisions. Students learn to analyze trends, interpret data, and solve practical economic problems. This topic is highly relevant for CBSE Class 11 and various entrance examinations.
| Statistical Concept | Definition | Example in Economics |
|---|---|---|
| Data Collection | Gathering raw economic information | Surveying household income |
| Classification | Organizing data into categories | Grouping by age, region, or occupation |
| Central Tendency | Identifying a representative value | Calculating average national income |
| Dispersion | Measuring spread of values | Finding variation in consumption |
| Index Numbers | Comparative measures over time | Consumer Price Index (CPI) |
Statistics for Economics: Concept Overview
Statistics for Economics covers a range of methods and tools used to collect, present, analyze, and interpret economic data. Key topics include central tendency, dispersion, data sources, and index numbers. These concepts help students decode patterns and assess information critically for exams and real-life situations.
MCQs on Statistics for Economics (with Answers)
Practicing Multiple Choice Questions (MCQs) on Statistics for Economics sharpens conceptual clarity and prepares you for exams. Each question below is syllabus-based and includes clear answers for your revision.
- Which of the following is not a stage of a statistical study?
(a) Collection of data
(b) Presentation of data
(c) Analysis of data
(d) Investment
Answer: (d) Investment - Statistics deals with:
(a) Collection of data
(b) Analysis of data
(c) Interpretation of data
(d) All of the above
Answer: (d) All of the above - Which among these is a factor of production?
(a) Questionnaires
(b) Respondent
(c) Entrepreneurs
(d) Investment
Answer: (c) Entrepreneurs - The father of modern economics is:
(a) Alfred Marshall
(b) Lionel Robbins
(c) Adam Smith
(d) Richard Bright
Answer: (c) Adam Smith - Which of the following is an economic activity?
(a) Production
(b) Consumption
(c) Distribution
(d) All of the above
Answer: (d) All of the above
Tips for Solving Statistics for Economics MCQs
- Understand core concepts like primary vs. secondary data, central tendency, and dispersion.
- Practice visualizing examples—actual economic data makes theory clearer.
- Review key terms and their definitions, as MCQs often test basic statistical vocabulary.
- Use past sample papers or downloadable MCQ sets for quick revision.
Vedantu offers downloadable PDFs for MCQ practice, supporting you with step-by-step explanations and concise notes for last-minute preparation.
Real-World Use Case: Statistics in Economics Exams and Business
In board and competitive exams, MCQs on Statistics for Economics test application of concepts to real datasets—such as inflation rates or GDP trends. In business, these same tools help managers make data-driven decisions about prices and policies. Mastery ensures success both in exams and in commercial practice.
Internal Links to Strengthen Understanding
- Statistics in Economics: Foundational theories and practical meaning
- Tabulation: Effective data organization for analysis and exams
- Index Numbers: Vital for understanding economic trends
- Measures of Dispersion and Lorenz Curve: Detailed study of data spread
- Central Tendency: Median: Calculation and interpretation for exam clarity
- Data Collection Methods: Theory and application in MCQs
- Classification of Costs: Statistical analysis relevance
- Economic and Non-Economic Activities: Key distinctions in economic theory
Summary
Statistics for Economics equips students to interpret and analyze economic data, supporting exam success and business decision-making. Key concepts include data collection, classification, central tendency, dispersion, and index numbers. Vedantu’s structured content, real-world examples, and MCQ practice make learning this topic clear and effective for every student.
