Start studying Section 2.1 to 2.4 practice tests Economics. Do you like noodles more than other snacks? In this case, the population is 200 farms in the village. Standard of Living. Statistics for Economics Class 11 NCERT Solutions Chapter 2 Collection of Data. Lesser Effort As only a part of the population is studied, it entails lesser effort on the part of the investigator than that required in census. Better question would be Would you opposed the increase in price of petrol? Flashcards. There are mainly two sources of data : Primary and Secondary. Assign a specific number between 1 and 10 to all the 10 students. Learn. In terms of accuracy of results, census is better as it studies all the units of population but this method is very time consuming, expensive and sometimes not feasible to use. ANS: F PTS: 2 DIF: L3 REF: A.34 OBJ: 2.3.2 Distinguish between socialism and communism. In such cases even lottery method will not give random sample. (iii) Data collected by investigator is called the secondary data. ANS: C PTS: 1 DIF: Average REF: Page 20 NOT: Learn more about this question in Economics Principles and Practices, page 20, and in the Reading Essentials and Notetaking Guide, Chapter 1, Section 3. = 10!(3)!(7)! Variable under study, is the weight of the students. Chapter 1 - economics basics - questions and answers Practical question (Chapter 1 to 5) University. People can choose their employer, where and when they work, and how they spend their money. Answer: A good sample (representative sample) is generally smaller than the population and is capable of providing reasonably accurate information about the population. Example 1 A study was conducted to know the average weight of students of class seventh in Delhi. Match. (b) No □. This is why you remain in the best website to look the unbelievable ebook to have. Chapter 4: Demand . Do you like vegetables in your noodles? PLAY. (a) Yes □ Gender: Male □ Female □ The correct order would be False (a) Yes □ Match. In a village of 200 farms, a study was conducted to find the cropping pattern. Give two examples each of sample, population and variable. (b) No □, Question 7. (b) Do you use fertilizers in your fields? (b) No □, Question 3. False Hence, sampling is better due to following reasons. ……………………………………………… Describe the seven major economic goals in which most Americans agree on? ………………………………………………. of identical size and identification is possible of the names or numbers on the slips, the selection will become biased. Start studying Economics, Chapter 2, Section 1: Answering the Three Economics Questions. Answer: Non-sampling errors are more serious than sampling errors because a sampling error can be minimised by taking a larger sample but it is difficult to minimise non-sampling error, even by taking a large sample. (b) No □, Question 9. Question 1. PLAY. 2. economics chapter 2 guided reading. 3.) Gravity. (b) In lunch □ (b) Non-sampling error A survey, which includes every element of the population, is known as Census or the Method of Complete Enumeration. Answer: Question 11. We will select two more numbers from the table according to sequence. (i) How far do you live from the closest market? Explain the procedure of selecting a random sample of 3 students out of 10 in your class, by using random number tables. Learn vocabulary, terms, and more with flashcards, games, and other study tools. This question comprises of two negatives which creates confusion to the respondents and may lead to biased response. (iii) Wouldn’t you be opposed to increase in price of petrol? Created by. (spoken “Nfactorial”) equals N(N — 1)(N – 2)…(3)(2)(1) ANS: market PTS: 2 DIF: L3 REF: A.29 OBJ: 2.2.1 Explain why markets exist. In general, you use combinations to determine the number of ways you can select a sample of size n from a population of size N. The formula for the number of such combinations is The population or the Universe in statistics means totality of the items under study. Write. The American economic system is based on the market economy (and is sometimes referred to as the free market system).A pure market economic system has six characteristics, all of which can be seen in some way (in whole or in part) in the American economy. by enforcing laws against abuses of individual freedoms. Economical Sampling involves study of a fraction of population and hence the cost involved in sampling is relatively low. Grab the opportunity to find free assignment answers related to all subjects in your Academic. ( Section 2 + 3 ) 36 terms 1 Quiz answers and questions for online.! Errors can be calculated as follows number of which is a two random. 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