Q1. Which of the following is an example of payment in kind?
A: (d) Marigolds given to a farm labour.
Q2. What does the term “money’s worth” refer to?
A: (c) The monetary value placed on an object.
Q3. Which of the following statements are correct?
A:
i) A farmer selling fruits or vegetables in the market is performing an economic activity.
ii) Taking care of your grandparents is a non-economic activity.
iii) A pilot in the Indian Air Force is performing an economic activity.
Q4. Which type of economic activity is involved in building the highway?
A: Secondary activity.
Q5. Assertion (A): The Swachh Bharat Abhiyan aims to keep public places clean through collective efforts.
Reason (R): Swachh Bharat Abhiyan is an individual effort to clean personal homes.
A: A is true, but R is false.
Q6. Assertion (A): The new highway will improve the economy of Kamalpur.
Reason (R): Better roads reduce travel time and improve the movement of people and goods.
A: Both A and R are true, and R is the correct explanation.
Q7. Assertion (A): Economic activities have value in terms of money.
Reason (R): Every economic activity adds value by producing goods or providing services.
A: Both A and R are true, and R is the correct explanation of A.
Q8. Why is payment in kind useful in some situations? Give any two reasons.
A:
- It is useful when cash is not easily available.
- Workers receive useful goods such as food or crops instead of money.
Q9. Explain the difference between salary and wage with one example.
A:
- Salary is a fixed amount paid monthly for regular work (Example: Kavya’s aunt receives a monthly salary for working).
- Wage is paid according to work done (Example: Sahil receives a daily wage for working).