The main purpose of Commerce is to bridge the gap between:

  1. producers and consumers
  2.  retailers and consumers
  3. manufactures and wholesalers 
  4.  wholesalers and retailers
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(ii)       Making goods for ones own consumption is termed as:

  1. direct production
  2.  indirect production
  3. self employment
  4.  self services
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(iii)     If a small change in price brings about a greater change in quantity demanded, then the price elasticity of demand is said to be:

  1. constant
  2. elastic
  3.  inelastic 
  4.  unitary
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(iv)     When there is an increase in supply, the supply curve always:

  1.  remains constant
  2.  shifts from left to right
  3.  shifts from right to left 
  4.  shifts upward
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(v)       One of the following is a quality of the retailer:

  1. being honest
  2.  making payments
  3. producing goods
  4.  transporting goods
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(vi)     A wholesaler obtains goods from:

  1. consumers
  2.  producers
  3.  retailers
  4. manufacturers
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(vii)   A bonded warehouse is used to store:

  1.  goods against theft
  2.  goods which are dangerous or inflammable
  3. imported goods of a particular manufacturer only 
  4.  imported good till duty is paid on them
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(viii)Domestic trade involves:

  1. buying goods within the country
  2. selling goods within the country
  3.  buying and selling goods within the country
  4. buying and selling goods with other countries
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(ix)     The cost of production which changes as the output changes is called:

  1.  Average cost
  2. Fixed cost
  3. Total cost
  4.  Variable cost
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(x)      Breaking the bulk means:

  1.  cutting down large quantities into small lots
  2. cutting down small quantities into large ones
  3. giving cash discount
  4. raising prices of commodities
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