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B Com Exam  >  B Com Test  >  Indian Economy  >  Test: Measures to Control Monopoly in India - 1 - B Com MCQ

Measures to Control Monopoly in India - 1 - Free MCQ Practice Test


MCQ Practice Test & Solutions: Test: Measures to Control Monopoly in India - 1 (11 Questions)

You can prepare effectively for B Com Indian Economy with this dedicated MCQ Practice Test (available with solutions) on the important topic of "Test: Measures to Control Monopoly in India - 1". These 11 questions have been designed by the experts with the latest curriculum of B Com 2026, to help you master the concept.

Test Highlights:

  • - Format: Multiple Choice Questions (MCQ)
  • - Duration: 10 minutes
  • - Number of Questions: 11

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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: 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: 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: 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: 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: 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: 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
Save

What is the concept of 'monopolistic practice'?

Detailed Solution: 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
Save

How does monopoly power impact economic growth and distribution of benefits?

Detailed Solution: 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
Save

Which of the following is NOT mentioned as a negative consequence of monopoly growth?

Detailed Solution: 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
Save

Under which act did the Monopolies and Restrictive Trade Practices Commission come into existence?

Detailed Solution: 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
Save

Which sector is outside the regulatory provisions of restrictive trade practices in India?

Detailed Solution: 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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About this B Com Practice Test

This test contains 11 MCQs on Measures to Control Monopoly in India - 1 with detailed solutions for each question. It is part of the Indian Economy course on EduRev, designed to align with the current B Com syllabus. Each solution explains not just the correct answer but also gives you an understanding of the topic — not just to attempt the question but also help you prepare for the exam with practice.

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If you found this Measures to Control Monopoly in India - 1 MCQ Test helpful, you can further enhance your B Com preparation with in-depth courses on EduRev, for all the subjects and topics available in Indian Economy course. The course offers:
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