What is the economic significance of a market?

It is a place for social gatherings

It is where goods and services are exchanged for money

It is used for recreational activities

Which activity is an example of economic value creation?

Volunteering at a local shelter

Why are non-economic activities valuable even though they do not generate income?

They contribute to social welfare and personal wellbeing

They involve monetary transactions

They create commercial products

Which of the following is a characteristic of economic activities?

Done without expectation of payment

Involve generating income or monetary value

Done for personal satisfaction only

How do economic activities contribute to society?

By generating income and creating jobs

By promoting leisure activities

What is an example of a non-economic activity that has social value?

Teaching children in a school for a fee

Organizing a neighborhood clean-up drive

Which of the following illustrates the concept of payment in kind?

Receiving goods or services instead of cash for work performed

Volunteering for community service

Why are activities like cooking food for the family considered non-economic?

They involve monetary transactions

They are done out of love and care without monetary gain

They create commercial products

What is the role of a market in economic activities?

It is a place for social interactions

It facilitates the exchange of goods and services for money

It is used for recreational purposes

It serves as a community center

The Value of Work - 2 Free MCQ Practice Test with Solutions

	Social Studies (SST) Class 6 66 videos\|386 docs\|80 tests

	Social Studies (SST) Class 6 66 videos\|386 docs\|80 tests

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