Finding Relationships Using Statistics
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Question (English)
Statistics is used in finding relationships between different economic factors such as:
- Only demand and supply
- Price and demand, supply and price, income and expenditure ✓ Correct
- Only imports and exports
- Only saving and investment
Explanation:
Correct Answer Explanation
Statistics is used to find relationships between economic factors like: price and demand, supply and its own price, average income and consumption expenditure, government expenditure and general price level.
Key Points:
- Whether relationships exist can be verified by statistical methods.
- Economists can test assumptions about relationships using statistics.
- Statistical techniques help predict changes in one factor due to another.
Why Other Options Are Wrong
- A, C, D: Statistics covers multiple relationships, not just one pair.
📚 About this Topic — CH-1: Introduction
This multiple choice question is from CH-1: Introduction, NCERT Books, Statistics for Economics. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-1: Introduction to strengthen your preparation.
