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Which of the following most closely approximates our definition of oligopoly?

history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

  1. The cigarette industry

  2. The barber shops

  3. The gasoline stations

  4. Wheat farmers

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Correct Option: A
Explanation:

An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists). Because there are few sellers, each oligopolist is likely to be aware of the actions of the others. The decisions of one firm influence, and are influenced by, the decisions of other firms. Business that are part of an oligopoly, share some common characteristics: they are less concentrated than in a monopoly, but more concentrated than in a competitive system. This creates a high amount of interdependence which encourages competition in non-price-related areas, like advertising and packaging. The tobacco companies, soft drink companies, and airlines are examples of an imperfect oligopoly.

Which one of the following is not a element of Industrial policy of India since 1991 ?

history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

  1. Removal of entry barriers

  2. Reservation of areas reserved exclusively for the public sector

  3. Public sector monopoly for power development

  4. Liberalisation for foreign investment policy

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Correct Option: C
Explanation:

Removal of entry barriers , public sector monopoly for power development and liberation of foreign investment policy were the main elements of industrial policy of India since 1991.

Match list I with list II

List I List II
(A) IBRD (1) Balance of payment Deficit 
(B) International DevelopmentAssociation (2) Lending to private enterprise
(C) International Finance Corporation (3) Building infrastructure
(D) IMF (4) Soft loan window

 

history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

  1. A-3; B-4; C-2; D-1

  2. A-3; B-1; C-4; D-2

  3. A-3; B-4; C-1; D-2

  4. A-4; B-3; C-2; D-1

Show answer
Correct Option: B