QUIZ - COMMERCE 8A (Assessment 2)

Modern economics is based on the theory 'Scarcity and Choice'.

Select the incorrect statement about scarcity and choice.

• All goods are scarce in relation to people's desire for them.

• Scarcity refers to the availability of resources while choice refers to people's decisions about sharing and using those resources.

• Scarcity is not a worldwide problem.

Which is not a benefit of the division of labour?

• Increases flexibility of the workforce.

• Increased efficiency of workers.

• Reduced total costs of producing.

An example of a mobile shop.

• Truck carrying toiletries to the supermarket.

• A van selling ice-cream.

• A kiosk in the market.

• A shop selling mobile phones

The definition of a retailer is one who:

• Sells in large quantities

• Sells raw materials.

• Sells goods and services to consumers.

• Sells goods and services to wholesalers.

Select the correct statement.

• A Sri Lankan buying a car from Japan is a visible export.

• International trade decreases the production of goods .

• Imports help the consumers to have a smaller variety of goods.

• With international trade a country can sell its surplus of the products to other countries.

Select the advantage of privatization.

• Creates a divided society.

• Enhanced productivity.

• Higher costs to consumers.

Which of the following is not a characteristic of a public corporation?

• General control is under a minister responsible to parliament.

• Assets are privately owned.

• They are not required to make a profit.

A company that purchases computers is investing in which factor of production

• Capital

• Land

• Labor

• Entrepreneurship

Name of the stock exchange in Sri Lanka

All members of a retail co-operatives have ​ ​ ​ ​ voting rights