Podcast
Questions and Answers
Which of the following is the primary goal of commerce in economic development?
Which of the following is the primary goal of commerce in economic development?
- Promoting inflation
- Facilitating the exchange of goods and services (correct)
- Increasing consumer prices
- Maximizing government revenue
How does commerce contribute to job creation in an economy?
How does commerce contribute to job creation in an economy?
- By reducing employment opportunities
- By outsourcing jobs to other countries
- By generating employment in various sectors (correct)
- By automating all business processes
Which of the following is not a component of commerce?
Which of the following is not a component of commerce?
- Finance
- Manufacturing (correct)
- Transportation
- Trade
Which type of commerce involves the exchange of goods and services within a country's borders?
Which type of commerce involves the exchange of goods and services within a country's borders?
Which economic concept is closely related to commerce and refers to the overall increase in the production of goods and services?
Which economic concept is closely related to commerce and refers to the overall increase in the production of goods and services?
Study Notes
Commerce and Economic Development
- The primary goal of commerce in economic development is to create wealth and prosperity.
- Commerce contributes to job creation in an economy by providing employment opportunities in various sectors, such as manufacturing, transportation, and marketing.
Components of Commerce
- International commerce involves the exchange of goods and services between different countries.
- Domestic commerce, also known as internal commerce, involves the exchange of goods and services within a country's borders.
Economic Concepts Related to Commerce
- Economic growth, which refers to the overall increase in the production of goods and services, is closely related to commerce.
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Description
Test your knowledge on the fundamentals of accounting and introduction to commerce with this MCQ quiz. Explore topics such as the primary goal of commerce in economic development, facilitating the exchange of goods and services, and more. Perfect for students of B.Com and BBA at Andhra Loyola College.
