Statistics Role in Decision Making
View Complete Answer & Explanation
Question (English)
In economic policies, Statistics plays a vital role in:
- Avoiding decisions
- Decision making ✓ Correct
- Creating confusion
- Eliminating all uncertainty
Explanation:
Correct Answer Explanation
In economic policies, Statistics plays a vital role in decision making.
Key Points:
- Example: deciding how much oil India should import in 2025.
- Decision depends on expected domestic production and likely demand.
- Without Statistics, vital information for decisions cannot be obtained.
- Statistics helps analyse rising prices, population, unemployment, poverty.
Why Other Options Are Wrong
- A: Statistics enables decisions, not avoids them.
- C: Statistics provides clarity, not confusion.
- D: Statistics helps manage uncertainty but cannot eliminate it entirely.
📚 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.
