7. Name the stages of statistical study and statistical tools for the presentation of data.
8. Distinguish between quantitative and qualitative' data, and give some examples of both.
9. Write three sentences highlighting the importance of Statistics in economics.
10. What are the main features of Statistics as a numerical data? Describe any four.
11 State the main limitations of Statistics.
12. "Statistical methods are dangerous weapons in the hands of an unqualified person."
Explain
Answers
Answer:
answer 7 : Tables, graphs and diagrams are statistical tools for the presentation of data. Averages and percentages are commonly used techniques for the analysis of data. Magnitude of percentages, averages and degree of relationship between different variables are used for interpretation of data.
answer 8 : The main difference between qualitative and quantitative data is that qualitative data is descriptive while quantitative data is numerical. For example, qualitative data are gender, country, city, nationality, etc. while quantitative data are length, width, height, weight, area, speed, age, etc.
answer 9 : Statistics for economics concerns itself with the collection, processing, and analysis of specific economic data. It helps us understand and analyze economic theories and denote correlations between variables such as demand, supply, price, output etc.
answer 10 : Collected should be, for a pre determined purpose. The figures are collected with some goal objective in mind. Without any objective collected data will be useless. Thus, the purpose of collecting data must be decided in advance.
answer 11 : Limitations of Statistics
(1) Statistics laws are true on average. ...
(2) Statistical methods are best applicable to quantitative data.
(3) Statistics cannot be applied to heterogeneous data.
(4) If sufficient care is not exercised in collecting, analyzing and interpreting the data, statistical results might be misleading.
answer 12 : The statistical methods are the dangerous weapons in the hands of unqualified person because the results related to the statistical methods can only be inferred in their true sense, which is possible only by the experts. ... So, we can say that the statistical tools can only be used by the qualified people.