{"id":87665,"date":"2021-06-15T16:35:37","date_gmt":"2021-06-15T11:05:37","guid":{"rendered":"https:\/\/kseebsolutions.guru\/?p=87665"},"modified":"2021-06-30T11:32:38","modified_gmt":"2021-06-30T06:02:38","slug":"1st-puc-economics-question-bank-chapter-1-part-1","status":"publish","type":"post","link":"https:\/\/kseebsolutions.guru\/1st-puc-economics-question-bank-chapter-1-part-1\/","title":{"rendered":"1st PUC Economics Question Bank Chapter 1 Statistics for Economics Introduction"},"content":{"rendered":"

Karnataka 1st PUC Economics Question Bank Chapter 1 Statistics for Economics Introduction<\/h2>\n

1st PUC Economics Introduction TextBook Questions and Answers<\/h3>\n

I. Choose the correct answers<\/span><\/p>\n

Question 1.
\nA lawyer, a doctor, a banker, or a taxi driver are called…………………..
\n(a) Service providers
\n(b) Service senders
\n(c) Trustees
\n(d) Social workers
\nAnswer:
\n(a) Service providers<\/p>\n

\"1st<\/p>\n

Question 2.
\nScarcity is the root of ……….
\n(a) All economic problems
\n(b) Political problems
\n(c) Social problems
\n(d) All problems
\nAnswer:
\n(a) All economic problems<\/p>\n

Question 3.
\nThe long queues at the railway station, bus stand, cinema theatres are all manifestations of…………………….
\n(a) Publicity
\n(b) Plenty
\n(c) Scarcity
\n(d) Quantity
\nAnswer:
\n(c) Scarcity<\/p>\n

Question 4.
\nAlternative uses of resources give rise to the problem of …………………….
\n(a) Rights
\n(b) Choice
\n(c) Price
\n(d) Chance
\nAnswer:
\n(b) Choice<\/p>\n

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Question 5.
\nEconomics is the study of mankind in…………………….of life.
\n(a) The ordinary business
\n(b) Special business
\n(c) The weekly business
\n(d) Extraordinary business
\nAnswer:
\n(a) The ordinary business<\/p>\n

II. Fill in the blanks<\/span><\/p>\n

Question 1.
\nWhen you buy goods you are called a …………………….
\nAnswer:
\nConsumer<\/p>\n

Question 2.
\nWhen you produce goods, you are called a…………………….
\nAnswer:
\nProducer<\/p>\n

Question 3.
\nWhen you sell goods for profit, you are called a…………………….
\nAnswer:
\nSeller<\/p>\n

Question 4.
\nResources are limited, but wants are …………………….
\nAnswer:
\nUnlimited<\/p>\n

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Question 5.
\nM Data, number, equations are being used in …………………….
\nAnswer:
\nStatistics<\/p>\n

III. Answer the following questions in a word\/sentence<\/span><\/p>\n

Question 1.
\nWhat is economics according to Alfred Marshall?
\nAnswer:
\nAccording to Alfred Marshall “Economics is the study of mankind in the ordinary business of life. It examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being\u201d.<\/p>\n

Question 2.
\nGive the meaning of statistics in the plural sense.
\nAnswer:
\nIn the plural sense, statistics mean numerical facts systematically collected.<\/p>\n

Question 3.
\nWhat are economic data?
\nAnswer:
\nEconomic data refers to statistical information about economic activities. An economic data is a tool, which helps in understanding economic problems by providing information.<\/p>\n

Question 4.
\nWhich subject enables an economist to present economic facts in a precise and definite form?
\nAnswer:
\nStatistics enables an economist to present economic facts in a precise and definite form.<\/p>\n

Question 5.
\nThe production of rice in India has increased from 39.58 million tonnes in 1974 – 75 to 58.64 million tonnes in 1984 – 85. Identify whether the data used in this statement are quantitative or qualitative.
\nAnswer:
\nAs the production is expressed in terms of weights i.e., in million tonnes, it is quantitative data.<\/p>\n

\"1st<\/p>\n

IV. Answer the following question in about four-sentence<\/span><\/p>\n

Question 1.
\nGive two examples for quantitative data.
\nAnswer:
\nThe two examples for quantitative data are:
\n(a) The production of foodgrains during 2010-11 was 253 million tonnes,
\n(b) The total population of India as per die 2011 census was 121 crores.<\/p>\n

Question 2.
\nGive two examples for qualitative data.
\nAnswer:
\nThe two examples for qualitative data are:
\n(a) As per the 2011 census there were 61 crores of males and 59 crores of females.
\n(b) About 74% of the population are literates in India as per the 2011 census.<\/p>\n

Question 3.
\nMention any two scarcities in your daily life.
\nAnswer:
\nThe two scarcities in our daily life are water, food, fuel. etc.<\/p>\n

Question 4.
\nWrite any two resources which have alternative uses.
\nAnswer:
\nThe two resources which have alternative uses are water and land.
\nAnswer the following questions in about twelve sentences<\/p>\n

V. Answer the following questions in about twelve sentences<\/span><\/p>\n

Question 1.
\nHow will you choose the wants to be satisfied?
\nAnswer:
\nIt is a well-known fact that human wants are unlimited and resources to satisfy them are limited. Though human wants are unlimited these wants vary in intensity and urgency. Some wants are more intense and urgent than other wants. We give top priority to more intense and urgent wants.<\/p>\n

For instance, a family may want to go on a tour to America and also want to have a flat. We expect that the family opts for buying the flat first and choose to go to America later.<\/p>\n

Hence, a consumer always selects that combination of products that gives him maximum satisfaction. Similarly, a producer may take the best combination of two inputs so that it requires less cost of production and get maximum profit.<\/p>\n

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So, we have to choose those wants to be satisfied first which requires immediate attention. This is what we leam from the study of economics.<\/p>\n

Question 2.
\nStatistical methods are no substitute for common sense. Comment with examples from your daily life.
\nAnswer:
\nThe statistical methods are no substitute for common sense. It means that the use of statistics is not good always in all areas. Sometimes, it gives a result that does not sound in accordance with the situation.<\/p>\n

There is an interesting story7 that is told to make fun of statistics. It is said that a family of four persons (husband, wife, and two children) once set out to cross a river. The father knew the average depth of the river. So he calculated the average height of his family members. Since the average height of his family members was greater than the average depth of the river, he thought they could cross safely. Consequently’, some members of the family (children) drowned while crossing the river.<\/p>\n

Here, does the fault lie with the statistical method of calculating averages or inappropriate use of the statistical tools?<\/p>\n

If we take another example, suppose an investigator presence of conducts a survey and finds that there were a large number of hospitals in a particular locality and he also finds that there were more deaths in the same locality. The survey concludes that more hospitals were responsible for the high death rates in the locality. This is a totally incorrect interpretation<\/p>\n

\"1st<\/p>\n

Question 3.
\nScarcity is the root of all economic problems. Explain the statement.
\nAnswer:
\nIt is true that scarcity is the root of all economic problems. If there had been no scarcity there would have been no economic problem. This would have not necessitated the study of economics.<\/p>\n

In our daily life, we face various forms of scarcity. The queues at the railway booking counters, overcrowded buses, heavy traffic on roads, the rush to get a ticket to watch a movie of a popular film actor or actress, are all the manifestations of scarcity. We face scarcity because the things that satisfy our wants are limited in availability.<\/p>\n

Further, the resources which the producers have are limited and also have alternative uses.<\/p>\n

For instance, take the case of food that we eat every day. It satisfies our want of nourishment. Fanners employed in agriculture grow crops that produce our food. At any point in time, the resources in agriculture like land, labor, water, chemical fertilizers, etc, all these resources have alternative uses. The same resources can be used in the production of non-food crops. Thus, alternative uses of resources give rise to the problem of choice between different commodities that can be produced by those resources.<\/p>\n

Question 4.
\nBriefly explain how statistics helps to study economics? (S – 2018) (N – 2018) (Board Paper)
\nAnswer:
\nStatistics plays a very important role in the field of economics It helps in the study of economics in many ways:<\/p>\n

(a) It helps to understand economic problems: By using various statistical tools, the effort is being made to find the causes behind the economic problems with the help of qualitative and quantitative facts. Once the causes of a problem are identified, it is easier to formulate certain policies to tackle them.<\/p>\n

(b) It enables an economist to present economic facts in a precise and definite form: Statistics help economists to present economic facts with accuracy. It also helps in proper comprehension of what is stated in the subject matter. When economic facts are expressed in statistical terms, they become exact. Exact facts are more convincing than vague statements. For instance, saying 350 people have died in Kashmir unrest since 2000, is more accurate than saying that a lot of people have died in the unrest.<\/p>\n

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(c) Helps in condensing mass data into a few numerical measures: Statistics condenses the mass data into a few numerical measures like mean, variance, correlation, etc. These numerical measures help to summarise data. For example, it would be impossible to remember the income of all the people of a country. But we can remember average income i.e., per capita income.<\/p>\n

(d) It is used to find relationships between different economic factors: An economist may be interested in finding out what happens to the demand for a commodity when its price changes or what will impact inflation when the government has more budget deficits. Such situations can be dealt, if any relationship exists between the various economic factors. Here, the nature of the relationship can be studied with the help of statistical tools.<\/p>\n

(e) It helps in the formulation of plans and policies: Sometimes, formulating plans and policies requires the knowledge of future trends. For instance, an economic planner has to decide in 2010 how much the economy should produce in 2016-17. In other words, one must know what could be the expected level of consumption in 2016-17. So, the statistical tools to predict consumption in 2016-17 could be based on the data of consumption of past years obtained by surveys.<\/p>\n

1st PUC Economics Introduction Additional Questions and Answers<\/h3>\n

Question 1.
\nMark the following statements is true or false
\n(a) Statistics can only deal with quantitative data (False)
\n(b) Statistics solves economic problems. (True)
\n(c) Statistics is of no use to economics without data. (False).<\/p>\n

Question 2.
\nMake a list of activities you find in a bus stand or a marketplace. How many of them 1 are economic activities?
\nAnswer:
\nActivities in a bus stand:<\/p>\n