Statistics MCQs

Accountancy and Statistics

Statistics MCQs

Practice complete Statistics MCQs covering Primary & Secondary Data, Data Collection Methods, Questionnaire, Tabulation & Compilation of Data, Measures of Central Tendency, Probability, Theory of Attributes, Index Numbers, Demography, Census, Vital Statistics, Fertility Measures, and all other important topics. Includes chapter-wise and exam-oriented multiple choice questions with detailed answers and explanations for JKSSB, SSC, Banking, UPSC, CUET, University, and other competitive exams.

1318
Total Questions

Practice Questions

Page 14 of 66
Question #261
Two dice are thrown simultaneously. The probability of getting a sum of 7 is:
A. 1/12
B. 1/6
C. 7/36
D. 1/36
Discuss
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Correct Answer: Option B

Explanation:
Favorable outcomes: (1,6), (2,5), (3,4), (4,3), (5,2), (6,1) = 6. Total outcomes = 36. Prob = 6/36 = 1/6.
This question belongs to: Accountancy and Statistics Statistics
Question #262
Assertion (A): The probability of an impossible event is zero. Reason (R): The sample space of an impossible event contains all outcomes.
A. A is true but R is false
B. A is false but R is true
C. Both A and R are true and R is the correct explanation of A
D. Both A and R are true but R is NOT the correct explanation of A
Discuss
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Correct Answer: Option A

Explanation:
A is true, but R is false because the sample space (or favorable outcomes set) of an impossible event is the empty set (Φ).
This question belongs to: Accountancy and Statistics Statistics
Question #263
In the theory of attributes, the total number of ultimate class frequencies for 'n' attributes is:
A. n^2
B. 2^n
C. 3^n
D. n!
Discuss
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Correct Answer: Option B

Explanation:
For n attributes, each can be either present or absent, resulting in 2^n ultimate class frequencies.
This question belongs to: Accountancy and Statistics Statistics
Question #264
The frequency of a class which specifies the absence of all attributes (e.g., (αβγ)) is a:
A. Negative class frequency
B. Positive class frequency
C. Zero order frequency
D. Contrary class frequency
Discuss
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Correct Answer: Option A

Explanation:
Classes represented by Greek letters denote the absence of attributes, hence their frequencies are negative class frequencies.
This question belongs to: Accountancy and Statistics Statistics
Question #265
For two attributes A and B, the relationship (AB) + (Aβ) equals:
A. (β)
B. N
C. (B)
D. (A)
Discuss
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Correct Answer: Option D

Explanation:
The total frequency of attribute A is the sum of those possessing both A and B, and those possessing A but lacking B.
This question belongs to: Accountancy and Statistics Statistics
Question #266
If Yule's coefficient of association (Q) is +1, the attributes are:
A. Completely positively associated
B. Independent
C. Inconsistent
D. Completely dissociated
Discuss
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Correct Answer: Option A

Explanation:
Q = +1 indicates perfect or complete positive association, where the presence of one attribute implies the other.
This question belongs to: Accountancy and Statistics Statistics
Question #267
In an examination, 60% candidates passed in English (A), 50% in Math (B), and 30% in both (AB). Are attributes A and B independent?
A. Data is inconsistent
B. No, they are positively associated
C. No, they are negatively associated
D. Yes, they are independent
Discuss
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Correct Answer: Option D

Explanation:
P(A) * P(B) = 0.6 * 0.5 = 0.3. Since P(AB) = 0.3, they are perfectly independent.
This question belongs to: Accountancy and Statistics Statistics
Question #268
Data on attributes is said to be inconsistent if:
A. The sum of positive frequencies equals N
B. Both A and B
C. Any class frequency is greater than N
D. Any class frequency is negative
Discuss
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Correct Answer: Option B

Explanation:
Frequencies represent counts, so they cannot be negative, nor can any subset exceed the total population (N).
This question belongs to: Accountancy and Statistics Statistics
Question #269
Attributes that can only be classified into two mutually exclusive categories (e.g., Male/Female) are termed:
A. Continuous variables
B. Quantitative variables
C. Manifold attributes
D. Dichotomous attributes
Discuss
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Correct Answer: Option D

Explanation:
Dichotomous classification divides data into exactly two contrasting categories based on the presence or absence of a trait.
This question belongs to: Accountancy and Statistics Statistics
Question #270
Index numbers are typically expressed in:
A. Absolute units
B. Ratios
C. Logarithms
D. Percentages
Discuss
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Correct Answer: Option D

Explanation:
Index numbers are relative measures usually multiplied by 100 to be expressed as percentages for easy comparison.
This question belongs to: Accountancy and Statistics Statistics
Question #271
Which of the following index numbers suffers from upward bias?
A. Paasche's Index
B. Laspeyres' Index
C. Fisher's Index
D. Kelly's Index
Discuss
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Correct Answer: Option B

Explanation:
Laspeyres uses base-year quantities, ignoring the substitution effect when prices rise, causing an upward bias in inflation estimates.
This question belongs to: Accountancy and Statistics Statistics
Question #272
Paasche's Price Index uses:
A. Fixed arbitrary weights
B. Base year quantities as weights
C. Current year quantities as weights
D. Average of base and current year quantities
Discuss
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Correct Answer: Option C

Explanation:
Paasche uses current year quantities, which makes it reflective of current consumption patterns but suffers from downward bias.
This question belongs to: Accountancy and Statistics Statistics
Question #273
The Circular Test of an index number is an extension of the:
A. Factor Reversal Test
B. Unit Test
C. Time Reversal Test
D. Proportionality Test
Discuss
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Correct Answer: Option C

Explanation:
The Circular Test requires P01 * P12 * P20 = 1, extending the logic of the time reversal test to multiple periods.
This question belongs to: Accountancy and Statistics Statistics
Question #274
Which of the following index numbers satisfies the Circular Test?
A. Paasche's Index
B. Kelly's Fixed Weight Index
C. Laspeyres' Index
D. Fisher's Ideal Index
Discuss
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Correct Answer: Option B

Explanation:
Fisher's index fails the Circular Test. Only indexes with constant weights, like Kelly's or simple geometric mean of price relatives, pass it.
This question belongs to: Accountancy and Statistics Statistics
Question #275
The formula for the Factor Reversal Test requires that the product of the price index and quantity index equals the:
A. Volume Index
B. 1
C. Base Index
D. Value Index
Discuss
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Correct Answer: Option D

Explanation:
Factor Reversal Test states P01 * Q01 = V01, meaning the product of price and quantity indices should equal the ratio of total values.
This question belongs to: Accountancy and Statistics Statistics
Question #276
Cost of Living Index (CLI) is conceptually synonymous with:
A. Consumer Price Index
B. Human Development Index
C. Index of Industrial Production
D. Wholesale Price Index
Discuss
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Correct Answer: Option A

Explanation:
CLI measures the changes in the cost of maintaining a certain standard of living, identical in purpose to the Consumer Price Index.
This question belongs to: Accountancy and Statistics Statistics
Question #277
The weights used in the construction of the Wholesale Price Index (WPI) in India are based on:
A. Income tax slabs
B. Value of wholesale transactions (production + imports - exports)
C. Retail consumption patterns
D. Number of employees in factories
Discuss
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Correct Answer: Option B

Explanation:
WPI weights reflect the total value of commodities transacted in the domestic wholesale market.
This question belongs to: Accountancy and Statistics Statistics
Question #278
If Laspeyres' index is 121 and Paasche's index is 100, Fisher's index is:
A. 121
B. 110
C. 100
D. 110.5
Discuss
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Correct Answer: Option B

Explanation:
Fisher's = square root of (Laspeyres * Paasche) = sqrt(121 * 100) = sqrt(12100) = 110.
This question belongs to: Accountancy and Statistics Statistics
Question #279
Which index method is best suited when a new commodity is introduced frequently over consecutive years?
A. Simple Aggregative Method
B. Fixed Base Index
C. Laspeyres Method
D. Chain Base Index
Discuss
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Correct Answer: Option D

Explanation:
The Chain Base method allows for the easy inclusion or deletion of items year-by-year, maintaining relevance.
This question belongs to: Accountancy and Statistics Statistics
Question #280
Purchasing power of money is computed as:
A. Consumer Price Index / 100
B. National Income / Price Index
C. Wholesale Price Index / Cost of Living Index
D. 1 / Consumer Price Index
Discuss
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Correct Answer: Option D

Explanation:
Purchasing power of money is the reciprocal of the price index; as prices rise, the value of money falls.
This question belongs to: Accountancy and Statistics Statistics

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