M.C.Q (1 Marks)

MCQ 11 Mark

In an evaluation of answer script the following marks are awarded by the examiners. Can you find any correlation between the two?

1_st	88	95	70	96	50	80	75	85
2_nd	84	90	88	55	48	85	82	72

A
$0.578$
B
$0.365$
✓
$0.363$
D
$0.543$

Answer

Correct option: C.

$0.363$

X (1_st )	Y (2_nd )	dX	dY	dX²	dY²	dXdY
88	84	18	-4	324	16	-72
95	90	25	2	625	4	50
70 (A)	88 (A)	0	0	0	0	0
96	55	26	-33	676	1089	-858
50	48	-20	-40	400	1600	800
80	85	10	-3	100	9	-30
75	82	5	-6	25	36	-30
85	72	15	-16	225	256	-240
		79	-100	2375	3010	-380

$\begin{array}{l} r =\frac{N \sum X Y-\sum X \sum Y}{\sqrt{N \sum X^2-\left(\sum X\right)^2} \sqrt{N \sum Y^2-\left(\sum Y\right)^2}} \\ =\frac{8(-380)-(79)(-100)}{\sqrt{8(2375)-(79)^2} \sqrt{8(3010)-(-100)^2}}=0.363\end{array}$

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MCQ 21 Mark

Consumer Price Index (CPI) is expressed in terms of:

A
$\frac{\sum P_n q_n}{\sum P_{o q_n}} \times 100$
✓
$\frac{\sum P_1 q_0}{\sum P_0 q_0} \times 100$
C
$\frac{\sum P_0 q_0}{\sum P_n q_0}$
D
$\frac{\sum P_n q_n}{\sum P_o q_n}$

Answer

Correct option: B.

$\frac{\sum P_1 q_0}{\sum P_0 q_0} \times 100$

(b) $\frac{\sum P_1 q_0}{\sum P_0 q_0} \times 100$
Explanation:
Consumer Price Index $( CPI )=\frac{\sum P_1 q_0}{\sum P_0 q_0} \times 100$
Where P1= Price of the Commodities in the Current Year
Where PO= Price of the Commodities in the base Year
$q _0=$ Quantity consumed in base year

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MCQ 31 Mark

Data represented through a histogram can help in finding graphically the

A
Mean
B
All of these
✓
Mode
D
Median

Answer

Correct option: C.

Mode

(c) Mode
Explanation:
Histogram is only used to plot the frequency of score occurrences in a continuous data set that has been divided into classes, called bins. .The height of the rectangles in the
histogram is marked by the frequencies of the class interval. So, the highest rectangle represents the modal class and then mode is computed accordingly.

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MCQ 41 Mark

Which of the following statement can be called Statistics?

A
Technology of Japan is very advanced.
B
In our school there are 5000 students.
✓
India has per capita income of Rs. 20,000 p.a
D
USA is the richest country in the world.

Answer

Correct option: C.

India has per capita income of Rs. 20,000 p.a

(c) India has per capita income of Rs. 20,000 p.a.
Explanation: We can infer much about national income , income distribution and economic growth, given per capita income.In case of other three options nothing can be interpreted.

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MCQ 51 Mark

Price-relative is expressed in terms of:

A
$\frac{P_n}{P_o} \times 100$
B
$P =\frac{P_0}{P}$
✓
$P =\frac{P_n}{P_o} \times 100$
D
$P =\frac{P_n}{P_0}$

Answer

Correct option: C.

$P =\frac{P_n}{P_o} \times 100$

(c) $P =\frac{P_n}{P_o} \times 100$
Explanation:
$P=\frac{P_n}{P_o} \times 100$
Where $P _{ n }=$ Current year Value
$P_0=\text { Base year Value }$

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MCQ 61 Mark

From the following which is not a kind of index number

A
value
B
quantity
C
price
✓
Quality

Answer

Correct option: D.

Quality

(d) Quality
Explanation:
Index number is measured for quantitative data not qualitative data .

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MCQ 71 Mark

From the data given below, find Paasche’s price index:

Commodity	Base year		Current year
	Price	Quantity	Price	Quantity
A	4	2	6	3
B	3	5	2	1
C	8	2	4	6

A
$68.42$
B
$69.82$
✓
$69.84$
D
$68.85$

Answer

Correct option: C.

$69.84$

Commodity	Base year		Current year		P1q1	P0q1
	Price(P0)	Quantity(q0)	Price(P1)	Quantity(q1)	P1q1	P0q1
A	4	2	6	3	18	12
B	3	5	2	1	2	3
C	8	2	4	6	24	48
Total					44	63

Paasche's price index $=\frac{44}{63} \times 100=69.84$
(Paasche's price index $=\frac{p 1 q 1}{p 0 q 1} \times 100$

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MCQ 81 Mark

Study of price and demand eliminating supply side

A
Total correlation
B
Both Partial correlation and Total correlation
C
correlation
✓
Partial correlation

Answer

Correct option: D.

Partial correlation

(d) Partial correlation
Explanation:
Partial correlation measures the degree of association between two random variables while controlling or eliminating the effect of one or more other variables.

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MCQ 91 Mark

Consumer Price Index number for the year 1957 was 313 with 1940 as the base year, the average monthly wages in 1957 of the workers in a factory was Rs.160. Their real wage is

A
$48.40$
B
$40.30$
✓
$51.12$
D
$46.20$

Answer

Correct option: C.

$51.12$

(c) 51.12
Explanation:
Calculation of Real Wages:
Price index number $=313$
Average wage $=$ Rs. 160
$\therefore$ Price index $=\frac{p_1}{p_0} \times 100$
$\Rightarrow 313=\frac{160}{p_0} \times 100 \Rightarrow p_0=\frac{160 \times 100}{313}=51.12$

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MCQ 101 Mark

Assertion (A): The statistics of consumption are useful and helpful in providing the taxable liability of individuals and their standard of living.
Reason (R): Individuals discover how different groups spend their incomes from statistics relating to consumption.

A
Both A and R are true and R is the correct explanation of A.
✓
Both A and R are true but R is not the correct explanation of A.
C
A is true but R is false.
D
A is false but R is true.

Answer

Correct option: B.

Both A and R are true but R is not the correct explanation of A.

(b) Both A and R are true but R is not the correct explanation of A.
Explanation: The statistics of consumption are useful and helpful in providing the taxable liability of individuals and their standard of living. Individuals discover how different groups spend their incomes from statistics relating to consumption.

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Economics M.C.Q (1 Marks)

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