Business, Trade and Commerce Test 26

Economic activities are related to manufacturing, distribution, exchange and consumption of goods and services. The most important aim of economic activity is the production of goods and services with a view to make them available to the consumer. 

Non-economic activity is an action perform willingly, with the aim of providing services to others lacking any regard as to monetary gain. Individuals human activities which are assumed for individual satisfaction or to satisfy human sentiment are non-economic activities.

The correct option is A.

The time rate system is that system of wage payment in which the workers are paid on the basis of time spent by them in the factory. ... Hence, according to this system, wages are paid on hourly, weekly or monthly basis. Under time rate system, the wages earned by a worker is determined by using the following formula. Time” is made a basis for determining wages of worker. Under this system, the wages are paid according to the time spent by workers irrespective of his output of work done. The wage rates are fixed for an hour, a day, week, a month or even a year (seldom used). This time rate system calculation is based on the working hours of the employee, that is the amount of time spent on the work along with the amount of work delivered within the specific period of time. 

The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to combine and adjust the law involving to foreign exchange with the purpose of facilitating external trade and payments and for promoting the arranged development and protection of the foreign exchange market in India". 

It was passed in the winter session of Parliament in 1999; replace the Foreign Exchange Regulation Act (FERA). This act makes offences related to foreign exchange civil offences. It extends to the whole of India, replacing FERA, which had become mismatched with the pro-liberalization policy of the Government of India. 

It enables a new foreign exchange management regime reliable with the rising framework of the World Trade Organization (WTO). It also covered the way for the introduction of the Prevention of Money Laundering Act, 2002, which came into effect from 1 July 2005.

Thus, the correct option is D.

Functional Finance is a heterodox macroeconomic theory developed by Abba Lerner during World War II that seeks to eliminate economic insecurity (i.e. the business cycle) through government intervention in the economy. Functional finance emphasizes the end result of interventionist policies on the economy and is based on three major beliefs:
1, It is the role of government to stave off inflation and unemployment by controlling consumer spending through the raising and lowering of taxes.
2. The purpose of government borrowing and lending is to control interest rates, investment levels and inflation.
3.The government should print, hoard or destroy money as it sees fit to achieve these goals.

Silk route is the correct answer.