Business, Trade and Commerce Test 16

Result

Business, Trade and Commerce Test 16

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

Production is a / an _____________ activity.

A
Charitable

B
Beneficial

C
Economic

D
Successful

Solution

Economic activity is an activity that generates income and involves production, sale and distribution of goods and services. The motive behind an economic activity is to earn money and not to meet emotional and sentimental human needs.
Thus, production is an economic activity that generates income and is undertaken with a motive to earn profit.
The correct option is C.
Question 2
1 / -0

Economics as a __________ science only explains "what is".

A
positive

B
normative

C
both (a) and (b)

D
neither (a) nor (b)

Solution

Positive economics refers to a science which states facts. It explains 'what is'. It does not deal with value judgement and opinions. It provides a statement which is verifiable and is backed by facts.
Question 3
1 / -0

Which of the following is an economic activity?

A
Playing friendly cricket match

B
Teaching one's own daughter at home

C
Manufacturing Chairs at subsidised rate

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 economic activity of consumption involves consumers lending their services in exchange for wages that they then use to purchase goods and services.

Manufacturing chairs is an economic activity as the producer is incurring a cost and will later sell the chairs for revenue.

Since money is not being exchanged for goods and services in any of the other situations, it is not considered an economic activity.
Question 4
1 / -0

In deciding "How to produce", the economy should consider.

A
Labour Intensive Techniques

B
Capital Intensive Techniques

C
Both (a) and (b)

D
Neither (a) nor (b)

Solution

If the question for "How to produce?" is faced by the economy they should consider both labour intensive techniques as well as capital intensive techniques depending upon the available resources in the economy.
Question 5
1 / -0

Economics is a _______ science that explains "what ought to be".

A
positive

B
normative

C
both (a) and (b)

D
neither (a) nor (b)

Solution

A subject as a normative science explains what 'ought to be'. It deals with value judgements and opinions.It does not explain 'what is' the issue. It deals with 'what should have been the issue'.
Question 6
1 / -0

At the equilibrium point on indifference curve which of the following equation is satisfied ?

A
$$ MRSxy=\frac { MUx }{ MUy } =\frac { Px }{ Py } $$

B
$$ \frac { MUx }{ Px } =\frac { MUy }{ Py } $$

C
Both (a) and (b)

D
Neither (a) nor (b)
Question 7
1 / -0

Convertibility of rupee means _________.

A
determination its own exchange rate in international market

B
conversion of rupee into any foreign currency

C
transfer of funds in international market

D
none of these

Solution

Convertibility of rupees refers to the ability of rupees to be converted into any foreign currency backing with the exchange rate that prevails at the time of conversion.
Question 8
1 / -0

Custom Duties are levied on ______________.

A
Exports and imports

B
Manufacture of excisable goods/commodities

C
Services rendered

D
Sale made by a dealer in the course of inter-state or intra-state or commerce

Solution

Custom Duties are levied on exports and imports. Custom duty can also be defined as a type of tax which should be paid by people for exporting to foreign countries and importing goods from foreign countries.
Question 9
1 / -0

The Incentive / Reward in respect of Capital is called ____________.

A
Rent

B
Wages

C
Interest

D
Profit
Question 10
1 / -0

In the pre-reforms period (i.e. before 1991), banking scene was dominated by the __________ sector.

A
private

B
public

C
both (a) and (b)

D
neither (a) nor (b)

Solution

India adopted the socialist form of economy prior to 1991 which involved a lot of government intervention in all the sectors including banking sector which made Indian economy a little conservative compared to other economic structures prevalent then. But after 1991, the government disinvested all its share from most of the sectors including banking sector which brought privatization in banking sector where public sector used to dominate prior to 1991.

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Business, Trade and Commerce Test 16

Result

Business, Trade and Commerce Test 16

Score

-

Rank

-

SHARING IS CARING

Question 1

Charitable

Beneficial

Economic

Successful

Solution

Question 2

positive

normative

both (a) and (b)

neither (a) nor (b)

Solution

Question 3

Playing friendly cricket match

Teaching one's own daughter at home

Manufacturing Chairs at subsidised rate

A Housewife doing household duties

Solution

Question 4

Labour Intensive Techniques

Capital Intensive Techniques

Both (a) and (b)

Neither (a) nor (b)

Solution

Question 5

positive

normative

both (a) and (b)

neither (a) nor (b)

Solution

Question 6

$$ MRSxy=\frac { MUx }{ MUy } =\frac { Px }{ Py } $$

$$ \frac { MUx }{ Px } =\frac { MUy }{ Py } $$

Both (a) and (b)

Neither (a) nor (b)

Question 7

determination its own exchange rate in international market

conversion of rupee into any foreign currency

transfer of funds in international market

none of these

Solution

Question 8

Exports and imports

Manufacture of excisable goods/commodities

Services rendered

Sale made by a dealer in the course of inter-state or intra-state or commerce

Solution

Question 9

Rent

Wages

Interest

Profit

Question 10

private

public

both (a) and (b)

neither (a) nor (b)

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.