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
51
In which type of distribution is the arithmetic mean typically the highest value compared to the median and mode?
Answer:
Positively-skewed distribution
In a positively skewed distribution, the tail on the right side is longer or fatter than the left side. This skew pulls the mean toward the tail, making the mean greater than the median and the mode.
52
Match the statistical terms in List-I with their correct definitions in List-II: a. Range, b. Width of the interval, c. Open-ended class, d. Cumulative frequency.
Answer:
a-3, b-2, c-4, d-1
Range is the difference between the highest and lowest values (a-3). The width of a class interval is calculated by dividing the range by the number of classes (b-2). An open-ended class lacks a lower or upper limit (c-4). Cumulative frequency is the running total of frequencies (d-1). Thus, option B is correct.
53
What term describes the central value of a data set when the observations are arranged in ascending or descending order?
Answer:
Median
The median is defined as the middle value of a data set that has been arranged in numerical order. It effectively divides the distribution into two equal halves, with 50% of the observations falling below the median and 50% falling above it, making it a robust measure of central tendency.
54
Which of the following statistical measures is least affected by extreme outliers (extremely large or small values)?
Answer:
Harmonic mean
The median is widely recognized as the most robust measure of central tendency against outliers. However, the provided answer key suggests the harmonic mean. This may be a conflict, as the harmonic mean is highly sensitive to small values. We acknowledge the source key while noting that the median is generally the standard answer for robustness.
55
If the mean of 50 students' marks was 35, but two marks were misread as 72 and 45 instead of 27 and 54, what is the correct mean?
Answer:
34.28
Initial sum = 50 * 35 = 1750. Incorrect values were 72 and 45 (sum 117). Correct values are 27 and 54 (sum 81). Difference = 81 - 117 = -36. Correct sum = 1750 - 36 = 1714. Correct mean = 1714 / 50 = 34.28. The calculation accounts for the error in the initial data set to arrive at the accurate average.
56
If the right-hand tail of a frequency distribution is a mirror image of the left-hand tail, how is the distribution classified?
Answer:
negatively skewed
A symmetric distribution is one where the left and right sides are mirror images. The provided answer 'negatively skewed' is factually incorrect for a mirror-image distribution, which is by definition symmetric. This conflict arises because symmetry implies zero skewness, not negative skewness.
57
In what context is the term 'statistics' commonly utilized?
Answer:
Both singular and Plural
Statistics is used in the plural sense when referring to numerical data or facts, and in the singular sense when referring to the scientific discipline or methodology of collecting and analyzing such data.
58
When averaging ratios of prices across different time periods, which measure of central tendency is most appropriate?
Answer:
geometric mean is most appropriate
The geometric mean is the most appropriate measure for averaging ratios, rates of change, or percentages over time. Because ratios are multiplicative in nature, the geometric mean provides a more accurate representation of the central tendency compared to the arithmetic mean, which is better suited for additive data.
59
Which of the following is not a recognized type of statistical tabulation?
Answer:
Marked
Statistical data is typically organized into individual series, discrete series, or continuous (classified) series for analysis. 'Marked' is not a standard classification term used in the context of statistical tabulation methods.
60
The sum of absolute deviations is minimized when the deviations are calculated from which central tendency measure?
Answer:
Median
A fundamental property of the median is that the sum of the absolute differences between the data points and the median is smaller than the sum of absolute differences from any other value in the dataset, including the mean.