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Question 1 of 5
1. Question
2 points
1. Consider the following
Fishermen- Primary Sector
Workers in the Match-box Factory- Secondary Sector
Employees of the Call Center- Tertiary Sector
Which of the pairs given above are correctly matched?
Correct
Answer: D
Explanation:
The agricultural and allied sector services are known as the Primary Sector.
The manufacturing sector is known as the Secondary Sector.
The service sector is known as the Tertiary Sector.
Incorrect
Answer: D
Explanation:
The agricultural and allied sector services are known as the Primary Sector.
The manufacturing sector is known as the Secondary Sector.
The service sector is known as the Tertiary Sector.
Question 2 of 5
2. Question
2 points
2. What is/are the advantage/s of Money Exchange in place of the Barter System?
No need for double coincidence of wants.
Convenience in making purchases as per customer requirements.
Ease of computing tax to the government.
Select the correct answer using the code given below:
Correct
Answer: C
Explanation:
The use of money is better than a barter system because of the following reasons:
A person holding money can easily exchange it for any commodity or service that he or she might want.
In barter, it is difficult to find a person who wants to buy what exactly the seller wants to sell. Hence, no double coincidence of wants required
It is very easy to store money with the banking system in practice, but it was not easy to store goods since it increases the maintenance cost.
Transfer of value; we can easily transfer money from one place to another which was not the case when the barter system was in practice.
Government can easily compute the tax.
Incorrect
Answer: C
Explanation:
The use of money is better than a barter system because of the following reasons:
A person holding money can easily exchange it for any commodity or service that he or she might want.
In barter, it is difficult to find a person who wants to buy what exactly the seller wants to sell. Hence, no double coincidence of wants required
It is very easy to store money with the banking system in practice, but it was not easy to store goods since it increases the maintenance cost.
Transfer of value; we can easily transfer money from one place to another which was not the case when the barter system was in practice.
Government can easily compute the tax.
Question 3 of 5
3. Question
2 points
3. Which of the following is/are favourable to Globalisation?
Opening of Oxford Campus in India.
High tax on the car imported from South Korea.
Setting up a call center of Silicon Valley company in Noida.
Select the correct answer using the code given below:
Correct
Answer: B
Explanation:
Globalisation is the process by which the world is becoming increasingly interconnected because of massively increased trade and cultural exchange. Globalisation has increased the production of goods and services.
Second condition ‘Higher tax on importing car’ is not a favourable condition for globalization.
Incorrect
Answer: B
Explanation:
Globalisation is the process by which the world is becoming increasingly interconnected because of massively increased trade and cultural exchange. Globalisation has increased the production of goods and services.
Second condition ‘Higher tax on importing car’ is not a favourable condition for globalization.
Question 4 of 5
4. Question
2 points
4. Regarding the three sectors of the economy, consider the following statements:
In a developing economy, the Primary Sector has the least contribution to GDP, but it employs the most people.
In India, the contribution of the Secondary Sector to the economy has increased during the last 10 years.
The Tertiary Sector contributes the most to the economy of developed countries.
Which of the statements given above are correct?
Correct
Answer: D
Explanation:
All the above statements are correct:
For developing country like India, the Primary Sector (nearly 16% of GDP) has the least contribution to GDP, but it employs the most people.
The contribution of secondary sector to economy has increased from 24% to 29% during the last ten years.
In developed countries like the USA, Canada and Germany, Service Sector contributes the most to the economy of developed countries.
Incorrect
Answer: D
Explanation:
All the above statements are correct:
For developing country like India, the Primary Sector (nearly 16% of GDP) has the least contribution to GDP, but it employs the most people.
The contribution of secondary sector to economy has increased from 24% to 29% during the last ten years.
In developed countries like the USA, Canada and Germany, Service Sector contributes the most to the economy of developed countries.
Question 5 of 5
5. Question
2 points
5. Which of the following is/are the criticism/s of a capitalistic economy?
Goods produced in the capitalistic economy are not distributed among different people according to their needs.
This economy promotes market competition.
Select the correct answer using the code given below:
Correct
Answer: A
Explanation:
Statement 1 is correct but statement 2 is incorrect.
The Second statement is not a criticism of the capitalist economy but a speciality.
Incorrect
Answer: A
Explanation:
Statement 1 is correct but statement 2 is incorrect.
The Second statement is not a criticism of the capitalist economy but a speciality.
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