Question

Statistics is of no use to Economics without data.

Options

• True

• False

Answer 1

This statement is true. 

Explanation:

Data enable economists to present economic facts in a precise and concise form. Data itself is self-explanatory. For example, if the per capita monthly income in India has increased from Rs 300 to Rs 600 from 1974 to 1984, then just by looking at the figures an economist would not only understand the quantitative increase in the per capita income but also can assess the implicit qualitative aspects associated with this increase like a higher standard of living, low level of poverty, a higher level of savings, etc.