Question

Statistics is of no use to Economics without data. True or False & Give reasons.

Answer 1

Answer:

Statistics is of no use to Economic without data.

Ans: false statistics deal with both qualitative data... statistical tool help economists to identify cause of economicts problem and devise polices accordingly.

Explanation:

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Answer 2

The statement "Statistics is of no use to Economics without data" is true.

• Statistics is a mathematical field that has to do with collection of data, study, analysis, presentation, and organisation.

• It is important in economics since it allows for the examination and understanding of economic data.
• In economics, statistics are used to measure economic variables such as inflation rates, GDP, and employment levels.

• Data is essential in economics for drawing valid conclusions and making educated decisions.
• For example, if an economist wants to assess the influence of a change in interest rates on consumer spending, they will need data on both interest rates and consumer spending.

• Thus, Statistics have no significance in economics without data and is the basis upon which statistical tools are built.

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