61 Adam Smith’s views on the world’s trade can be best understood if one considers them as a reaction to which other prominent economist views?

Ricardo’s views on trade

62 How business can be defined?

Trade, commerce and industry

63 What is the maximum number of partners in a partnership firm?

Twenty (20)

64 For a capital intensive business which form of business organization would be more suitable?

Joint-stock company

65 According to the systems approach, what is a system?

Orderly arrangements of components in a coordinated manner

66 A business has constant and invisible interaction with whom?

External environment

67 What does vertical combination implies?

Integration of enterprises engaged in different stages of production of a particular product

68 What is an indirect tax?

Points of impact and incidence are different

69 Sale tax is an example of which form of taxation?

Indirect tax

70 Henry Fayol is generally regarded as the father of

Modern management