Employment Growth Informational and other Issues test

Result

Employment Growth Informational and other Issues test - 22

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

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 2
1 / -0

Which of the following is an economic activity?

A
Sale of goods to consumers.

B
Teaching one's own nephew at home.

C
A Housewife doing household duties.

D
Watching television.

Solution

The definition of an economic activity is given as "any activity where goods and services are exchanged for money."
The economic activity of consumption involves consumers lending their services in exchange for wages that they then use to purchase goods and services. Thus sale of goods to consumers is an economic activity.
In all the other instances, the person is not being paid for the services they are providing and thus these can not be considered as economic activities.
Question 3
1 / -0

As an economy grows, the share of __________ to the GDP increases.

A
Primary and Secondary Sectors

B
Secondary and Tertiary Sectors

C
Tertiary and Primary Sectors

D
None of the above

Solution

As economy grows, there is a shift in labour force from Primary Sector to Secondary and Tertiary Sectors. As economy progresses, the people tend to work more in the secondary and service sectors of the economy. Workforce of primary sector gradually starts decreasing with the economic development. Hence, there is an increase in demand for goods and services produced by secondary and tertiary sectors. As a result, the share of secondary and tertiary sectors to the GDP increases.
Question 4
1 / -0

Which of the following is not an economic activity?

A
A Son looking after his ailing mother

B
A Chartered Accountable doing his own practice

C
A Soldier serving at the border

D
A Farmer growing Millets

Solution

The definition of an economic activity is given as "any activity where goods and services are exchanged for money."

Since the son looking after his mother is not being paid for his services, nor does he want to, it is not considered an economic activity.

The economic activity of production involves producing goods and services so that they can be sold in the market for fair price. Examples of this includes a farmer growing Millets and a charted accountant doing his own practice.

The economic activity of consumption involves consumers lending their services in exchange for wages that they then use to purchase goods and services. Examples of this includes a solider serving at the border as he or she is being paid by the government for their services to the country.
Question 5
1 / -0

As an economy grows, the share of Primary Sector to the GDP ___________.

A
increases

B
decreases

C
remains constant

D
nothing can be said

Solution

As economy grows, there is a shift in labour force from Primary Sector to Secondary and Tertiary Sectors. As economy progresses, the people tend to work more in the secondary and service sectors of the economy. Workforce of primary sector gradually starts decreasing with the economic development. Hence, there is an increase in demand for goods and services produced by secondary and tertiary sectors. As a result, the share of secondary and tertiary sectors to the GDP increases and the share of primary sector to the GDP decreases.
Question 6
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 7
1 / -0

Vehicle repair, selling of goods like vegetables, fish on head; puncture repairers and others belong to _____________ sector.

A
Organised

B
Unorganised

C
Tertiary

D
None

Solution

Unorganised sector, also known as own account enterprises, refers to all unlicensed, self-employed or unregistered economic activity such as owner manned general stores, handicrafts and handloom workers, rural traders, farmers, puncture repairers, fish on head, etc.
Question 8
1 / -0

As per Indifference Curve Analysis, to maximise his satisfaction, a Consumer will try to _____

A
Remain in the same IC

B
Reduce to lower IC

C
Reach the highest possible IC

D
Reach the Origin point

Solution

Since a higher indifference curve represents a higher level of satisfaction, a consumer will try to reach the highest possible IC to maximize his satisfaction. In order to do so, he has to buy more goods and has to work under the following two constraints: He has to pay the price for the goods and.
Question 9
1 / -0

Which of the following is an economic activity?

A
Listening to music on the radio

B
Teaching one's own son at home

C
Medical Facilities rendered by a Charitable Dispensary

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 medical facilities rendered by a charitable dispensary is thus considered an economic activity as even though the charity may not sell its services, it still costs money to buy all the supplies and pay the staff in charge. They usually obtain the funds for this from donations. Thus since money is still being exchanged for goods and services and thus it must be an economic activity.

Since money is not being exchanged for goods and services in any of the other situations, it is not considered an economic activity.
Question 10
1 / -0

In India, Agriculture contributes nearly _______ of the country's GDP.

A
Less than 10%

B
Nearly 14%

C
Nearly 50%

D
Nearly 75%

Solution

Agriculture is a part of the primary sector of the economy. In India, agriculture contributes nearly 14% of the country's GDP. This sector employs about 50-60% of the Indian population.

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Employment Growth Informational and other Issues test - 22

Result

Employment Growth Informational and other Issues test - 22

Score

-

Rank

-

SHARING IS CARING

Question 1

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

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

Both (a) and (b)

Neither (a) nor (b)

Question 2

Sale of goods to consumers.

Teaching one's own nephew at home.

A Housewife doing household duties.

Watching television.

Solution

Question 3

Primary and Secondary Sectors

Secondary and Tertiary Sectors

Tertiary and Primary Sectors

None of the above

Solution

Question 4

A Son looking after his ailing mother

A Chartered Accountable doing his own practice

A Soldier serving at the border

A Farmer growing Millets

Solution

Question 5

increases

decreases

remains constant

nothing can be said

Solution

Question 6

Playing friendly cricket match

Teaching one's own daughter at home

Manufacturing Chairs at subsidised rate

A Housewife doing household duties

Solution

Question 7

Organised

Unorganised

Tertiary

None

Solution

Question 8

Remain in the same IC

Reduce to lower IC

Reach the highest possible IC

Reach the Origin point

Solution

Question 9

Listening to music on the radio

Teaching one's own son at home

Medical Facilities rendered by a Charitable Dispensary

A Housewife doing household duties

Solution

Question 10

Less than 10%

Nearly 14%

Nearly 50%

Nearly 75%

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.