Gross Domestic Product is the market value of the ____.

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Gross Domestic Product is the market value of the final goods and services produced in a country in one year.

Dairy farming depends on ____.

Correct! Wrong!

Dairy farming depends on biological processes of animals and availability of fodder.

What factors do MNC's look for before starting operations in any country?

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MNC's look for availability of resources and basic infrastructure before starting operations in any country.

Every production is organised by combining land, labour, physical and human capital, which are known as ____.

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Every production is organised by combining land, labour, physical and human capital, which are known as factors of production.

The economic activity in which goods are produced by exploiting natural resources is called the ____ sector.

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The economic activity in which goods are produced by exploiting natural resources is called primary sector.

____ has been declared the youngest entrepreneur.

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Suhas Gopinath has been declared the youngest entrepreneur. He became the Chief Executive Officer of Global Inc. at the age of 17.

Historically, the colonies of an imperial power served as ____.

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Historically, the colonies of an imperial power served as suppliers of raw material, and markets for their finished products.

Human capital refers to____.

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Human capital refers to the knowledge and expertise of humans.

A loaf of bread is a product from the ____ sector.

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A loaf of bread is a product from the secondary sector.

Which of these is an economic activity?

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Production and distribution of goods and services is an economic activity.

A hospital or a health care centre in a city falls under the ____.

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A hospital or health care centre in a city falls under the tertiary sector.

The process by which goods and services are made available to us is called ____.

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The process by which goods and services are made available to us is called production.

Which country is opposed to the entry of MNC's in its territory?

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Argentina is opposed to the entry of MNC's in its territory.

Apart from the basic requirements, what else do MNC's look for when they set up their factories in a country?

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Apart from the basic requirements, MNC's look for a country with favorable policies when they set up their factories.

____ are required for producing goods and services.

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Land and labour are required for producing goods and services.

____ constitute working capital.

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Raw material and money constitute working capital.

The prime requisite for the production of food grains is ____.

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The prime requisite for the production of food grains is cultivable land.

Identify one of the factors of production that remains stagnant for a long time.

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Land, a part of fixed capital, remains stagnant for a long time.

Which of these was a Europe-based company in India in the past?

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The East India Company was a Europe-based company in India in the past.

MNC's have increased their investments in India over the last ____ years.

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MNC's have increased their investments in India over the last 15 years.

MNC's prefer ____.

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MNC's prefer production spread out over several countries, which enables them to secure more profits.

MNC's select a country to set up factories because of ____.

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MNC's select a country to set up factories because of large markets where they can sell their goods.

The key to the economic development of a country is ____.

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Production of goods and services is the key to the economic development of a country.

Identify the main constituents of fixed capital.

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Tools, machines and buildings all constitute fixed capital.

Economic activities are grouped into ____.

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Economic activities are grouped into sectors.

ICSE Class 9th Economics 1 - Understanding an Economy MCQs
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