Question 1

Secular trend is indicative of long term variation towards
A)increase only
B)decrease only
C)either increase or decrease
D)none of the above

Accepted Answer

Secular trends indicate long-term variations that can manifest as either increases or decreases in the characteristic being observed.

Question 2

seasonal variation means the variations occurring within
A)a number of year
B)parts of a year
C)parts of a month
D)none of the above

Accepted Answer

Seasonal variation refers to fluctuations or changes that occur within specific parts of a year, often due to changes in weather, holidays, or other seasonal factors.

Question 3

Index number is a ______________
A)measure of relative changes.
B)a special type of an average.
C)a percentage relative
D)all the above

Accepted Answer

Index numbers are a statistical measure for showing changes in variables or groups of variables with respect to time, geographical location, or other characteristics. They are indeed a measure of relative changes, a special type of an average, and often expressed as a percentage relative to a base value.

Question 4

Index numbers are expressed:
A)in percentages
B)in ratios
C)in terms of absolute value
D)all the above

Accepted Answer

The answer of Index numbers are expressed:
A)in percentages
B)in ratios
C)in terms...

Question 5

Index numbers help
A)in framing of economic policies
B)in assessing the purchasing power of mony
C)for adjusting national income
D)all the above

Accepted Answer

Index numbers are versatile tools used in economics for various purposes, including framing economic policies, assessing the purchasing power of money, and adjusting national income, making all the given options correct.

Question 6

Laspeyer's index formula use the weights of the
A)base year
B)current year
C)average of the weights of a number of year
D)none of the above

Accepted Answer

Laspeyer's index formula uses the weights (quantities) of the base year to calculate the price index, comparing the cost of a basket of goods in the current year with the cost of the same basket in the base year.

Question 7

If the index number is independent of the units of measurement ,then it satisfies
A)time reversal test
B)factor reversal test
C)unit test
D)all the above

Accepted Answer

The unit test is satisfied when the index number is independent of the units of measurement, ensuring that changing the units (for example, from kilograms to pounds) does not affect the index number's value.

Question 8

Statistics is defined in terms of numerical data in the___________
A)singular sense
B)plural sense
C)either a or b
D)both a and b

Accepted Answer

In the plural sense, statistics refers to numerical data collected for analysis.

Question 9

Which of the following represents statistics
A)a single value
B)only two values in a set
C)a group of values in a set
D)none of these

Accepted Answer

Statistics is the study of the collection, analysis, interpretation, presentation, and organization of data. It often involves working with a group of values in a set to summarize or find patterns, making option C the correct choice.

Question 10

Statistical data are collected
A)without any purpose
B)for a given purpose
C)any purpose
D)none of these

Accepted Answer

Statistical data are collected for a specific, defined purpose, such as analysis, research, or decision-making.

Question 11

Statistics does not study
A)individuals
B)groups
C)aggregates
D)all above

Accepted Answer

Statistics primarily focuses on groups, aggregates, or collections of data rather than on individuals. It is concerned with analyzing and interpreting data that represent larger sets or categories, rather than single data points.

Question 12

Statistical methods
A)collection of data
B)classification
C)analysis and inter correlation of data
D)all these

Accepted Answer

Statistical methods encompass the collection of data, classification of data, and analysis and inter-correlation of data, making all these options correct.

Question 13

Statistics is ________________
A)an art
B)a science
C)both
D)none of these

Accepted Answer

Statistics is considered both an art and a science. As a science, it involves collecting, analyzing, interpreting, presenting, and organizing data. As an art, it requires judgment and creativity in designing experiments, choosing what data to collect, and determining how to interpret and present the results.

Question 14

The mean of a observation is x. If k is added to each observation then new mean is_______________
A)x
B)x+k
C)x-k
D)kx

Accepted Answer

When a constant k is added to each observation in a dataset, the mean of the dataset increases by k. Therefore, if the original mean is x, the new mean after adding k to each observation is x + k.

Question 15

Find the sum of the deviation of the variable values 3,4,6,8,14 from their mean
A) 5
B)0
C)1
D)7

Accepted Answer

The sum of deviations of a set of values from their mean is always zero. This is because the mean is the average value, and deviations above and below the mean cancel each other out.

Question 16

Method of least squares to fit in the trend is applicable only if the trend is____________
A)linex
B)parabolic
C)both a & b
D)neither a nor b

Accepted Answer

The method of least squares is applicable for fitting both linear and parabolic trends in data. This statistical method minimizes the sum of the squares of the differences between the observed and predicted values, making it suitable for these types of trends.

Question 17

If the prices of all commodities in a place have increased 1.25 times more on the base period price. The index number of prices of that place is now
A)125
B)150
C)225
D)None of these

Accepted Answer

The answer of If the prices of all commodities in...

Quiz 2: Index Numbers and the Role of Statistics in Data Analysis

Secular trend is indicative of long term variation towards

seasonal variation means the variations occurring within

Index number is a ______________

Index numbers are expressed:

Index numbers help

Laspeyer's index formula use the weights of the

If the index number is independent of the units of measurement ,then it satisfies

Statistics is defined in terms of numerical data in the___________

Which of the following represents statistics

Statistical data are collected

Statistics does not study

Statistical methods

Statistics is ________________

The mean of a observation is x. If k is added to each observation then new mean is_______________

Find the sum of the deviation of the variable values 3,4,6,8,14 from their mean

Method of least squares to fit in the trend is applicable only if the trend is____________

If the prices of all commodities in a place have increased 1.25 times more on the base period price. The index number of prices of that place is now