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Welcome to the Economics of Big Data MCQs Page

Dive deep into the fascinating world of Economics of Big Data with our comprehensive set of Multiple-Choice Questions (MCQs). This page is dedicated to exploring the fundamental concepts and intricacies of Economics of Big Data, a crucial aspect of Big Data Computing. In this section, you will encounter a diverse range of MCQs that cover various aspects of Economics of Big Data, from the basic principles to advanced topics. Each question is thoughtfully crafted to challenge your knowledge and deepen your understanding of this critical subcategory within Big Data Computing.

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Check out the MCQs below to embark on an enriching journey through Economics of Big Data. Test your knowledge, expand your horizons, and solidify your grasp on this vital area of Big Data Computing.

Note: Each MCQ comes with multiple answer choices. Select the most appropriate option and test your understanding of Economics of Big Data. You can click on an option to test your knowledge before viewing the solution for a MCQ. Happy learning!

Economics of Big Data MCQs | Page 1 of 6

Explore more Topics under Big Data Computing

Q1.
Which concept is closely related to Big Data, providing the basis for service orientation and cost-efficient utilization?

a.

Semantic interoperability

b.

Virtualization

c.

Linked Data

d.

Cloud computing

Discuss
Answer: (d).Cloud computing Explanation:Cloud computing is closely related to Big Data and provides the basis for service orientation and cost-efficient utilization.
Q2.
What concept is introduced as a technological paradigm that draws added value from data by making it a networked resource?

a.

Semantic Web

b.

Linked Data

c.

Cloud computing

d.

Content-centric Internet

Discuss
Answer: (b).Linked Data Explanation:Linked Data is introduced as a technological paradigm that draws added value from data by making it a networked resource.
Q3.
What is identified as a necessary condition, according to the World Economic Forum, to foster cross-sectoral cooperation and new forms of value creation within collaborative environments?

a.

Increased availability of data

b.

Diversification of licensing strategies for Big Data

c.

Advancements in cloud computing

d.

The emergence of Linked Data

Discuss
Answer: (b).Diversification of licensing strategies for Big Data Explanation:The diversification of licensing strategies for Big Data is identified as a necessary condition to foster cross-sectoral cooperation and new forms of value creation within collaborative environments according to the World Economic Forum.
Q4.
What does the attribute "volume" refer to in the context of "Big Data"?

a.

The speed at which data is generated

b.

The different types of data sources

c.

The quantitative characteristics of data

d.

The structure and format of data

Discuss
Answer: (c).The quantitative characteristics of data Explanation:The attribute "volume" in the context of "Big Data" refers to the quantitative characteristics of data, especially for analytical purposes.
Q5.
What does the attribute "variety" refer to in the context of "Big Data"?

a.

The speed at which data is generated

b.

The various sources of data

c.

The quantitative characteristics of data

d.

The structure and format of data

Discuss
Answer: (b).The various sources of data Explanation:The attribute "variety" in the context of "Big Data" refers to the various sources of data.
Q6.
What percentage of information created every day is considered "structured"?

a.

About 25%

b.

About 50%

c.

About 75%

d.

About 5%

Discuss
Answer: (d).About 5% Explanation:Only about 5% of the information created every day is considered "structured."
Q7.
How can Big Data be distinguished in terms of structure, volume, and purpose?

a.

By its source

b.

By its velocity

c.

By its attributes

d.

By its data types

Discuss
Answer: (c).By its attributes Explanation:Big Data can be distinguished in terms of structure, volume, and purpose.
Q8.
What does the attribute "velocity" refer to in the context of "Big Data"?

a.

The speed at which data are generated, circulated, and delivered

b.

The various sources of data

c.

The quantitative characteristics of data

d.

The structure and format of data

Discuss
Answer: (a).The speed at which data are generated, circulated, and delivered Explanation:The attribute "velocity" in the context of "Big Data" refers to the speed at which data are generated, circulated, and delivered for analytical purposes.
Q9.
What defines the business value of Big Data?

a.

The quantity of data available

b.

The variety of data sources

c.

The analytical capabilities to draw insights

d.

The storage and processing technologies

Discuss
Answer: (c).The analytical capabilities to draw insights Explanation:The business value of Big Data is defined by the analytical capabilities that allow organizations and individuals to draw deeper insights from available data sources.
Q10.
According to McKinsey, what is the potential annual consumer surplus that can be derived from Big Data?

a.

$100 billion

b.

$250 billion

c.

$300 billion

d.

$600 billion

Discuss
Answer: (d).$600 billion Explanation:McKinsey estimates that the potential annual consumer surplus derived from Big Data is $600 billion.
Page 1 of 6

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