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Test: Measures to Control Monopoly in India - 1 - B Com MCQ


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11 Questions MCQ Test - Test: Measures to Control Monopoly in India - 1

Test: Measures to Control Monopoly in India - 1 for B Com 2024 is part of B Com preparation. The Test: Measures to Control Monopoly in India - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Measures to Control Monopoly in India - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Measures to Control Monopoly in India - 1 below.
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Test: Measures to Control Monopoly in India - 1 - Question 1
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What is the concept of 'monopolistic practice'?

Detailed Solution for Test: Measures to Control Monopoly in India - 1 - Question 1
'Monopolistic practice' refers to any action, understanding, or agreement, formal or informal, that individuals with monopoly power engage in to reap the benefits of that power. It encompasses activities that preserve, increase, or consolidate such power.
Test: Measures to Control Monopoly in India - 1 - Question 2
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Which of the following is NOT mentioned as a negative consequence of monopoly growth?

Detailed Solution for Test: Measures to Control Monopoly in India - 1 - Question 2
The text does not mention promotion of competition as a negative consequence of monopoly growth. Instead, it highlights corruption, influencing economic decisions, misdirection of resources, economic disparity, and inequality as the negative consequences.
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Test: Measures to Control Monopoly in India - 1 - Question 3
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How does monopoly power impact economic growth and distribution of benefits?

Detailed Solution for Test: Measures to Control Monopoly in India - 1 - Question 3
Monopoly power can lead to concentrated wealth in the hands of a few, hindering the distribution of benefits and economic growth. The growth of monopolies can result in economic disparity and inequalities, limiting the self-generating potential of widespread economic growth.
Test: Measures to Control Monopoly in India - 1 - Question 4
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Under which act did the Monopolies and Restrictive Trade Practices Commission come into existence?
Detailed Solution for Test: Measures to Control Monopoly in India - 1 - Question 4
The Monopolies and Restrictive Trade Practices Commission was established under the Monopolies Restrictive Trade Practices (MRTP) Act, which was passed in 1970. This act aimed to control and regulate monopolistic and restrictive trade practices in India.
Test: Measures to Control Monopoly in India - 1 - Question 5
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Which sector is outside the regulatory provisions of restrictive trade practices in India?
Detailed Solution for Test: Measures to Control Monopoly in India - 1 - Question 5
In India, the public sector is outside the regulatory provisions of restrictive trade practices. This means that public sector bodies are not subjected to the same regulatory measures as private businesses when it comes to these practices.
Test: Measures to Control Monopoly in India - 1 - Question 6
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According to the Monopolies Inquiry Commission, what were the factors contributing to the growth of monopolies in India?
Detailed Solution for Test: Measures to Control Monopoly in India - 1 - Question 6
The commission identified several factors contributing to the growth of monopolies, including intercorporate investment of funds, interlocking of directors, and economies of scale enjoyed by big businesses. These factors gave them advantages over smaller businesses in terms of financial accommodation and competition.
Test: Measures to Control Monopoly in India - 1 - Question 7
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What is the concept of 'monopolistic practice'?
Detailed Solution for Test: Measures to Control Monopoly in India - 1 - Question 7
'Monopolistic practice' refers to any action, understanding, or agreement, formal or informal, that individuals with monopoly power engage in to reap the benefits of that power. It encompasses activities that preserve, increase, or consolidate such power.
Test: Measures to Control Monopoly in India - 1 - Question 8
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How does monopoly power impact economic growth and distribution of benefits?
Detailed Solution for Test: Measures to Control Monopoly in India - 1 - Question 8
Monopoly power can lead to concentrated wealth in the hands of a few, hindering the distribution of benefits and economic growth. The growth of monopolies can result in economic disparity and inequalities, limiting the self-generating potential of widespread economic growth.
Test: Measures to Control Monopoly in India - 1 - Question 9
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Which of the following is NOT mentioned as a negative consequence of monopoly growth?
Detailed Solution for Test: Measures to Control Monopoly in India - 1 - Question 9
The text does not mention promotion of competition as a negative consequence of monopoly growth. Instead, it highlights corruption, influencing economic decisions, misdirection of resources, economic disparity, and inequality as the negative consequences.
Test: Measures to Control Monopoly in India - 1 - Question 10
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Under which act did the Monopolies and Restrictive Trade Practices Commission come into existence?
Detailed Solution for Test: Measures to Control Monopoly in India - 1 - Question 10
The Monopolies and Restrictive Trade Practices Commission was established under the Monopolies Restrictive Trade Practices (MRTP) Act, which was passed in 1970. This act aimed to control and regulate monopolistic and restrictive trade practices in India.
Test: Measures to Control Monopoly in India - 1 - Question 11
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Which sector is outside the regulatory provisions of restrictive trade practices in India?
Detailed Solution for Test: Measures to Control Monopoly in India - 1 - Question 11
In India, the public sector is outside the regulatory provisions of restrictive trade practices. This means that public sector bodies are not subjected to the same regulatory measures as private businesses when it comes to these practices.
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