Commerce MCQs
Topic Notes: Commerce
MCQs and preparation resources for competitive exams, covering important concepts, past papers, and detailed explanations.
Plato
- Biography: Ancient Greek philosopher (427–347 BCE), student of Socrates and teacher of Aristotle, founder of the Academy in Athens.
- Important Ideas:
- Theory of Forms
- Philosopher-King
- Ideal State
161
Which of the following statistical tests are based on the assumption of a normal distribution?
Answer:
All of the above
Many parametric statistical tests rely on the assumption that the underlying data follows a normal distribution. This includes the t-test for independent means, the paired t-test for dependent means, and z-tests for proportions (when sample sizes are sufficiently large). These tests utilize the properties of the normal distribution to calculate p-values and confidence intervals, allowing researchers to make inferences about population parameters from sample data.
162
When testing a hypothesis at a 5% significance level, what is the level of confidence regarding the decision made?
Answer:
95%
The significance level (alpha) represents the probability of rejecting the null hypothesis when it is actually true. Confidence level is calculated as 1 minus the significance level. Therefore, at a 5% significance level, the confidence level is 1 - 0.05 = 0.95, or 95%.
163
At which stage of the research process do non-sampling errors typically occur?
Answer:
All of these
Non-sampling errors are systematic errors that arise from human mistakes, faulty design, or processing issues. These can occur during observation, data approximation, or the data entry and processing stages.
164
For a 2x4 contingency table, what are the degrees of freedom used to determine the critical chi-square value for a 5% significance level?
Answer:
3
The degrees of freedom for a contingency table are calculated using the formula (r-1)(c-1), where r is the number of rows and c is the number of columns. Here, (2-1) * (4-1) = 1 * 3 = 3.
165
Which sampling technique involves dividing the population into distinct subpopulations that share specific common characteristics?
Answer:
Stratified sample
Stratified sampling is a method where the population is partitioned into non-overlapping groups called strata based on shared characteristics. Random samples are then drawn from each stratum to ensure representation across the entire population, which increases the precision of the statistical estimates compared to simple random sampling.
166
Which statistical test is typically employed to determine the significance of the coefficient of association?
Answer:
T-test
The t-test is commonly used to assess the statistical significance of coefficients, including those in regression or association analysis, especially when sample sizes are small and the population standard deviation is unknown. Note: While Chi-square is often used for categorical association, the provided answer key specifies the T-test.
167
When testing the significance of the difference between two sample means for small samples, how are the degrees of freedom calculated?
Answer:
v = n1+ n2- 2
In a t-test for the difference between two independent sample means, the degrees of freedom (df) are calculated as the sum of the sample sizes minus two (n1 + n2 - 2). This adjustment accounts for the estimation of the population variance from two separate samples, ensuring the t-distribution remains accurate for small sample sizes.
168
Match the statistical terms in List-I with their definitions in List-II: a. Standard error of mean, b. Base of point estimate, c. Non-specific hypothesis, d. Parameter value.
Answer:
a-4, b-3, c-1, d-2
The standard error of the mean (a) is the standard deviation of the sampling distribution (4). The base of a point estimate (b) is the mean of the sampling distribution (3). A non-specific or alternative hypothesis (c) is represented by Ha: μ1 ≠ μ2 (1). A parameter value (d) is a descriptive statistic based on all population observations (2).
169
What is the term for a sampling process where not every element in the population has a known chance of being selected?
Answer:
Non-zero probability
Non-probability sampling occurs when the selection of elements is based on subjective judgment rather than random selection, meaning the probability of inclusion for each element is not known or is zero.
170
If a survey sample contains a disproportionately high number of males, which type of survey error has occurred?
Answer:
Coverage error
Coverage error occurs when the sampling frame does not accurately represent the target population. If the selection process fails to include certain groups or over-represents others, the resulting sample is biased, leading to inaccurate inferences about the population.