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Business, Trade and Commerce Test 24

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Business, Trade and Commerce Test 24
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Which of the following cannot be a social objective of the business?
    Solution
    Social objective are those objectives of business, which are desired to be achieved for the benefit of the society. Since business operates in a society by utilizing its scarce resources, the society expects something in return for its welfare.
    Management is responsible for setting and achieving objectives for the organisation. The main objective of any organization should be to utilise human and material resources to the maximum possible advantage, to fulfill the economic objectives of a business.
  • Question 2
    1 / -0
    Business contributes a fair share for the social welfare of the nation by starting and running of ______________.
    Solution
    Small businesses contribute to local economies by bringing growth and innovation to the community in which the business is established. Owning and running your own business can be more satisfying and fulfilling than working for someone else. 
    Many successful small business owners find they enjoy the respect they earn from their peers for having the courage to go out on their own. Power. Don't be surprised if power is one of your goals.
  • Question 3
    1 / -0
    Reduce disparities among Nations is ______ objective of a business.
    Solution
    Economic objectives of business refer to the objective of earning profit and also other objectives that are necessary to be pursued to achieve the profit objective, which include, creation of customers, regular innovations and best possible use of available resources.
    The main objectives that a business might have are: Survival a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis. Profit maximisation try to make the most profit possible most like to be the aim of the owners and shareholders.
  • Question 4
    1 / -0
    The equilibrium below full employment level is termed as _____________.
    Solution
    When the aggregate spending is not sufficient to produce an adequate level of output which requires full employment of available resources then it means aggregate demand is less than aggregate supply, then the planned inventory rises above the desired level. To clear the unwanted increase in inventory, firms plan to reduce the output which reduces the employment in the economy and results in AD=AS. This equilibrium point is below the full employment level of equilibrium which is called underemployment equilibrium. 
  • Question 5
    1 / -0
    When the aggregate spending is not sufficient to produce that level of output which requires full employment of the available resources, it results in ______________.
    Solution
    When the aggregate spending is not sufficient to produce an adequate level of output which requires full employment of available resources then it means aggregate demand is less than aggregate supply, then the planned inventory rises above the desired level. To clear the unwanted increase in inventory, firms plan to reduce the output which reduces the employment in the economy. 
  • Question 6
    1 / -0
    Excessive aggregate spending leads to full employment level of output accompanied with ____________.
    Solution
    When the aggregate spending is excessive then it leads to output which has full employment of available resources then it means aggregate demand is more than aggregate supply, then the planned inventory would fall below the desired level. To bring back the Inventory at the desired level, the producers expand the output but due to full employment of the available resources the output remains the same which leads to inflation in the economy.
  • Question 7
    1 / -0
    _____________ may be defined as the situation when all those persons who are willing to work at the prevailing wage rate are getting work and are employed.
    Solution
    Full employment refers to the situation when all the people who are willing to work in the economy at a prevailing wage rate are getting work and are employed to produce the desired level of output in the economy. 
  • Question 8
    1 / -0
    Identify the economic objective of the business from the following.
    Solution
    Economic Objectives: Economic objectives of business refer to the objective of earning a profit and also other objectives that are necessary to be pursued to achieve the profit objective, which includes, the creation of customers, regular innovations and best possible use of available resources.

    The main objectives that a business might have are Survival a short term objective, probably for the small business just starting out, or when a new firm enters the market or at a time of crisis. Profit maximization tries to make the most profit possible most like to be the aim of the owners and shareholders.
  • Question 9
    1 / -0
    Business produces goods and supplies the goods that are required for the development of a nation. This forms a part of ______ objective of the business.
    Solution
    Social objective are those objectives of business, which are desired to be achieved for the benefit of the society. Since business operates in a society by utilizing its scarce resources, the society expects something in return for its welfare.
    Management is responsible for setting and achieving objectives for the organisation. The main objective of any organization should be to utilise human and material resources to the maximum possible advantage, i.e., to fulfill the economic objectives of a business.
  • Question 10
    1 / -0
    Those works which are performed by human being in order to satisfy their needs are known as _______.
    Solution
    Any kind of actions performed by human beings are known as Human activities. Those works which are performed by human beings in order to satisfy their needs are known as human activities. Example: a lecturer teaches in the college, farmers work in the field, workers work in industries these are related with human activities. On the basis of nature of work human activities can be classified into economic activities and non-economic activities.
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