Introduction — Economics STD 11 Commerce — Question

False.
Reason: By statistic we mean both qualitative and quantitative facts that are used in economics. Statistics reveals both quantitative and qualitative aspects of data.
For example: the statement “Literacy rate in India has gone up from 65.38% in 2001 to 74.4% in 2011” is a quantitative fact. But the chief characteristic of such information is that it describes the attributes of a group of people this is qualitative information which is often used in economics and other social sciences.