Mark the following statements as true or false.
Statistics can only deal with quantitative data.
False - Statistics deals with both quantitative and qualitative data. The context shows that statistics helps present economic facts in a precise and definite form, which includes both types of data.
Statistics solves economic problems.
False - Statistics does not solve economic problems directly. The context states that 'Statistical methods help analyse economic problems and formulate policies to solve them.' Statistics is a tool that aids in analysis and policy formulation, but the actual solving of problems requires appropriate policies and actions.
Statistics is of no use to Economics without data.
True - Statistics finds economic relationships using data and verifies them. The context clearly indicates that statistics requires data to present economic facts in a precise and definite form. Without data, statistical methods cannot function effectively in Economics.
Explanation
These statements test the student's understanding of the scope and limitations of statistics in Economics. Statement (i) is false because statistics deals with both quantitative and qualitative data. Statement (ii) is false because statistics helps analyze problems and formulate policies, but doesn't directly solve them. Statement (iii) is true because statistics fundamentally requires data to function - it finds relationships using data and presents facts in precise forms.