“The Government and policy makers use statistical data to formulate suitable policies of economics development”. Illustrate with two examples.
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Statistics is useful in analysing economic problems such as; growing population, rising prices, unemployment, poverty etc. It can be explained with the following examples :
Example (i) : It can be ascertained easily by using statistical tools whether the policy of family planning is effective in checking the problem of everincreasing population in India.
Example (ii) : In the present time oil prices are rapidly increasing at global level. Therefore it is necessary to take serious action towards the problem that how much oil should be imported, based on statistical data. This quantity of import would depend on the domestic production of oil and also demand for oil in future.
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