Commercial Applications
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.
- Only (i) is correct
- Only (i), (ii) are correct
- (i), (ii) and (iii) are correct
- None of these
Commercial Orgs Intro
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Answer
(i), (ii) and (iii) are correct
Reason — Statements (i), (ii) and (iii) correctly describe economic activities. Statement (iv) is wrong because employment actually means working under an employer for wage or salary (there is an employer-employee relationship and the employee renders services as per the employment agreement). Therefore, option 3 is the correct choice.
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Related Questions
Which of the following is/are characteristics of economic activities?
(i) Economic activities we undertake to earn money income.
(ii) Economics activities help to create wealth.
(iii) Economic activities satisfy basic human needs such as food, clothing and shelter.
(iv) Economic activities serve as the basis for economic development.
- Only (ii)
- (i) and (iii)
- (iv), (ii), (iii)
- All of these
What is the purpose of economic activities?
- These activities are performed only for wage or salary.
- These activities are not expected to create money income.
- These activities are undertaken to earn a living through production and sale of goods and services.
- 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.
- Statements I and II are wrong
- Statement II is correct but I is wrong
- Statements I and II are correct but II is not an explanation of I
- Statements I and II are correct and II is an explanation of I
Which of the following statements is/are correct?
- All business activities involve sale or exchange of goods and services for some consideration.
- Every business enterprise produces or buys goods and services for selling them to others.
- The primary objective of a business is to earn money and acquire wealth.
- All of these