Multiple-choice questions (MCQs) on statistical methods in Economics:

1. **What does the term 'mean' refer to in statistics?**

   - A) The most frequent value

   - B) The middle value

   - C) The average value

   - D) The value that occurs at the end

   **Answer:** C) The average value

2. **Which measure of central tendency is most affected by extreme values?**

   - A) Mean

   - B) Median

   - C) Mode

   - D) Range

   **Answer:** A) Mean

3. **What is the purpose of the 'standard deviation' in statistics?**

   - A) To measure the average distance from the mean

   - B) To count the number of data points

   - C) To determine the median value

   - D) To calculate the total sum of all values

   **Answer:** A) To measure the average distance from the mean

4. **In a normal distribution, what percentage of data falls within one standard deviation of the mean?**

   - A) 68%

   - B) 95%

   - C) 99.7%

   - D) 50%

   **Answer:** A) 68%

5. **Which graph is used to represent categorical data?**

   - A) Histogram

   - B) Pie chart

   - C) Line graph

   - D) Scatter plot

   **Answer:** B) Pie chart

6. **What does the 'median' represent in a data set?**

   - A) The average value

   - B) The middle value when data is ordered

   - C) The most frequent value

   - D) The difference between the highest and lowest values

   **Answer:** B) The middle value when data is ordered

7. **If the correlation coefficient is close to -1, what does it indicate about the relationship between two variables?**

   - A) Strong positive correlation

   - B) No correlation

   - C) Strong negative correlation

   - D) Perfect correlation

   **Answer:** C) Strong negative correlation

8. **What is the 'mode' in a set of data?**

   - A) The value that appears most frequently

   - B) The average of all values

   - C) The difference between the highest and lowest values

   - D) The middle value

   **Answer:** A) The value that appears most frequently

9. **Which statistical method is used for estimating the relationships among variables?**

   - A) Standard deviation

   - B) Regression analysis

   - C) Mean deviation

   - D) Mode analysis

   **Answer:** B) Regression analysis

10. **What is a 'p-value' used for in hypothesis testing?**

    - A) To determine the sample size

    - B) To calculate the mean

    - C) To assess the strength of evidence against the null hypothesis

    - D) To find the median

    **Answer:** C) To assess the strength of evidence against the null hypothesis