MCQ Questions Chapter 1 Introduction Class 11 Economics

Please refer to MCQ Questions Chapter 1 Introduction Class 11 Economics with answers provided below. These multiple-choice questions have been developed based on the latest NCERT book for class 11 Economics issued for the current academic year. We have provided MCQ Questions for Class 11 Economics for all chapters on our website. Students should learn the objective based questions for Chapter 1 Introduction in Class 11 Economics provided below to get more marks in exams.

Chapter 1 Introduction MCQ Questions

Please refer to the following Chapter 1 Introduction MCQ Questions Class 11 Economics with solutions for all important topics in the chapter.

MCQ Questions Answers for Chapter 1 Introduction Class 11 Economics

Question. If a point falls inside the production possibility curve, what does it indicate ?
(a) Resources are over utilized
(b) Resources are under utilized
(c) There is employment in the economy
(d) Both (b) and (c)

Question. Data Collected For The First Time From The Source Of Origin Is Calle(D). …,…..
(a) Primary Data
(b) Secondry Data
(c) Internal Data
(d) None Of These

Question. Statistics Is Both A Science As Well As….According Prof. Topper.
(a) Sociology
(c) Geography
(b) English
(d) An Art

Question. Act of abstinence from consumption is known as.
(a) Production
(b) Savings
(c) Investment
(d) Consumption

Question. Which of the following are Components of economics?
(a) Consumption
(b) Production
(c) Distribution
(d) All of the above

Read the following statement given the and choose the correct alternative

Question. Statement 1- Resources are always limited in relation to human wants.
Statement 2- Not all the resources have alternative uses
(a) Both are correct
(b) Both are incorrect
(c) Statement 1 is correct and statement 2 is incorrect
(d) Statement 1 is incorrect and statement 2 is correct

Read the following statement given below and choose the correct alternative

Question. Statement 1- All statistics are data
Statement 2- All data are not Statistics
(a) Both are correct
(b) Both are incorrect
(c) Statement 1 is correct and statement 2 is incorrect
(d) Statement 1 is incorrect and statement 2 is correct

Read the following statement given below and choose the correct alternative

Question. Assertion(A)- Statistics is a rainbow of lies
Reason (R )- Anyone can alter statistics to arrive at predetermined conclusions
(a) Both Assertion and reason are true. Reason is the correct explanation of assertion
(b) Both assertion and reason are true. Reason is not the correct explanation of assertion
(c) Assertion is true but reason is not
(d) Reason is true but assertion is not

Read the following statement given below and choose the correct alternative

Question. Assertion (A)- Statistics can be collected in a systematic manner
Reason (R )- No conclusions can be drawn from unsystematic collection of data
(a) Both Assertion and reason are true. Reason is the correct explanation of assertion
(b) Both assertion and reason are true. Reason is not the correct explanation of assertion
(c) Assertion is true but reason is not
(d) Reason is true but assertion is not

Case Based MCQ Questions Class 11 Economics Chapter 1 Introduction to Economics and Statistics

Direction Read the following case study and answer questions on the basis of the same.

Statistics in plural sense refers to collection of numerical facts where as in singular sense, it refers to all statistical methods. Statistics plays an important role in economic policies as well as in economics laws like law of demand, law of supply.
Government uses various statistical information related to macroeconomics issues like poverty, unemployment, etc. However, it is open to criticism as it does not deal with individual facts and results are true only on an average. Various tools are used to analyse different components like central tendency, measures of variation, correlation and index numbers.

Question. Which of the following activities can be considered as economic activities?
(a) Production
(b) Investment
(c) Consumption
(d) All of the above     

Question. Assertion (A) Economics has no importance when studied in isolation of statistics.
Reason (R) Validity of economic laws depends upon the empirical evidences.
Alternatives
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A) (b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)
(c) Assertion (A) is false, but Reason (R) is true
(d) Both are false   

Question. Which of the following tools are used in Statistics for analysis of data?
(a) Averages
(b) Regression
(c) Correction
(d) All of these   

Direction Read the following case study and answer questions on the basis of the same.

Economics is derived from Greek words and used to be studied as a part of political system. Later, the importance of statistics was realised and studied as a separate discipline. On the other hand, statistics is derived from Latin word and gained its importance from its very beginning. Statistics is a different subject but has its importance in almost all disciplines. Economics and statistics are two inter-related subjects. Economic policies are formed with the help of statistical information, also the validity of economic theories are proved by statistical methods of interpretation. In all, it can be said that economics cannot work in isolation without statistics.

Question. Statistics always deals with ……… data.
(a) homogeneous
(b) heterogeneous
(c) Both (a) and (b)
(d) Neither (a) nor (b) 

Question. Which of the following is not a limitation of statistics?
(a) It only deals with aggregate of facts.
(b) It’s results can be misleading.
(c) It is not capable for further mathematical treatment.
(d) It’s results can be proven incorrectwithout reference.   

Question. Government uses statistical information for ……… .
(a) makingmacroeconomic policies
(b) maintaining law and order
(c) administration
(d) All of the above     

Question. Assertion (A) Statistical results are correct only on an average due to the presence of personal bias.
Reason (R) Statistics helps in enhancing human knowledge by using its method of interpretation of primary data.
Alternatives
(a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
(b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)
(c) Assertion (A) is true, but Reason (R) is false
(d) Assertion (A) is false, but Reason (R) is true   

Question. Arrange the following stages of Statistics
(i) Organisation
(ii) Collection
(iii) Interpretation
(iv) Presentation
(v) Analysis
Choose from the options below
(a) (i), (iii), (ii), (v) and (iv)
(b) (iii), (ii), (i), (iv) and (v)
(c) (ii), (i), (iv), (v) and (iii)
(d) (iv), (v), (iii), (ii) and (i)   

Question. Which of the following is/are limitations of Statistics?
(a) Statistics can lead to misleading conclusion.
(b) Statistical data should be homogeneous.
(c) Statistics simply is one of the methods of studying a phenomenon.
(d) All of the above     

Question. Choose the correct statement from given below.
(a) The word ‘Economics’ means household management.
(b) Statistics only deals with quantitative facts.
(c) Non-economic activities do not involve use of money.
(d) Interpretation of data comes after analysis of data.