CBSE Class 11 Economics Introduction To Statistics Worksheet

IMPORTANT CONCEPTS:

1. Meaning of Statistics in plural sense – It is a collection of numerical facts.

2. Meaning of Statistics in Plural Sense – It deals with the collection, presentation, analysis and interpretation of quantitative information.

3. Definition of statistics in Plural Sense – It means aggregate of facts affected to a marked extent of multiplicity of causes numerically expressed, enumerated or estimated according to  reasonable standard of accuracy, collected in a systematic manner for predetermined purpose and placed in relation to each other.

4. Consumer – A person who buys goods and services for the satisfaction of human wants.

5. Producer – A person who produces goods.

6. Service holder – A person who is working or in a job and gets paid for it.

7. Service Provider – A person who gives services to others for a payment.

8. Economic activity – Activities undertaken for monetary gain or to earn income.

9. Economics is divided into three parts:
a] Consumption b] Production c] Distribution

10. Consumption: In consumption, we study wants, their origin, nature and characteristics and the laws governing them.

11. Production: It refers to all activities which are undertaken to produce goods and services for generation of income and satisfaction of wants.

12. Distribution: Economic activity which studies how income generated from the production process is distributed among the factors of production.

13. Data: Economic facts in terms of numbers.

14. Importance of Statistics:

Statistics is widely used in many fields.

a] Importance to the Government – Statistics is used in administration and efficient functioning of departments. It collects data to fulfill its welfare objectives.
b] Importance of Statistics in Economics:
1] Statistics helps in making economic laws like law of demand and concept of elasticity.
2] It helps in understanding and solving economic problem.
3] It helps in studying market structure.
4] It helps in finding mathematical relations between variables.

Case Study Questions Introduction Class 11 Economics  

Sometimes formulation of plans and policies requires the knowledge of future trends. For examples, an economic planner has to decide in 2019 how much the economy should produce in 2020. In other words, one must know what could be the expected level of consumption in 2020 in order to decide the production plan of the economy for 2020. In this situation one might make subjective judgment based on the guess about consumption in 2020. Alternatively, one might use statistical tools to predict consumption of past years or of recent years obtained by surveys. Thus statistical methods help to formulate appropriate economic policies that solve economic problems.

Multiple Choice Questions

Question : Wealth definition of Economics was given by
(a) Prof. Adam Smith
(b) Prof. Alfred Marshall
(c) Prof. Lionel Robbins
(d) Prof. Samuelson
Answer : A

Question : According to Prof. Robbins, economic problems arises due to ……… .
(a) resource scarcity
(b) unlimited human wants
(c) resources can be put to various uses
(d) All of the above
Answer : D

Question : ……… is an economic agent who produces various goods and services to maximise profits.
(a) Service provider
(b) Service receiver
(c) Producer
(d) Consumer
Answer : C

Question : Identify the activity which is not done with the motive of earning livelihood from the given below.
(a) Blood donation camp
(b) Free meal distribution during nationwide Covid-19 lockdowns
(c) Visiting an orphanage to distribute cloths
(d) All of the above
Answer : D

Question : The word Economics is derived from ……… words.
(a) Latin
(b) English
(c) Greek
(d) None of these
Answer : C

Question : An economic agent who works to earn wages to buy various goods and services is called ……… .
(a) consumer
(b) producer
(c) service provider
(d) service holder
Answer : C

Question : ……… is an economic branch related to the study of an individual economic entity.
(a) Statistics
(b) Microeconomics
(c) Macroeconomics
(d) Both (a) and (b)
Answer : B

Question : All activities which involve money is referred to as economic activity.
Choose the most appropriate option from below for the given statement.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement
Answer : B

Question : Choose the correct statement from the given below.
(a) Economics and statistics goes hand in hand.
(b) Economic laws are validated by statistical information.
(c) Government needs statistical information for making fiscal policies.
(d) All of the above are correct statement
Answer : D

Question : Non-economic activities are one which uses scarce productive resources.
Choose the most appropriate option from below for the given statement.
(a) True (b) False
(c) Partially true
(d) Incomplete statement
Answer : B

Question : Choose the correct option about Statistics in plural sense.
(a) Descriptive in nature
(b) Inductive in nature
(c) Statistical data
(d) None of the above
Answer : D

Question : An economic agent who consumes a good to maximise satisfaction is known as a ……… .
(a) Consumer
(b) Producer
(c) Service provider
(d) Service holder
Answer : A

Question : An economic activity which involves addition to the stock of capital is known as
(a) Consumption (b) Production
(c) Investment (d) None of these
16. Statistics is defined in ……… ways.
(a) two (b) three
(c) four (d) infinite
Answer : C

Question : Services produced for self-consumption are an act of non-market economic activities.
Choose the most appropriate option from given below.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement
Answer : B

Question : Economic activities never involve the use of money. Choose the most appropriate option from below for the given statement.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement
Answer : B

Fill in the blanks

Question : In economic policies, statistics plays a vital role in ----- making.
Answer: Decision

Question: Statistical methods help to analyse   ---- and formulate ----- to solve them.
Answer: Economic problems ,policies

Direction Read the following case study and answer questions 55 to 59 on the basis of the same.
Economics is derived from Greek words and used to be studied as a part of political system. Later, the importance of statistics was realised and studied as a separate discipline.
On the other hand, statistics is derived from
Latin word and gained its importance from its very beginning. Statistics is a different subject but has its importance in almost all disciplines. Economics and statistics are two inter-related subjects. Economic policies are formed with the help of statistical information, also the validity of economic theories are proved by statistical methods of interpretation. In all, it can be said that economics cannot work in isolation without statistics.

Question : Statistics always deals with ……… data.
(a) homogeneous
(b) heterogeneous
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Answer : A

Question : Which of the following activities can be considered as economic activities?
(a) Production
(b) Investment
(c) Consumption
(d) All of the above
Answer : D

Question : Choose the correct statement from given below.
(a) The word ‘Economics’ means household management.
(b) Statistics only deals with quantitative facts.
(c) Non-economic activities do not involve use of money.
(d) Interpretation of data comes after analysis of data.
Answer : A

Question : Which of the following is not a limitation of statistics?
(a) It only deals with aggregate of facts.
(b) It’s results can be misleading.
(c) It is not capable for further mathematical treatment.
(d) It’s results can be proven incorrectwithout reference.
Answer : C

Question : Assertion (A) Economics has no importance when studied in isolation of statistics.
Reason (R) Validity of economic laws depends upon the empirical evidences.
Alternatives
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)
(c) Assertion (A) is false, but Reason (R) is true
(d) Both are false
Answer : A

Question : Choose the correct pair from given below.
Column I                          Column II
A. Resources                   (i) Scarcity
B. Human wants              (ii) Limited
C. Human needs             (iii) Non-recurring in nature
D. Natural resources       (iv) Limited use Codes
(a) A – (i)
(b) B – (ii)
(c) C – (iii)
(d) All of the above pairs are correct
Answer : A

Question. Write the meaning of statistics in plural sense.
Answer : In plural sense statistics means numerical facts which have been systematically collected.

Question. Why does Economic problem arise?
Answer : Economic problem arise due to scarcity of resources and alternative uses of resources.

Question. State one limitation of statistics.
Answer : Statistics deals with quantitative facts only.

Question. Define economics.
Answer : Economics is the study of how people and society choose the scare resources that could have alternative uses to satisfy their unlimited wants.

Question. What are non economic activities?.
Answer : The activities which have no economic aspect or are not related to earn money.

Question. Define consumer.
Answer : Consumer is an economic agent who buys the goods and services to satisfy his wants.

Question: Explain with examples. Empirical Investigation and Quantitative Data?

Question: What are the 2 ways in which statistics can be defined? Give the definitions by Horace Secrist and Croxton& Cowden

Question: State and explain the main points about statistics as numerical presentation of facts?

Question: Enumerate the five stages of statistical study?

Question: What are the functions of Statistics.

Question: How is statistics important in economics and economic planning.

Question: What are the limitations of statistics?

Question: Write a note on misuse of statistics.