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NCERT SOLUTIONS CLASS 11 STATISTICS IN ECONOMICS CHAPTER 1

INTRODUCTION TO ECONOMICS

EXERCISE SOLUTIONS

QII.1.1. Mark the following statements as true or false.

(i) Statistics can only deal with quantitative data.

(ii) Statistics solves economic problems.

(iii) Statistics is of no use to Economics without data.

QII.1.2. Make a list of activities that constitute the ordinary business of life. Are these economic activities?

QII.1.3. The Government and policy makers use statistical data to formulate suitable policies of economic development. Illustrate with two examples.

QII.1.4. You have unlimited wants and limited resources to satisfy them. Explain by giving two examples.

QII.1.5. How will you choose the wants to be satisfied?

QII.1.6. What are your reasons for studying Economics?

QII.1.7. Statistical methods are no substitute for common sense. Comment.