Which of the following statements is/are correct?

(i) Economic activities are undertaken with the purpose of earning money and acquiring wealth.

(ii) Profession is an occupation involving rendering of expert services for a fee.

(iii) Economic activities involve production and distribution of goods and services.

(iv) Employment does not mean working under an employer for wage or salary.

1. Only (i) is correct
2. Only (i), (ii) are correct
3. (i), (ii) and (iii) are correct
4. None of these

What is the purpose of economic activities?

1. These activities are performed only for wage or salary.
2. These activities are not expected to create money income.
3. These activities are undertaken to earn a living through production and sale of goods and services.
4. These activities do not result in creation of wealth.

Statement I: Non-economic activities are undertaken not for earning money but for personal satisfaction.

Statement II: Non-economic activities involve social, religious, patriotic and non-financial motives.

1. Statements I and II are wrong
2. Statement II is correct but I is wrong
3. Statements I and II are correct but II is not an explanation of I
4. Statements I and II are correct and II is an explanation of I

Which of the following statements is/are correct?

1. All business activities involve sale or exchange of goods and services for some consideration.
2. Every business enterprise produces or buys goods and services for selling them to others.
3. The primary objective of a business is to earn money and acquire wealth.
4. All of these