
Unit 1: Understanding Business Activity
Authored by Mr. Bijumon P K Kuzhivilayil
Other
11th Grade
Used 3+ times

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51 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are needs in the context of business activity?
Essential requirements for operation and growth
Optional desires for luxury and comfort
Unnecessary expenses
Irrelevant factors
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define 'scarcity' in economic terms.
Scarcity refers to the limited nature of society's resources.
Scarcity is the abundance of resources in an economy.
Scarcity is the unlimited availability of resources.
Scarcity is the economic term for surplus.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
List the factors of production
Land, Labor, Capital, Entrepreneurship
Land, Labor, Money, Management
Resources, Labor, Capital, Innovation
Land, Workforce, Capital, Technology
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for calculating added value?
Selling Price - Cost Price
Cost Price + Profit
Selling Price + Cost Price
Profit - Cost Price
5.
OPEN ENDED QUESTION
3 mins • 1 pt
Which sector uses the earth's natural resources to produce raw materials for other businesses?
Evaluate responses using AI:
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6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the importance of specialization in business?
It allows businesses to focus on their core competencies and improve efficiency.
It leads to a decrease in product quality.
It increases the number of employees needed.
It reduces the need for market research.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the advantages of specialization according to the text?
Increased efficiency and productivity
Decreased quality of work
Higher costs
Reduced innovation
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