Q.1. Complete the following observation:
a. Statistics means
b. Statistics and economics are
c. The term population refers to
d. Descriptive Statistics means those methodsQ.1. Complete the following observation:
a. Statistics means
b. Statistics and economics are
c. The term population refers to
d. Descriptive Statistics means those methods
Answers
Solution:
i. Statistics means quantitative information.It deals with quantitative information only and does not take qualitative data into consideration. Qualitative variables such as beauty, honestyand kindness cannot be studied.
ii. Statistics and economics are complementary to each other.Statistics plays a significant role in Economics. It
- Expresses economic problems quantitatively.
- Facilitates inter-sectoral and inter-temporal comparison.
- l Helps in studying the cause and effect relationship between different economic variables which leads to construction of economictheories.
iii. The term population refers to the aggregate of all items relating to statistical study. Thus, if statistical study comprises 200 items, thenpopulation is 200.
iv. Descriptive statistics means those methods which are used for collection, presentation and analysis of data. Under this, followingestimations are done:
- Measurement of central tendencies such as mean, median, mode, quartiles, deciles and percentiles
- Measurement of dispersion such as range, quartile deviation, mean deviation and standard deviation
- Measurement of correlation through a scatter diagram and correlation coefficient.Solution:
i. Statistics means quantitative information.
It deals with quantitative information only and does not take qualitative data into consideration. Qualitative variables such as beauty, honestyand kindness cannot be studied.
ii. Statistics and economics are complementary to each other.Statistics plays a significant role in Economics. It
- Expresses economic problems quantitatively.
- Facilitates inter-sectoral and inter-temporal comparison.
- Helps in studying the cause and effect relationship between different economic variables which leads to construction of economictheories.
iii. The term population refers to the aggregate of all items relating to statistical study. Thus, if statistical study comprises 200 items, thenpopulation is 200.
iv. Descriptive statistics means those methods which are used for collection, presentation and analysis of data. Under this, followingestimations are done:
- Measurement of central tendencies such as mean, median, mode, quartiles, deciles and percentiles
- Measurement of dispersion such as range, quartile deviation, mean deviation and standard deviation
- Measurement of correlation through a scatter diagram and correlation coefficient.