QUESTION BANK FOR UNIT -1 (Part A) : INTRODUCTION

1. What is the root cause of all economic problems?

2. Mention two features of a resource that gives rise to an economic

problem.

3. Who are consumers, producers, sellers, job providers and job

holders?

4. Define economics.

5. Define statistics in singular sense.

6. Explain the four main characteristics of statistics.

7. You have unlimited wants and limited resources to satisfy them.

Explain by giving two examples.

8. Define statistics in singular sense and plural sense.

9. What are the main features of statistics as a numerical data?

Describe any four.

10. State the main limitations of statistics.

11. Explain the importance of statistics in different aspects of life.

12.Explain the functions and limitations of statistics.

13.Statistical methods are no substitute for common sense.

Comment.

14.Explain the methods involved in a statistical investigation.

15.‘The government and policy makers use statistical data to

formulate suitable policies for economic development’. Illustrate

with two examples.