Oil Import Decision
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Question (English)
The decision to import oil depends on:
- Only international prices
- Expected domestic production and likely demand ✓ Correct
- Only political factors
- Only historical consumption
Explanation:
Correct Answer Explanation
The decision to import oil depends on the expected domestic production and the likely demand for oil.
Key Points:
- Without Statistics, expected production and demand cannot be determined.
- Statistics plays a vital role in decision making.
- This vital information can only be obtained statistically.
Why Other Options Are Wrong
- A, C, D: Both expected production and likely demand are needed for the decision.
📚 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.
