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Fundamentals of Business Activities Test 3

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Fundamentals of Business Activities Test 3
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Manufacturing industries are part of which activity?
    Solution

    All the manufacturing, processing, and construction activities are part of the secondary sector. 

  • Question 2
    1 / -0
    This economist termed continuous exploitation of economic resources as "Economic drain".
    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 3
    1 / -0
    Which of the following is an economic activity?
    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 4
    1 / -0
    Economic presence of the government in social realm is found under __________________.
    Solution
    The principle have been inspired by the Directive Principles given in the Constitution of Ireland and also by the principles of Gandhism; and relate to social justice, economic welfare, foreign policy, and legal and administrative matters.
  • Question 5
    1 / -0
    Which condition is not found in perfect competition?
    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. 

  • Question 6
    1 / -0
    Centralised planning was first adopted in the economy of _____.
    Solution

    A process of centralised planning was introduced in Russia as the Russian economy had suffered losses in the civil war. There were targets set for five years to develop the economy. These were the five years long plans that boosted the economy and industrial growth in Russia.

  • Question 7
    1 / -0
    Which is not a part of new economic reforms in India?
    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 8
    1 / -0
    To buy a book from the market by giving money is called _____.
    Solution

    A supply method of issuing serviceable material in exchange for unserviceable material on an item-for-item basis is also called direct exchange. 

  • Question 9
    1 / -0
    Which one of the following is an economic activity?
    Solution
    Any human activity which is performed in exchange for money or worth of that money is called an economic activity. In other words, economic activities are those efforts which are undertaken by human being to earn an income. Economic activities result in the production of goods and / or services. People work because they look forward to getting a return, i.e. getting an income for doing it. They then use this money to buy other goods and services to satisfy their wants and lead a good quality of life. So working at home and working outside to get an income makes the difference as they move out of home for income.
  • Question 10
    1 / -0
    Which one of the following is a non-economic activity?
    Solution

     Activities which are undertaken to satisfy social, religious cultural and sentimental requirements are called non-economic activities. A mother cooking for her family is the example of non-economic activities.

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