CBSE Class 11 Economics Introduction Assignment

Points to Remember

* Economics :

* Economics is a science that studies human behaviour as a relationship between ends scare means which have alternative uses.

* Scarcity means shortage of goods and resources in relation to their demand

* Resources are

(A) Scare / limited and

(B) have alternative uses

* Economic activities are thoise activities which are associated to earn money and wealth for life. These activities generate new income and increse the flow of goods and services.

* Non economic activities are those activities which are not related to earn money and wealth. These activities neither generate income nor increase the flow of goods & services.

* Consumer : Consumer is an economic agent who buys the goods and services to satisfy his wants.

* Producer : is one who produces goods and services for the generation of income.

* Serviceholder : A person who is in job and gives his services as a factor of production to earn wage or salary. i.g. Govt. teacher.

* Service Provider : A person who provides services to final consumer to earn money e.g. transporter, auto driver.

* Statistics : Statistics is a method of taking decisions on the basis of numerical data.

Statistics can be defined in two ways 

Scope of Statistics
In the olden days the use of statistics was restricted to deal with the affairs of the state. But now-a-days the scope of statistics has spread to all those areas where numerical facts are used such as economics, business, industry, medicine, physics, chemistry and numerous other fields of knowledge.
Importance of Statistics in Economics

1. It enables an economist to present economic facts in a precise and definite form.
2. Helps in condensing mass data into a few numerical measures.
3. Statistics is used in finding relationship between different economic factors.
4. Economic forecasting through statistical studies.
5. Helpful to formulate appropriate economic polices that solve economic problems.
6. Help to analyse the performence of policies applied before.

Function of Statistics
1. Statistics simplified complexities.
2. Statistics expresses facts in numbers.
3. Statistics presents data in condensed form.
4. Statistics compares different phenomena and reasures relationship between them.
5. Statistics is helpful in formation of policies.
6. Statistics is helpful in economic forecastings.

Limitations of Statistics
1. Statistics does not study individuals.
2. Statistics results might lead to fallacious conclusions.
3. Statistics deals with quantitative facts only.
4. Statistics laws are true only on averages.
5. Only experts can make the best possible use of statistics.
6. Uniformity and homogeneity of data is essential.

Multiple Choice Questions

Question. Collection of quantitative facts is a part of which of the following definitions of economics?
(a) Singular
(b) Plural
(c) Both (a) and (b)
(d) None of the above
Answer : C

Question. Descriptive statistics refers to information in terms of numerical data.
Choose the most appropriate option from below for the given statement.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement
Answer : A

Question. Statistical enquiry does not comprise of which of the following?
(a) Study of numbers
(b) Study of qualitative facts
(c) Study of individual quantitative facts
(d) None of the above
Answer : C

Question. An individual number is not Statistics.
Choose the most appropriate option from below for the given statement.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement
Answer : A

Question. Statistics should be placed in relation to each other. Choose the most appropriate option from below for the given statement.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement
Answer : A

Question. Any statistical information collected without a definite objective is known as a number.
Choose the most appropriate option from below for the given statement.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement
Answer : A

Question. Choose the correct option from the given below.
(a) Statistics deals with individual facts.
(b) Statistical results are correct only on an average.
(c) Statistics deals with quantitative facts only.
(d) Both (b) and (c)
Answer : B

Question. In which of the following ways, Statistics can be defined?
(a) Singular sense
(b) Plural sense
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Answer : C

Question. Students of class XI do not pay much importance in studies. This statement is a statistical information.
Choose the most appropriate option from below for the given statement.
(a) True
(b) False
(c) Partially true
(d) Incomplete statement
Answer : B

Question. Statistics is a useful instrument for
(a) policy makers
(b) economic laws
(c) businesses
(d) All of the above
Answer : D

Question. Distrust of statistics is because of
(a) limitation of statistics
(b) misuse of statistics
(c) insufficient statistical methods
(d) scope of statistics is limited
Answer : B

Case Based MCQs

Direction Read the following case study and answer questions 50 to 54 on the basis of the same.
Statistics in plural sense refers to collection of numerical facts where as in singular sense, it refers to all statistical methods. Statistics plays an important role in economic policies as well as in economics laws like law of demand, law of supply.
Government uses various statistical information related to macroeconomics issues like poverty, unemployment, etc. However, it is open to criticism as it does not deal with individual facts and results are true only on an average. Various tools are used to analyse different components like central tendency,
measures of variation, correlation and index numbers 

Question. Arrange the following stages of Statistics
(i) Organisation (ii) Collection
(iii) Interpretation (iv) Presentation
(v) Analysis
Choose from the options below
(a) (i), (iii), (ii), (v) and (iv)
(b) (iii), (ii), (i), (iv) and (v)
(c) (ii), (i), (iv), (v) and (iii)
(d) (iv), (v), (iii), (ii) and (i)
Answer : C

Question. Which of the following is/are limitations of Statistics?
(a) Statistics can lead to misleading conclusion.
(b) Statistical data should be homogeneous.
(c) Statistics simply is one of the methods of studying a phenomenon.
(d) All of the above
Answer : 

Question. Assertion (A) Statistical results are correct only on an average due to the presence of personal bias.
Reason (R) Statistics helps in enhancing human knowledge by using its method of interpretation of primary data.
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 true, but Reason (R) is false
(d) Assertion (A) is false, but Reason (R) is true
Answer : D

Question. Government uses statistical information for ……… .
(a) makingmacroeconomic policies
(b) maintaining law and order
(c) administration
(d) All of the above
Answer : B

Question. Which of the following tools are used in Statistics for analysis of data?
(a) Averages
(b) Regression
(c) Correction
(d) All of these
Answer : D

One- Mark-Questions

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. State the meaning of scarcity.
Answer: Scarcity means shortage of goods and resources in relation to their demand.

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

Question. Give meaning of statistics in singular sense.
Answer: In sigular sense statistics means statistical methods such as collection, classification, presentation, analysis and inter pretation of data.

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

Question. What do you mean by economic activity?
Answer: An economic activity means that activity which is based on use of scare resources for satisfaction of human wants.

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

Question. Write one function of statistics.
Answer: Statistics presents data is condensed form.

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

Question. Who is a producer?.
Answer: Producer is one who produces / sell goods and services for the generation of income.