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Consider the following statements.
1. Market activities involve remuneration to anyone who performs for pay or profit
2. Non-market activities are the production for self-consumption.
3. Market activities include production of goods or services, including government service
4. Non market activities include consumption and processing of primary product and own account production of fixed assets
Which of these statements are correct?
- a)1 and 2 Only
- b)All of them
- c)1, 3 and 4 only
- d)3 and 4 Only
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Consider the following statements. 1. Market activities involve remun...
- Economic activities have two parts — market activities and non-market activities. Market activities involve remuneration to anyone who performs i.e., activity performed for pay or profit. These include production of goods or services, including government service.
- Non-market activities are the production for self consumption. These can be consumption and processing of primary product and own account production of fixed assets.
Most Upvoted Answer
Consider the following statements. 1. Market activities involve remun...
The correct answer is option 'B', which means all of the statements are correct.
Let's analyze each statement to understand why they are correct:
1. Market activities involve remuneration to anyone who performs for pay or profit:
- This statement is correct because market activities refer to economic activities that involve the exchange of goods, services, or resources for monetary compensation. In a market economy, individuals and organizations engage in market activities to earn income and make a profit.
2. Non-market activities are the production for self-consumption:
- This statement is correct because non-market activities refer to economic activities that are not performed for monetary compensation. Instead, they are usually undertaken for personal use or self-consumption. For example, individuals who grow vegetables in their backyard for their own consumption are engaged in non-market activities.
3. Market activities include the production of goods or services, including government service:
- This statement is correct because market activities encompass the production of goods and services that are exchanged in the market. It includes not only the production by private businesses but also the production of goods and services by the government, which are often provided in exchange for payment, such as taxes or fees.
4. Non-market activities include consumption and processing of primary products and own account production of fixed assets:
- This statement is correct because non-market activities involve activities that do not involve market transactions. It includes activities such as consumption of goods and services for personal use, processing of primary products (e.g., a farmer processing his own crops), and the production of fixed assets for personal use (e.g., building a house for personal residence).
In conclusion, all of the statements are correct. Market activities involve remuneration, while non-market activities are performed for self-consumption. Market activities include the production of goods and services, including government services, while non-market activities include consumption, processing of primary products, and own account production of fixed assets.
Let's analyze each statement to understand why they are correct:
1. Market activities involve remuneration to anyone who performs for pay or profit:
- This statement is correct because market activities refer to economic activities that involve the exchange of goods, services, or resources for monetary compensation. In a market economy, individuals and organizations engage in market activities to earn income and make a profit.
2. Non-market activities are the production for self-consumption:
- This statement is correct because non-market activities refer to economic activities that are not performed for monetary compensation. Instead, they are usually undertaken for personal use or self-consumption. For example, individuals who grow vegetables in their backyard for their own consumption are engaged in non-market activities.
3. Market activities include the production of goods or services, including government service:
- This statement is correct because market activities encompass the production of goods and services that are exchanged in the market. It includes not only the production by private businesses but also the production of goods and services by the government, which are often provided in exchange for payment, such as taxes or fees.
4. Non-market activities include consumption and processing of primary products and own account production of fixed assets:
- This statement is correct because non-market activities involve activities that do not involve market transactions. It includes activities such as consumption of goods and services for personal use, processing of primary products (e.g., a farmer processing his own crops), and the production of fixed assets for personal use (e.g., building a house for personal residence).
In conclusion, all of the statements are correct. Market activities involve remuneration, while non-market activities are performed for self-consumption. Market activities include the production of goods and services, including government services, while non-market activities include consumption, processing of primary products, and own account production of fixed assets.
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Consider the following statements. 1. Market activities involve remuneration to anyone who performs for pay or profit2. Non-market activities are the production for self-consumption.3. Market activities include production of goods or services, including government service4. Non market activities include consumption and processing of primary product and own account production of fixed assetsWhich of these statements are correct?a) 1 and 2 Onlyb) All of themc) 1, 3 and 4 onlyd) 3 and 4 OnlyCorrect answer is option 'B'. Can you explain this answer?
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Consider the following statements. 1. Market activities involve remuneration to anyone who performs for pay or profit2. Non-market activities are the production for self-consumption.3. Market activities include production of goods or services, including government service4. Non market activities include consumption and processing of primary product and own account production of fixed assetsWhich of these statements are correct?a) 1 and 2 Onlyb) All of themc) 1, 3 and 4 onlyd) 3 and 4 OnlyCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements. 1. Market activities involve remuneration to anyone who performs for pay or profit2. Non-market activities are the production for self-consumption.3. Market activities include production of goods or services, including government service4. Non market activities include consumption and processing of primary product and own account production of fixed assetsWhich of these statements are correct?a) 1 and 2 Onlyb) All of themc) 1, 3 and 4 onlyd) 3 and 4 OnlyCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements. 1. Market activities involve remuneration to anyone who performs for pay or profit2. Non-market activities are the production for self-consumption.3. Market activities include production of goods or services, including government service4. Non market activities include consumption and processing of primary product and own account production of fixed assetsWhich of these statements are correct?a) 1 and 2 Onlyb) All of themc) 1, 3 and 4 onlyd) 3 and 4 OnlyCorrect answer is option 'B'. Can you explain this answer?.
Consider the following statements. 1. Market activities involve remuneration to anyone who performs for pay or profit2. Non-market activities are the production for self-consumption.3. Market activities include production of goods or services, including government service4. Non market activities include consumption and processing of primary product and own account production of fixed assetsWhich of these statements are correct?a) 1 and 2 Onlyb) All of themc) 1, 3 and 4 onlyd) 3 and 4 OnlyCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements. 1. Market activities involve remuneration to anyone who performs for pay or profit2. Non-market activities are the production for self-consumption.3. Market activities include production of goods or services, including government service4. Non market activities include consumption and processing of primary product and own account production of fixed assetsWhich of these statements are correct?a) 1 and 2 Onlyb) All of themc) 1, 3 and 4 onlyd) 3 and 4 OnlyCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements. 1. Market activities involve remuneration to anyone who performs for pay or profit2. Non-market activities are the production for self-consumption.3. Market activities include production of goods or services, including government service4. Non market activities include consumption and processing of primary product and own account production of fixed assetsWhich of these statements are correct?a) 1 and 2 Onlyb) All of themc) 1, 3 and 4 onlyd) 3 and 4 OnlyCorrect answer is option 'B'. Can you explain this answer?.
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