Commercial Applications
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
Commercial Orgs Intro
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Answer
Statements I and II are correct but II is not an explanation of I
Reason — Both statements are correct descriptions of non-economic activities. Statement I tells us the purpose of non-economic activities (personal satisfaction, not money). Statement II tells us the types of motives involved (social, religious, patriotic, etc.). However, Statement II merely lists parallel characteristics — it does not explain why such activities are undertaken for personal satisfaction. Both are independent facts about non-economic activities.
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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.
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