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Business, Trade and Commerce Test 22

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Business, Trade and Commerce Test 22
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Who first raised the fears of a world food shortage?
    Solution
    Thomas Robert Malthus was an English cleric and scholar, influential in the fields of political economy and demography who for the first time proposed the condition of food shortage on the grounds of scarce resources and unlimited wants after studying the world demographics. 
  • Question 2
    1 / -0
    Of the major $$12$$ ports, _________ has been the top traffic handler for last five years.
    Solution
    Kandla, also known as the Kandla Port Trust or Deendayal Port is a seaport in the Kutch district of Gujarat state in western India, near the city of Gandhidham. Located on the Gulf of Kutch, it is one of the major ports on the west coast as it is one of the top traffic handlers of all the merchandise that is imported and exported to the western countries.
  • Question 3
    1 / -0
    Convertibility of the rupee implies __________________.
    Solution
    Convertibility implies that rupee can be converted into any other country's denomination and vice versa with the exchange rate prevailing at that point of time. 
  • Question 4
    1 / -0
    The economic reforms have failed to ______________.
    Solution
    The economic reforms have failed to keep fiscal deficits to the targeted levels, fully implement industrial deregulation and fully open the economy to trade.
  • Question 5
    1 / -0
    Economic laws are essentially _________.
    Solution
    It is true that many microeconomic laws may involve many assumptions, which makes the theory valid only under the specific conditions of the model, which tend to over-simplify the situation and as a result may not hold true in the real world (such as perfect competition market structure). However, the broad theories (such as theory of supply and demand for example) are still valid in the real world, it has been proven time and again with empirical data. 
  • Question 6
    1 / -0
    Which of the following is considered production in economics?
    Solution
    Doctor examining a patient for a fee is considered production in economics; other are recreation/leisure activities and would not result in production.
  • Question 7
    1 / -0
    India is on ___________.
    Solution
    India is on paper currency standard as India has most of its currency denominations as paper notes with worth and relevant details printed on it along with the stamp of RBI. Paper currency is circulated and used for transaction-related purposes.
  • Question 8
    1 / -0
    Almost __________ percent of India's global merchandise trade is carried through the sea route.
    Solution
    According to the data, in India 95 percent of the merchandise goods are exported to international market through sea route because it involves lesser costs than any other medium of transport to carry bulk of goods.
  • Question 9
    1 / -0
    Which of the following is the example of economic activity?
    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. 
  • Question 10
    1 / -0
    Which one of the following is NOT an important import item of India at present?
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