Commercial Applications
Which of the following statements is wrong regarding industry?
(i) Industry includes all those business activities which involve extracting, multiplying, growing, processing, assembling and constructing useful products.
(ii) The term 'industry' refers to a group of firms producing similar or related goods.
(iii) The business enterprises which undertake industrial activities are known as industrial enterprises.
(iv) People who own and control industries are called manufacturers.
- Only (i) is wrong
- Only (ii) is wrong
- (iv) is wrong
- All of them are wrong
Answer
(iv) is wrong
Reason — Statements (i), (ii) and (iii) are correct. Statement (iv) is wrong because people who own and control industries are called industrialists, not manufacturers. As the textbook clearly states, "People who own and control industries are called industrialists."
Related Questions
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
Statement I: Business is regarded as an economic activity.
Statement II: The objective of business activities is to sell the goods and services for profit.
- Both I and II are wrong
- I is correct and II is wrong
- Both I and II are correct but II is not an explanation of I
- Both I and II are correct and II is an explanation of I
Which of the following statements is wrong regarding industry?
(i) Extractive industries are those industries which are concerned with the discovery and extraction of natural resources.
(ii) Genetic industries are those industries which are concerned with reproducing and multiplying plants and animals.
(iii) Manufacturing industries are those industries which are concerned with providing commercial services.
(iv) Industries which employ complex technology and long production cycles are called heavy industries.
- (i) is wrong
- Only (iii) is wrong
- (i), (ii), (iv) are wrong
- None of them
Which of the following hindrances does not arise in the exchange of goods and services?
- Hindrance of production
- Hindrance of time
- Hindrance of risk
- Hindrance of finance