Business, Trade and Commerce Test 3

Result

Business, Trade and Commerce Test 3

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Weekly Quiz Competition

Question 1
1 / -0

The main purpose of an economic activity is ________________.

A
To avoid loss

B
To earn profit

C
To earn less profit

D
To provide free services

Solution

The main purpose of any economic activity is earning profit. If the profit motive is missing in a transaction then, it cannot be considered an economic transaction. For example- business, profession, etc.
Question 2
1 / -0

Which of the following is not concerned with profession?

A
Manufacturing of goods and services

B
Code of Conduct

C
Specialized body knowledge and skill

D
Formal training

Solution

Manufacturing of goods and services is part of business activity and is not concerned with any profession. Code of conduct, a Specialised body of knowledge and skill, and formal training are all features of a profession.
Question 3
1 / -0

The term 'business' originated from the word _____________.

A
Financial Markets

B
Busy

C
Buy and selling

D
Proprietorship

Solution

Business is a wide term that was derived from the word 'busy'. It includes all occupations in which people are occupied (busy) with making a living by production, purchase, and sale of goods and services to satisfy the needs of other people with the main objective of earning profit.
Question 4
1 / -0

Which of the following economic activity does not require capital?

A
Business

B
Profession

C
Employment

D
None of these

Solution

Employment refers to an activity in which an individual works for another person and gets remunerated in return. There is no capital needed for employment activities.
Question 5
1 / -0

Which one of the following is not a primary activity?

A
Banking services

B
Mining

C
Forestry

D
Plantation agriculture

Solution

Banking services is not a primary activity. It comes under tertiary activity. A bank is a financial institution that accepts deposits from the public and creates credits.
Question 6
1 / -0

Manufacturing industries are part of which activity?

A
Primary activity

B
Secondary activity

C
Tertiary activity

D
Quarrying

Solution

All the manufacturing, processing, and construction activities are part of the secondary sector.
Question 7
1 / -0

This economist termed continuous exploitation of economic resources as "Economic drain".

A
Kautilya

B
Amartya Sen

C
Dababhai Naoroji

D
D.R. Gadgil

Solution

Dadabhai Naoroji explained continuous exploitation of economic resources as 'Economic drain". The drain he declared was the basic cause of India's poverty and the fundamental evil of British rule in India.
Question 8
1 / -0

Which of the following is an economic activity?

A
Teaching of a teacher in the school

B
To teach son at home

C
Mother nurturing her child

D
To play football by a student

Solution

The activities of earning and spending money are known as economic activities. These activities are concerned with money or wealth. When a person goes to office or to a factory to earn money, his activities are covered under economic activities.
Question 9
1 / -0

Which is not a part of new economic reforms in India?

A
Globalisation

B
Centralisation

C
Privatisation

D
Liberalisation

Solution

New economic reforms in India are the neo-liberal polices introduced by the government during 1991 and later years. Main features of it includes Dereservation of the industrial sector, Industrial delicensing policy, Opening up of the economy to foreign competition, Liberalization of trade and investment, Financial Sector Reforms, Reforms related to the Public sector enterprises, Abolition of MRTP (Monopoly and Restricted Trade Practice) Act.
Question 10
1 / -0

Which condition is not found in perfect competition?

A
Many buyers and sellers

B
Perfect knowledge about market conditions

C
Product differentiation

D
Perfect factor-mobility

Solution

In economics and marketing, product differentiation (or simply differentiation) is the process of distinguishing a product or service from others, to make it more attractive for a particular target market.

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Re-Attempt Weekly Quiz Competition

Business, Trade and Commerce Test 3

Result

Business, Trade and Commerce Test 3

Score

-

Rank

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SHARING IS CARING

Question 1

To avoid loss

To earn profit

To earn less profit

To provide free services

Solution

Question 2

Manufacturing of goods and services

Code of Conduct

Specialized body knowledge and skill

Formal training

Solution

Question 3

Financial Markets

Busy

Buy and selling

Proprietorship

Solution

Question 4

Business

Profession

Employment

None of these

Solution

Question 5

Banking services

Mining

Forestry

Plantation agriculture

Solution

Question 6

Primary activity

Secondary activity

Tertiary activity

Quarrying

Solution

Question 7

Kautilya

Amartya Sen

Dababhai Naoroji

D.R. Gadgil

Solution

Question 8

Teaching of a teacher in the school

To teach son at home

Mother nurturing her child

To play football by a student

Solution

Question 9

Globalisation

Centralisation

Privatisation

Liberalisation

Solution

Question 10

Many buyers and sellers

Perfect knowledge about market conditions

Product differentiation

Perfect factor-mobility

Solution

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Question Analysis

My Perfomance

Score

-

Rank

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