An industry is best described as
Firm that sells a set of closely related commodities
A factory that produces different lines of product
A group of firms that sells a closely related set of products
Industrial concern that is into production and selling of goods
Correct answer is D
An industry; economic activity concerned with the processing of raw materials and manufacture of goods in factories.
In developing countries, a larger percentage of the labour force is employed in the
Trade sector
Tertiary sector
Primary sector
Secondary sector
Correct answer is C
Primary sector; the sector of the economy concerned with or relating to primary industry. Examples include mining, quarrying, farming, fishing and forestry, all of which produce raw materials that can be processed in to a finished product.
Which of the following best describes token money?
Money in the vaults of commercial banks
Currency and coins in circulation
Money with face value higher than its material content
Coins and notes made of poor quality material
Correct answer is C
Token money; money where the face value of notes or coins is unrelated to the value of the material of which they are composed. In economics, Token money, or Token, is money that has little intrinsic value compared to its face value.
The token is a small amount of money (compared to the market value of theproperty) that has to be paid by the buyer as an indication of serious intent to purchase a property.
In national income accounting, the term ''net'' is used to indicate that a value...........
Includes income of foreigners
Includes income of citizens
Includes depreciation
Excludes depreciation
Correct answer is D
In national income accounting, net national income (NNI) is the gross domestic product plus net receipts of wages, salaries, and property income from abroad, minus the depreciation of fixed capital assets through wear and tear and obsolescence.
NNI = GDP + factor income received from abroad - depreciation of Fixed Capital.
Location of firms of an industry is not influenced by
Availability of raw material
Existence of other firms
Nearness to the source of money supply
Government policy
Correct answer is B
Industrial locations are complex in nature. These are influenced by the availability of many factors. Some of them are: raw material, land, water, labor, capital, power, transport, and market. For ease of convenience, we can classify the location factors into two: geographical factors and non-geographical factors.