FORESTRY
AGRICULTURAL STATISTICS AND ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economics
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Commerce and industry
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Business management
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All of these
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Detailed explanation-1: -Statistics is widely used in economics, business management, commerce and industry as it provides empirical evidence for theories constructed in these fields of study.
Detailed explanation-2: -The field of statistics deals with the collection, organisation, analysis, interpretation, and presentation of data.
Detailed explanation-3: -Answer: Statistics can be defined as the collection, presentation, classification, analysis, and interpretation of quantitative data.
Detailed explanation-4: -Another way that statistics is used in economics is in the form of forecasting trends. For example, an economist may collect data on total sales (in millions) of goods in a certain country and then create a forecast for future sales: What is this?