Fundamentals of Business Activities Test 15

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Fundamentals of Business Activities Test 15

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following can be classified as "internal forces"?

A
Economic forces

B
Changes in employee attitudes, feelings and aspirations

C
Political forces

D
All of above
Question 2
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 3
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 4
1 / -0

In deciding "How to produce", the economy should consider.

A
Labour Intensive Techniques

B
Capital Intensive Techniques

C
Both (a) and (b)

D
Neither (a) nor (b)

Solution

If the question for "How to produce?" is faced by the economy they should consider both labour intensive techniques as well as capital intensive techniques depending upon the available resources in the economy.
Question 5
1 / -0

Economics is a _______ science that explains "what ought to be".

A
positive

B
normative

C
both (a) and (b)

D
neither (a) nor (b)

Solution

A subject as a normative science explains what 'ought to be'. It deals with value judgements and opinions.It does not explain 'what is' the issue. It deals with 'what should have been the issue'.
Question 6
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 7
1 / -0

Convertibility of rupee means _________.

A
determination its own exchange rate in international market

B
conversion of rupee into any foreign currency

C
transfer of funds in international market

D
none of these

Solution

Convertibility of rupees refers to the ability of rupees to be converted into any foreign currency backing with the exchange rate that prevails at the time of conversion.
Question 8
1 / -0

In Economics, Production refers to any economic activity ________________.

A
Which results in creation of a product or service.

B
Which is directed at the satisfaction of human wants

C
Both (a) and (b)

D
Neither (a) nor (b)

Solution

Production is an activity carried out to produce outputs of goods or services which are used for consumption and satisfaction of human wants.
Question 9
1 / -0

In Economics, ................. refers to any economic activity, which is directed towards the satisfaction of human wants.

A
production

B
labour

C
profit

D
economics

Solution

Production is an activity carried out to produce outputs of goods or services which are used for consumption and satisfaction of human wants.
Question 10
1 / -0

The Incentive / Reward in respect of Capital is called ____________.

A
Rent

B
Wages

C
Interest

D
Profit

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Re-Attempt Weekly Quiz Competition

Fundamentals of Business Activities Test 15

Result

Fundamentals of Business Activities Test 15

Score

-

Rank

-

SHARING IS CARING

Question 1

Economic forces

Changes in employee attitudes, feelings and aspirations

Political forces

All of above

Question 2

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 3

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 4

Labour Intensive Techniques

Capital Intensive Techniques

Both (a) and (b)

Neither (a) nor (b)

Solution

Question 5

positive

normative

both (a) and (b)

neither (a) nor (b)

Solution

Question 6

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

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

Both (a) and (b)

Neither (a) nor (b)

Question 7

determination its own exchange rate in international market

conversion of rupee into any foreign currency

transfer of funds in international market

none of these

Solution

Question 8

Which results in creation of a product or service.

Which is directed at the satisfaction of human wants

Both (a) and (b)

Neither (a) nor (b)

Solution

Question 9

production

labour

profit

economics

Solution

Question 10

Rent

Wages

Interest

Profit

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