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Question (1)

QN0031708

Which of the following is an example of a person performing both an economic and a non-economic activity?

(A) A doctor treating patients in a hospital only
(B) A student studying for examinations only
(C) A teacher teaching in school and also giving free lessons to poor children on Sundays
(D) A farmer selling vegetables in the market only

Correct Answer: C

Explanation:

Teaching in school earns income (economic), while free teaching is a non-economic activity.

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Question (2)

QN0031709

A carpenter buys wood for ₹850 and sells the finished table for ₹1,350. What is the value added by the carpenter?

(A) ₹350
(B) ₹400
(C) ₹500
(D) ₹2,200

Correct Answer: C

Explanation:

Value added = Selling price − Cost of raw material = ₹1,350 − ₹850 = ₹500.

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Question (3)

QN0031710

Which of the following is not an economic activity?

(A) A lawyer charging a fee for legal advice
(B) A driver transporting goods for payment
(C) A grandmother cooking food for her family without payment
(D) A tailor stitching clothes for customers

Correct Answer: C

Explanation:

Non-economic activities are done without earning money.

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Question (4)

QN0031711

Ritu teaches online classes and charges ₹400 per student every week. She teaches 15 students. How much does she earn in one week?

(A) ₹4,000
(B) ₹5,000
(C) ₹6,000
(D) ₹6,500

Correct Answer: C

Explanation:

15 × ₹400 = ₹6,000.

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Question (5)

QN0031712

A worker receives ₹600 in cash and food grains worth ₹400 for a day's work. What is the total value of payment received?

(A) ₹600
(B) ₹400
(C) ₹800
(D) ₹1,000

Correct Answer: D

Explanation:

Total payment = Cash + Payment in kind = ₹600 + ₹400 = ₹1,000.

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Question (6)

QN0031713

Which of the following best defines payment in kind?

(A) Payment made only through a bank account
(B) Payment received in goods or services instead of cash
(C) Monthly salary paid to employees
(D) Bonus paid during festivals

Correct Answer: B

Explanation:

Payment in kind means receiving goods of equal value instead of money.

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Question (7)

QN0031714

Which situation shows value addition?

(A) Selling raw cotton without any change
(B) Buying vegetables for home use
(C) Turning milk into cheese before selling it
(D) Eating fruits after buying them

Correct Answer: C

Explanation:

Processing a product increases its value.

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Question (8)

QN0031715

A baker spends ₹2,400 on ingredients to bake cakes. He sells all the cakes for ₹3,150. What is the value added?

(A) ₹600
(B) ₹650
(C) ₹700
(D) ₹750

Correct Answer: D

Explanation:

Value added = ₹3,150 − ₹2,400 = ₹750.

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Question (9)

QN0031716

Which type of activity mainly contributes to social welfare rather than income?

(A) Economic activity
(B) Non-economic activity
(C) Commercial activity
(D) Industrial activity

Correct Answer: B

Explanation:

Non-economic activities improve society without earning money.

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Question (10)

QN0031717

Which person is most likely to receive a salary?

(A) A daily wage labourer
(B) A government school teacher
(C) A vegetable vendor
(D) A fruit seller

Correct Answer: B

Explanation:

Salaries are fixed regular payments, usually paid monthly.

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Question (1)

Which of the following is an example of a person performing both an economic and a non-economic activity?

Explanation:

Link:

Question (2)

A carpenter buys wood for ₹850 and sells the finished table for ₹1,350. What is the value added by the carpenter?

Explanation:

Link:

Question (3)

Which of the following is not an economic activity?

Explanation:

Link:

Question (4)

Ritu teaches online classes and charges ₹400 per student every week. She teaches 15 students. How much does she earn in one week?

Explanation:

Link:

Question (5)

A worker receives ₹600 in cash and food grains worth ₹400 for a day's work. What is the total value of payment received?

Explanation:

Link:

Question (6)

Which of the following best defines payment in kind?

Explanation:

Link:

Question (7)

Which situation shows value addition?

Explanation:

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Question (8)

A baker spends ₹2,400 on ingredients to bake cakes. He sells all the cakes for ₹3,150. What is the value added?

Explanation:

Link:

Question (9)

Which type of activity mainly contributes to social welfare rather than income?

Explanation:

Link:

Question (10)

Which person is most likely to receive a salary?

Explanation:

Link:

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