M.C.Q (1 Marks)

MCQ 11 Mark

Compute the coefficient of correlation of the following score of A and B

A	5	10	5	11	12	4	3	2	7	1
B	1	6	2	8	5	1	4	6	5	2

A
$0.54$
B
$0.52$
✓
$0.58$
D
$0.56$

Answer

Correct option: C.

$0.58$

A(X)	B(Y)	XY	X²	Y²
5	1	5	25	1
10	6	60	100	36
5	2	10	25	4
11	8	88	121	64
12	5	60	144	25
4	1	4	16	1
3	4	12	9	16
2	6	12	4	36
7	5	35	49	25
1	2	2	1	4
	$\Sigma$	288	494	212

$\begin{array}{l} r =\frac{N \sum X Y-\sum X \sum Y}{\sqrt{N\left(\sum X^2\right)-\left(\sum X\right)^2} \sqrt{N\left(\sum Y^2\right)-\left(\sum Y\right)^2}} \\ =\frac{10(288)-(60)(40)}{\sqrt{10(494)-(60)^2} \sqrt{10(212)-(40)^2}}=0.58\end{array}$

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MCQ 21 Mark

Which of the following measures changes in retail price of the commodities?

A
Industrial production index
B
Wholesale Price Index
✓
Consumer Price Index
D
Weighted Index

Answer

Correct option: C.

Consumer Price Index

(c) Consumer Price Index
Explanation: Consumer price index (CPI), also known as the cost of living index,measures the average change in retail prices.

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MCQ 31 Mark

The most common graphical presentation of quantitative data is a

A
pie chart
✓
histogram
C
bar graph
D
relative frequency

Answer

Correct option: B.

histogram

(b) histogram
Explanation: A histogram is an accurate representation of the distribution of numerical data. It is an estimate of the probability distribution of a continuous variable and was first introduced by Karl Pearson. It differs from a bar graph, in the sense that a bar graph relates two variables, but a histogram relates only one.

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MCQ 41 Mark

In which process raw material is converted into end products having utility?

A
Exchange
B
Investment
C
Consumption
✓
Production

Answer

Correct option: D.

Production

(d) Production
Explanation: It is in the process of production that the raw materials are processed and made into finished products suitable for consumption.

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MCQ 51 Mark

A consumer price index measures changes in:

A
Consumer prices
B
Wholesale prices
✓
Retail prices
D
Producer's prices

Answer

Correct option: C.

Retail prices

(c) Retail prices
Explanation: In India, three CPI’s are constructed. They are CPI for industrial workers (1982 as base), CPI for urban non manual employees (1984–85 as base), and CPI for agricultural labourers (base 1986–87). They are routinely calculated every month to analyse the impact of changes in the retail price on the cost of living of these three broad categories of consumers.

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MCQ 61 Mark

A series of numerical figures which show the relative position is called:

A
Rational number
✓
Relative number
C
Index number
D
Absolute Number

Answer

Correct option: B.

Relative number

(b) Relative number
Explanation: Relative numbers or values are dependent on other numbers. In other words, they are relative to other (absolute) numbers. A series of numerical figures which show the relative position is called Relative number.

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MCQ 71 Mark

Find index number for year 2005 taking 2000 as the base year from the following data by simple average of price relative method:

Commodities	A	B	C	D	E
Price (2000) (Rs)	100	80	160	220	40
Price (2005) (Rs)	140	120	180	240	40

✓
$122.2$
B
$154.32$
C
$121.32$
D
$135.32$

Answer

Correct option: A.

$122.2$

(a) 122.2
Explanation:
From the below table ${ }_{P_{01}}=\frac{\Sigma^P}{n}=\frac{611}{5}=122.2$

p0	P1	$P=\frac{p_1}{p_0} \times 100$
100	140	140
80	120	150
160	180	112
220	240	109
40	40	100
		$\sum P=611$

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MCQ 81 Mark

Simple correlation is called:

A
Negative
✓
Linear correlation
C
Positive
D
Non linear correlation

Answer

Correct option: B.

Linear correlation

(b) Linear correlation
Explanation: Simple Correlation is also called Liner Correlation. Linear correlation is said to exist if the amount of change in one variable tends to bear a constant ratio to the amount of change in the other variable.

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MCQ 91 Mark

P₁₀ is the index for time

✓
0 on 1
B
0 on 0
C
I on 1
D
1 on 0

Answer

Correct option: A.

0 on 1

(a) 0 on 1
Explanation: P₁₀ is the index for time “0” on time “1” as base.

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MCQ 101 Mark

Assertion (A): Rajiv scored 57 in Mathematics, Ravi scored 98 in Statistics, Anita Scored 45 in Economics. The given data is statistical data.
Reason (R): The statistical data needs to be numerical in nature.

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

Answer

Correct option: D.

A is false but R is true.

(d) A is false but R is true.
Explanation: A is false but R is true.

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Economics M.C.Q (1 Marks)

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