Question

1. What is the importance of statistics in economic analysis
2. Define statistics in singular and plural sense. - Surp​

Answer 1

Explanation:

In economics research, statisticalmethods are used to collect and analyze the data and test hypotheses. The relationship between supply and demand is studied by statisticalmethods; imports and exports, inflation rates, and per capita income are problems which require a good knowledge of statistics.

Answer 2

Answer: In economics research, statisticalmethods are used to collect and analyze the data and test hypotheses. The relationship between supply and demand is studied by statisticalmethods; imports and exports, inflation rates, and per capita income are problems which require a good knowledge of statistics.

Explanation: In plural sense, it means a systematic collection of numerical facts and in singular sense; it is the science of collecting, classifying and using statistics. A. In the Plural Sense: “Statistics are numerical statements of facts in any department of enquiry placed in relation to each other.”