Tag: consumerism

Quizzes (1) Questions (37)

Questions Related to consumerism

Multiple choice organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

Consumer protection has a moral justification for business.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

True, consumer protection has a moral justification for business. It is the moral duty of every business to protect the interests of its customers. Business organisations must follow ethical values and any form of exploitation of the consumers such as unfair trade practices, adulteration, etc. must be avoided.

Multiple choice organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

Situation in which cost object has any job, customer or product is known as

  1. cost application base

  2. sale application base

  3. price application base

  4. direct application base
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A cost allocation base is a systematic way to link an indirect cost or group of indirect costs to cost objects, such as jobs, products, or customers.

Multiple choice organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

A consumer consuming two goods will be in equilibrium, when the marginal utilities from both goods are ____________________.

  1. Maximum possible positive

  2. Minimum possible positive

  3. Equal

  4. zero
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

According to the law of equi-marginal utility, a consumer is in equilibrium when the ratio of marginal utility to price is equal for all goods consumed.

Multiple choice organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

The desirable method of consumer protection is ___________.

  1. imposition of self regulation and discipline by the manufacturers and traders on themselves

  2. voluntary organisation of consumers

  3. spreading information and awareness regarding different products

  4. government legislation
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The desirable method of consumer protection is imposition of self regulation and discipline by the manufacturers and traders on themselves. It helps to prevent fraudulent practices in the market place. It also promotes fair trade and accurate information in the market.

Multiple choice organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

Which of the following award(s) is/are given every year by Government of India in the field of consumer protection?

  1. Swami Vivekananda National Award on Consumer Protection

  2. Swami Vivekananda National Woman Award on Protection

  3. Swami Vivekananda National Youth Award on Protection

  4. All the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Following awards are given every year by Government of India in the field of consumer protection:a) Swami Vivekananda National Award on Consumer Protection
b) Swami Vivekananda National Woman Award on Protection
c) Swami Vivekananda National Youth Award on Protection
These awards are given in order to uphold the interests and rights of the consumers.
Multiple choice organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

The Consumer Welfare Fund is created in _______.

  1. 1991

  2. 1992

  3. 1999

  4. 1994
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Consumer Welfare Fund is created in 1992.Consumer Welfare Fund is created by The Government of India. This welfare fund is created in order to promote the uphold the consumer's interest. It also addresses unfair practices prevalent in the market place.

Multiple choice organization of commerce and management consumerism the consumer protection act, 1986 consumer protection commerce

What are the basic remedy/remedies for the settlement of disputes? 

  1. Changing the industrial system

  2. Mutual negotiations and consequent settlements

  3. Intervention of a third party

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Dispute settlement can involve various methods including direct negotiation, mediation, arbitration, or litigation, making all the listed options valid approaches.