Business, Trade and Commerce Test 15

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Business, Trade and Commerce Test 15

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Weekly Quiz Competition

Question 1
1 / -0

White-collar workers are _________.

A
Working on machines and engaged in loading, unloading

B
Clerical employees

C
Mining labourers

D
None of the above

Solution

White collar refers to employees whose job entails largely on clerical work such as in a office. It refers to the job of officials who performs managerial or professional work for the organisation and get a fixed salary as remuneration at the end of each month.
Question 2
1 / -0

Which of the following is not an economic activity?

A
A Son looking after his ailing mother

B
A Chartered Accountable doing his own practice

C
A Soldier serving at the border

D
A Farmer growing Millets

Solution

The definition of an economic activity is given as "any activity where goods and services are exchanged for money."

Since the son looking after his mother is not being paid for his services, nor does he want to, it is not considered an economic activity.

The economic activity of production involves producing goods and services so that they can be sold in the market for fair price. Examples of this includes a farmer growing Millets and a charted accountant doing his own practice.

The economic activity of consumption involves consumers lending their services in exchange for wages that they then use to purchase goods and services. Examples of this includes a solider serving at the border as he or she is being paid by the government for their services to the country.
Question 3
1 / -0

Employees relate to which of the following?

A
Work all day all night

B
Do not work

C
Work hard

D
Work smart
Question 4
1 / -0

The personnel manager generally acts as a spokesman of the top management and communicates management policies and decisions that affect people in the organization. Such role of personnel manager can be classified as.

A
Representative Role

B
Linking Pin Role

C
Leadership Role

D
Welfare Role

Solution

The personnel manager generally acts as a spokesman of the top management and communicates management policies and decisions that affect people in the organization. Such a role of personnel manager can be classified as a representative role. This representative role of personnel managers can be used to display effective communication, the creation of a positive attitude towards others, the development of cooperation among group members, and the motivation of subordinates.
Hence, A is the correct option.
Question 5
1 / -0

Which of the following is an economic activity?

A
Listening to music on the radio

B
Teaching one's own son at home

C
Medical Facilities rendered by a Charitable Dispensary

D
A Housewife doing household duties

Solution

The definition of an economic activity is given as "any activity where goods and services are exchanged for money."

The economic activity of production involves producing goods and services so that they can be sold in the market for fair price. The medical facilities rendered by a charitable dispensary is thus considered an economic activity as even though the charity may not sell its services, it still costs money to buy all the supplies and pay the staff in charge. They usually obtain the funds for this from donations. Thus since money is still being exchanged for goods and services and thus it must be an economic activity.

Since money is not being exchanged for goods and services in any of the other situations, it is not considered an economic activity.
Question 6
1 / -0

Which of the following is not a part of the opportunity cost of going on holiday?

A
The money you spent on a theatre show.

B
The money you could have made if you had stayed at home and worked.

C
The money you spent on airline tickets.

D
The money you spent on food.

Solution

The money spent on food is not a part of the opportunity cost of going on holiday.Opportunity cost of production of a commodity refers to the cost which has to be sacrificed in terms of the next best alternative which could be produced out of that cost. Therefore, food is part of our everyday expense which will not be considered as the sacrifice of any other commodity.
Question 7
1 / -0

In Economics, Production refers to any economic activity ________________.

A
Which results in creation of a product or service.

B
Which is directed at the satisfaction of human wants

C
Both (a) and (b)

D
Neither (a) nor (b)

Solution

Production is an activity carried out to produce outputs of goods or services which are used for consumption and satisfaction of human wants.
Question 8
1 / -0

Which of the following is an economic activity?

A
Sale of goods to consumers.

B
Teaching one's own nephew at home.

C
A Housewife doing household duties.

D
Watching television.

Solution

The definition of an economic activity is given as "any activity where goods and services are exchanged for money."
The economic activity of consumption involves consumers lending their services in exchange for wages that they then use to purchase goods and services. Thus sale of goods to consumers is an economic activity.
In all the other instances, the person is not being paid for the services they are providing and thus these can not be considered as economic activities.
Question 9
1 / -0

In Economics, ................. refers to any economic activity, which is directed towards the satisfaction of human wants.

A
production

B
labour

C
profit

D
economics

Solution

Production is an activity carried out to produce outputs of goods or services which are used for consumption and satisfaction of human wants.
Question 10
1 / -0

In Economics, Production refers _________________.

A
Creation of utility

B
Satisfaction of utility

C
Both (a) and (b)

D
Neither (a) nor (b)

Solution

Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. Production is the process of making, harvesting or creating something or the amount of something that was made or harvested. An example of production is the creation of furniture. An example of production is harvesting corn to eat. An example of production is the amount of corn produced.

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Re-Attempt Weekly Quiz Competition

Business, Trade and Commerce Test 15

Result

Business, Trade and Commerce Test 15

Score

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Rank

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SHARING IS CARING

Question 1

Working on machines and engaged in loading, unloading

Clerical employees

Mining labourers

None of the above

Solution

Question 2

A Son looking after his ailing mother

A Chartered Accountable doing his own practice

A Soldier serving at the border

A Farmer growing Millets

Solution

Question 3

Work all day all night

Do not work

Work hard

Work smart

Question 4

Representative Role

Linking Pin Role

Leadership Role

Welfare Role

Solution

Question 5

Listening to music on the radio

Teaching one's own son at home

Medical Facilities rendered by a Charitable Dispensary

A Housewife doing household duties

Solution

Question 6

The money you spent on a theatre show.

The money you could have made if you had stayed at home and worked.

The money you spent on airline tickets.

The money you spent on food.

Solution

Question 7

Which results in creation of a product or service.

Which is directed at the satisfaction of human wants

Both (a) and (b)

Neither (a) nor (b)

Solution

Question 8

Sale of goods to consumers.

Teaching one's own nephew at home.

A Housewife doing household duties.

Watching television.

Solution

Question 9

production

labour

profit

economics

Solution

Question 10

Creation of utility

Satisfaction of utility

Both (a) and (b)

Neither (a) nor (b)

Solution

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