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All questions of Market as a Social Institution for Humanities/Arts Exam

How many basic classes do capitalists have?
  • a)
    Five
  • b)
    Two 
  • c)
    Three
  • d)
    Four
Correct answer is option 'B'. Can you explain this answer?

Gunjan Lakhani answered
Two basic classes of capitalists are:
1. Who owns the means of production (such as the factories), and workers.
2. Who sells their labour to the capitalists.

Who coined the term status symbol to describe this relationship?
  • a)
    Karl Marx
  • b)
    Hitler
  • c)
    Max Weber 
  • d)
    None
Correct answer is option 'C'. Can you explain this answer?

Rajesh Gupta answered
Think of the advertisements that we see every day on television and roadside hoardings and the meanings that advertisers try to attach to consumer goods in order to sell them. One of the sociology founders, Max Weber, was among the first to point out that people’s goods and use are closely related to their status in society.

What tribe controlled the salt trade during the colonial period?
  • a)
    Suni
  • b)
    Banjaras 
  • c)
    Alvars
  • d)
    None
Correct answer is option 'B'. Can you explain this answer?

Pragati Bajaj answered
Banjaras
The Banjara tribe controlled the salt trade during the colonial period in India. Here is why:

Historical context:
- The Banjaras were known as a nomadic tribe that played a significant role in the transportation of goods across India.
- They were particularly involved in the salt trade, which was a crucial commodity during the colonial period.

Control of salt trade:
- The Banjaras had a well-established network of trade routes that allowed them to transport salt from salt-producing regions to different parts of the country.
- Their expertise in logistics and transportation gave them a competitive edge in controlling the salt trade.

Impact on colonial economy:
- The control of the salt trade by the Banjaras had a significant impact on the colonial economy.
- Their efficient transportation system helped in the distribution of salt to various regions, ensuring its availability and affordability.

Resistance against colonial authorities:
- The Banjaras were also known for their resistance against the colonial authorities who tried to regulate or monopolize the salt trade.
- Their defiance and determination to maintain their control over the trade made them a formidable force during the colonial period.
In conclusion, the Banjaras' control of the salt trade during the colonial period highlights their significance in the economic and social landscape of India at that time.

What are the majority of non-tribals in the Bastar district?
  • a)
    Hindu 
  • b)
    Sikh
  • c)
    Jain
  • d)
    Buddhist
Correct answer is option 'A'. Can you explain this answer?

Majority of Non-Tribals in Bastar District
The majority of non-tribals in the Bastar district are Hindus. This can be attributed to historical and cultural factors that have shaped the demographic composition of the region.

Historical Background
- Bastar district has a long history of Hindu influence, dating back to ancient times.
- The region has been ruled by various Hindu dynasties, such as the Nagvanshi rulers, who have left a lasting impact on the culture and traditions of the area.

Cultural Factors
- The majority of non-tribals in Bastar district have adopted Hinduism as their religion, following the customs and practices associated with it.
- Hindu festivals and rituals are widely celebrated in the region, further solidifying the dominant presence of Hinduism among the non-tribal population.

Socio-Economic Factors
- Many non-tribals in Bastar district belong to communities that have traditionally practiced Hinduism for generations.
- Economic activities and livelihoods in the region are often closely linked to Hindu cultural practices and beliefs, leading to a strong adherence to the religion among the non-tribal population.
In conclusion, the majority of non-tribals in the Bastar district are Hindus, reflecting the historical, cultural, and socio-economic factors that have shaped the religious demographics of the region.

Who do weekly tribal markets attract from outside the local area?
  • a)
    Lawyers
  • b)
    Speculators
  • c)
    Traders 
  • d)
    None
Correct answer is option 'C'. Can you explain this answer?

Arun Yadav answered
They attract traders from outside the local area and moneylenders, entertainers, astrologers, and a host of other specialists offering their services and wares. In hilly and forested areas (mainly inhabited by Adivasis), where settlements are far-flung, roads and communications are poor, and the economy is relatively undeveloped, the weekly market is the primary institution for the exchange of goods as well as for social intercourse. Local people come to the market to sell their agricultural or forest produce to traders, who carry it to resale towns. They buy essentials such as assault and farming implements and consumption items such as bangles and jewellery.

What did traders and moneylenders’ entry from outside the local area lead to?
  • a)
    Impoverishment 
  • b)
    Poverishmen
  • c)
    Destitution
  • d)
    None
Correct answer is option 'A'. Can you explain this answer?

Arun Yadav answered
The entry of traders and moneylenders from outside the local area led to Adivasis’s impoverishment, many of whom lost their land to outsiders. The weekly market as a social institution links between the local tribal economy and the outside. The exploitative economic relationships between Adivasis and others are illustrated by a study of a weekly market in Bastar district.

Who was the most famous of the early political economists?
  • a)
    Newton
  • b)
    William Wordsworth
  • c)
    Adam Smith 
  • d)
    None
Correct answer is option 'C'. Can you explain this answer?

Arun Yadav answered
The most famous of the early political economists were adam smith, who, in his book, the wealth of nations, attempted to understand the market economy that was just emerging at that time.

What is the french term for economic philosophy that means leave alone or let it be?
  • a)
    Free-Market
  • b)
    Laissez
  • c)
    Laissez-Faire 
  • d)
    Liberalism
Correct answer is option 'C'. Can you explain this answer?

Arun Yadav answered
This economic philosophy was also given the name laissez-faire, a french phrase that means leave alone or let it be. Modern economics developed from early thinkers’ ideas such as adam smith and is based on the idea that the economy can be studied as a separate part of society that operates according to its own laws, leaving out the more prominent social or political context in which markets operate.

Economic transformation was thought to have begun only with the advent of what?
  • a)
    Nationalism
  • b)
    Neo-Colonialism
  • c)
    Colonialism 
  • d)
    Oppression
Correct answer is option 'C'. Can you explain this answer?

Arun Yadav answered
Economic transformation was thought to have begun only with the advent of colonialism. Economic transformation was assumed that India consisted of ancient village communities that were relatively self-sufficient and that their economies were organised primarily based on non-market exchange.

In earlier times, human beings were bought and sold as what?
  • a)
    Slaves 
  • b)
    Kings
  • c)
    Culprits
  • d)
    None
Correct answer is option 'A'. Can you explain this answer?

Arun Yadav answered
Human beings themselves were bought and sold as slaves in earlier times, but today it is considered immoral to treat people as commodities.

Who has attempted to develop an alternative way of studying economic institutions and processes within the larger social framework?
  • a)
    Anthropologists
  • b)
    Psychologists
  • c)
    Criminologists
  • d)
    Sociologists 
Correct answer is option 'D'. Can you explain this answer?

Arun Yadav answered
In contrast to this approach, sociologists have attempted to develop an alternative way of studying economic institutions and processes within the larger social framework. Sociologists view markets as social institutions that are constructed in culturally specific ways.

What is an essential instrument of exchange and credit?
  • a)
    Chilo
  • b)
    Hundi 
  • c)
    Hawala
  • d)
    None
Correct answer is option 'B'. Can you explain this answer?

Arun Yadav answered
An important exchange and credit instrument was the hundi, or bill of exchange (like a credit note), which allowed merchants to engage in long-distance trade. Because trade took place primarily within the caste and kinship networks of these communities, a merchant in one part of the country could issue a hundi that would be honoured by a merchant in another place. The Nattukottai Chettiars (or nakarattars) of Tamil Nadu provide an interesting illustration of how these indigenous trading networks were organised and worked.

What did many Marwari families accumulate enough wealth to become?
  • a)
    Moneylenders 
  • b)
    Farmers
  • c)
    Politicians
  • d)
    None
Correct answer is option 'A'. Can you explain this answer?

Arun Yadav answered
Many Marwari families accumulated enough wealth to become moneylenders, and by acting as bankers also helped the commercial expansion of the British in India.

Who was one of the founders of modern sociology?
  • a)
    Aryabhatta
  • b)
    Newton
  • c)
    Karl Marx 
  • d)
    None
Correct answer is option 'C'. Can you explain this answer?

Arun Yadav answered
One of the founders of modern sociology, Karl Marx, was also a critic of modern capitalism. Karl Marx understood capitalism as a system of commodity production, or production for the market, through the use of wage labour.

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