12th Standard English Medium Economics Subject Introduction to Statistical Methods and Econometrics Creative 5 Mark Questions with Solution Part - I

QB365 provides detailed and simple solution for every Creative Questions in class 12 Economics Subject. It will helps to get more idea about question pattern in every Creative questions with solution.

Download Tamil Nadu 12th Standard Economics question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

S.No	Correlation	Regression
1	Correlation is the relationship between two or more variables, which vary with the other in the same or the opposite direction	Regression means going back and it is a mathematical measure showing the average relationship between two variables
2	Both the variables X and Y are random variables	Both the variables may be random variables
3	It finds out the degree of relationship between two variables and not the cause and effect relationship.	It indicates the cause and effect relationship between the variables and establishes functional relationship.
4	It is used for testing and verifying the relation between two variables and gives limited information	Besides verification it is used for the prediction of one value, in relation to the other given value.
5	The coefficient of correlation is a relative measure. The range of relationship lies between –1 and +1	Regression coefficient is an absolute figure. If we know the value of the independent variable, we can find the value of the dependent variable
6	There may be spurious correlation between two variables.	In regression there is no such spurious regression
7	It has limited application, because it is confined only to linear relationship between the variables	It has wider application, as it studies linear and nonlinear relationship between the variables
8	It is not very useful for further mathematical treatment.	It is widely used for further mathematical treatment

BASIS FOR COMPARISON	QUALITATIVE DATA	QUANTITATIVE DATA
Meaning	Qualitative data is the data in which the classification of objects is based on attributes and properties.	Quantitative data are those that can be quantified in definite units of measurement
Examples	Eg. Gender, Community, honesty	Age, income, number of firms etc
Approach	Subjective	Objective
Collection of data	Unstructured	Structured
Sample	Small number of nonrepresentative samples	Large number of representative samples
Outcome	Develops initial understanding.	Recommends final course of action

BASIS FOR COMPARISON	PRIMARY DATA	SECONDARY DATA
Meaning	Those data which do not ready exist in any form, and thus have to be collected for the first time from the primary source(s).	They already exist in zome form: published or npublished in an identifiable secondary source.
Nature	Real time data - first-time collected	Past data - available from published source(s)
Process	Very involved	Quick and easy
Source	Surveys, observations, experiments, questionnaire, personal interview, etc.	Government publications, websites, books, journal articles, internal records etc. Eg. Data from CSO, NSSO, RBI
Cost-effectiveness	Expensive	Economical
Collection time	Long	Short
Form	Crude form	Refined form
Accuracy and Reliability	More	Relatively less

S.No	(X)	D=X-A(A=57)	(X-\(\bar { X } \))²
1	43	-14	196
2	48	-9	87
3	65	8	64
4	57	0	0
5	31	-26	679
6	60	3	9
7	37	-20	400
8	48	-9	81
9	78	21	441
10	59	2	4
N-9		\(\sum { d } =44\)	\(\sum { d }^2 =1952\)

12th Standard English Medium Economics Subject Introduction to Statistical Methods and Econometrics Creative 5 Mark Questions with Solution Part - I

QB365 Student Learing Managemnet System

Std: 12th Standard - Economics

chapter: - Creative Questions

Visit QB365-SLMS - https://www.qb365.in/slms/ Complete Questions and Answers

Questions:

Visit QB365-SLMS - https://www.qb365.in/slms/

Answers Key:

NEW MCQ Practice Test - Tamilnadu Stateboard Class 12

Economics Tamilnadu Stateboard Class 12 MCQ Practice Test

Tamilnadu Stateboard Class 12 MCQ Practice Test

12th Standard Study Materials