Statistical methods are no substitute for common sense. Comment.
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What are your reasons for studying Economics?
How will you choose the wants to be satisfied?
"You have unlimited wants and limited resources to satisfy them." Explain by giving two examples.
'The Government and policy makers use statistical data to formulate suitable policies of economic development'. Illustrate with two examples.
Make a list of activities that constitute the ordinary business of life. Are these economic activities?
Mark the following statements as true or false.
(i) Statistics can only deal with quantitative data.
(ii) Statistics solves economic problems.
(iii) Statistics is of no use to Economics without data.