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
61
What is the term for the process of organizing related data points into distinct classes or categories?
Answer:
Classification
Classification is the statistical process of arranging data into groups or classes according to common characteristics. This helps in simplifying complex data, making it easier to analyze and compare different subsets of information within a larger dataset.
62
Evaluate the following statements regarding statistical skewness and identify the correct combination of true statements.
Answer:
(2) and (3)
Statement (2) is true as positive skewness stretches the tail to the right. Statement (3) is true because the empirical formula for Karl Pearson's coefficient of skewness is indeed 3(Mean-Median)/Standard Deviation. Statement (1) is false because kurtosis, not skewness, measures flatness or peakedness.
63
Which of the following statements regarding definitions of statistics is considered false?
Answer:
According to Seligman, "Statistics may be regarded as a body of methods for making wise decisionsin the face of incertainty"
The statement attributed to Seligman is often associated with other statisticians like Wallis and Roberts. While definitions of statistics vary among scholars, this specific attribution is generally considered incorrect in academic literature. The other options correctly reflect the historical definitions provided by Boddington, Bowley, and Tippett respectively.
64
Evaluate the following statements regarding statistical tabulation and classification: Statement I: Column and row headings are called captions and stubs. Statement II: Sturge's Rule is used to determine the nature of manifold classification.
Answer:
Both I and II are true
In statistical tables, the caption is the column heading and the stub is the row heading. Sturge's Rule is a standard formula used to determine the number of classes in a frequency distribution.
65
If the first three moments of a distribution about the mean are 1, 4, and 0 respectively, what is the nature of the distribution?
Answer:
Symmetrical
In statistics, the third moment about the mean measures skewness. If the third moment is equal to zero, it indicates that the distribution is perfectly symmetrical around the mean, meaning the left and right sides of the distribution are mirror images of each other.
66
Which statistician defined statistics as the 'science of computation'?
Answer:
Bowley's
Arthur Lyon Bowley, a prominent statistician, provided several definitions of statistics throughout his career. One of his well-known characterizations describes statistics as the science of computation, emphasizing the numerical and analytical nature of the field in processing data to derive meaningful conclusions.
67
Which of the following statements regarding statistical sampling is correct?
Answer:
Law of inertia of large numbers is a corollary of law of statistical regularity
The Law of Inertia of Large Numbers states that large groups of data tend to exhibit more stability than smaller ones. It is considered a corollary to the Law of Statistical Regularity, which posits that a moderately large group chosen at random from a large population will possess the characteristics of the population. This principle is fundamental to inferential statistics.
68
What term describes the number of times a specific score or value occurs within a dataset?
Answer:
frequency
In statistics, frequency refers to the number of times a particular value or score appears in a given data set. It is a fundamental concept used to construct frequency distributions, which help in organizing and summarizing raw data to make it easier to interpret and analyze.
69
Calculate the combined arithmetic mean for two groups: the first group has 100 items with a mean of 50, and the second group has 150 items with a mean of 100.
Answer:
100
The combined mean is calculated using the formula: [(n1 * x1) + (n2 * x2)] / (n1 + n2). Here, (100 * 50 + 150 * 100) / (100 + 150) = (5000 + 15000) / 250 = 20000 / 250 = 80. Note: The provided answer key indicates B (100), which appears mathematically incorrect based on standard weighted average calculations.
70
What is the geometric mean of the numbers 4 and 9?
Answer:
6
The geometric mean of two numbers is calculated by taking the square root of their product. For the numbers 4 and 9, the product is 4 multiplied by 9, which equals 36. The square root of 36 is 6. Thus, the geometric mean is 6.