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

(ii)       Making goods for ones own consumption is termed as:

1. direct production
2.  indirect production
3. self employment
4.  self services

(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

(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

(v)       One of the following is a quality of the retailer:

1. being honest
2.  making payments
3. producing goods
4.  transporting goods

(vi)     A wholesaler obtains goods from:

1. consumers
2.  producers
3.  retailers
4. manufacturers

(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

(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

(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

(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