McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: General Knowledge (GK) , Union Public Service Commission (UPSC) .
| 301. |
Who benefits the most during the inflationary period? |
| A. | corporate servants |
| B. | creditors |
| C. | entrepreneurs |
| D. | government servants |
| Answer» C. entrepreneurs | |
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Explanation: Inflation has the effect of redistributing income because prices of all factors do not decline in the same proportion. Entrepreneurs stand to gain more than wage earners or fixed income groups. Speculators, hoarders, black marketers and smugglers gain on account of windfall profits. |
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| 302. |
Pegging up of a currency means, fixing the value of a currency - |
| A. | at a constant level |
| B. | at a lower level |
| C. | at a higher level |
| D. | leaving it to market forces |
| Answer» A. at a constant level | |
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Explanation: Currency pegging is the idea of fixing the exchange rate of a currency by matching its value to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold or silver. A fixed exchange rate is usually used to stabilize the value of a currency, with respect to the.currency or the other valuable it is pegged to. |
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| 303. |
Deficit financing is an instrument of - |
| A. | monetary policy |
| B. | credit policy |
| C. | fiscal policy |
| D. | tax policy |
| Answer» C. fiscal policy | |
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Explanation: In economics, fiscal policy is the use of government revenue collection (taxation) and expenditure (spending) to influence the economy. The two main instruments of fiscal policy are government taxation and expenditure. Deficit financing is defined as financing the budgetary deficit through public loans and creation of new money. Deficit financing in India means the expenditure which in excess of current revenue and public borrowing. |
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| 304. |
Interest on public, debt is part of - |
| A. | Transfer payments by the enterprises |
| B. | Transfer payments by the government. |
| C. | National income |
| D. | Interest payments by households |
| Answer» B. Transfer payments by the government. | |
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Explanation: In economics, a transfer payment (or government transfer or simply transfer) is a redistribution of income in the market system. These payments are considered to be exhaustive because they do not directly absorb resources or create output. Examples of certain transfer payments include welfare (financial aid), social security, and government making subsidies for certain businesses (firms). Government debt is the debt owed by a central government. In the budget, it is listed among the transfer payments by the government. |
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| 305. |
The incidence of Tax refers to - |
| A. | Who pays the Tax? |
| B. | Who bears the burden of Tax? |
| C. | How Taxes can be shifted? |
| D. | Who transfers the Tax burden? |
| Answer» B. Who bears the burden of Tax? | |
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Explanation: In economics, tax incidence is the analysis of the effect of a particular tax on the distribution of economic welfare. Tax incidence is said to "fall' upon the group that ultimately bears the burden of, or ultimately has to pay, the tax. |
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| 306. |
Core Industries are - |
| A. | Basic industries |
| B. | Consumer goods industries |
| C. | Capital goods industries |
| D. | Government industries |
| Answer» A. Basic industries | |
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Explanation: Core Industries are those necessary industries in an economy that are necessary for industrialization of a country. Such industries include Machine tools, chemicals, power, steel, etc. The Planning Commission of India has defined them as industries "involving significant investments or foreign exchange." The Commission indicated that the core sector should include all t he basic strategic and critical industries, and no single criterion such as that of foreign exchange requirements should govern the definition of the core sector. |
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| 307. |
An economic theory is a/an - |
| A. | Axion |
| B. | Proposition |
| C. | Hypothesis |
| D. | Tested hypothesis |
| Answer» B. Proposition | |
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Explanation: A theory is an established explanation that accounts for known facts or phenomenon. Specifically, economic theories ate statements or propositions about patterns of economic behavior under certain circumstances. These theories help us sort out and understand the complexities of economic behavior (Exploring Economics by Robert L. Sexton, p 9). |
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| 308. |
The hypothesis that rapid growth of per capita income will be associated with a reduction in poverty is called - |
| A. | trickle down Hypothesis |
| B. | trickle up hypothesis |
| C. | U shaped hypothesis |
| D. | poverty estimation hypothesis |
| Answer» A. trickle down Hypothesis | |
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Explanation: According to the trickle down hypothesis the rapid growth of per capita income will be associated with a reduction in poverty. In India, this hypothesis has been interpreted to suggest that with growth in agriculture output without radical institution reform will reduce the incidence of poverty in the context of agricultural development in India. |
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| 309. |
Who propounded the 'market law? |
| A. | Adam Smith |
| B. | J.B. Say |
| C. | T.R. Malthus |
| D. | David Recardo |
| Answer» B. J.B. Say | |
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Explanation: Say's law, or the law of market, is an economic principle of classical economics named after the French businessman and economist Jean-Baptiste Say (1767-1832), who stated that "products are paid for with products" and "a glut can take place only when there are too many means of production applied to one kind of product and not enough to another. |
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| 310. |
"he national income consists of a collection of goods and services reduced to common basis by being measured in terms of money,"— Who says this? |
| A. | Samuelson |
| B. | Kuznets |
| C. | Hicks |
| D. | Pigou |
| Answer» C. Hicks | |
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Explanation: British economist John Hicks said that National income is a collection of goods and services reduced to a common basis by being measured in terms of money. Hicks was one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS/LM model (1937), which summarized a Keynesian view of macroeconomics. His bookValue and Capital (1939) significantly extended general-equilibrium and value theory. |
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| 311. |
Gross National Product means - |
| A. | gross value of finished goods |
| B. | money values of the total national production for any given period |
| C. | gross value of raw materials and semi- finished products |
| D. | money value of inputs and outputs |
| Answer» B. money values of the total national production for any given period | |
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Explanation: Gross national product (GNP) is the market/monetary value of all products and services produced in one year by labour and property supplied by the residents of a country. |
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| 312. |
The self-employed in a developing country who are engaged in small scale labour intensive work belong to the - |
| A. | Informal sector |
| B. | Primary sector |
| C. | Secondary sector |
| D. | Tertiary sector |
| Answer» B. Primary sector | |
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Explanation: Such a scenario is seen in the case of primary economic activities such as agriculture in the developing countries like India. Most of the primary activities are labour intensive where the volume of man-power substitutes the lack of technology. Besides, farmers are 'self-employed.' |
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| 313. |
The incomes of Indians working abroad are a part of - |
| A. | domestic income of India |
| B. | income earned from Abroad |
| C. | net domestic product of India |
| D. | gross domestic product of India |
| Answer» C. net domestic product of India | |
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Explanation: Domestic Product is the ross money value of all final goods and services produced in the domestic territory of a country during a year. National Product is the gross money value of all final goods and services produced by the normal residents of a country during a year. It includes net factor income from abroad. |
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| 314. |
Production of a commodity mostly through the natural process is an activity of - |
| A. | Primary Sector |
| B. | Secondary Sector |
| C. | Tertiary Sector |
| D. | Technology Sector |
| Answer» A. Primary Sector | |
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Explanation: The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing, mining, and extraction of oil and gas. |
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| 315. |
Average Fixed Cost Curve is - |
| A. | Upward sloping |
| B. | `U' shaped |
| C. | 'V' shaped |
| D. | Downward sloping |
| Answer» D. Downward sloping | |
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Explanation: The Average Fixed Cost Curve graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. It is relatively high at small quantities of output. |
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| 316. |
In which of the following market forms, a firm does not exercise control over price? |
| A. | Monopoly |
| B. | Perfect competition |
| C. | Oligopoly |
| D. | Monopolistic competition |
| Answer» B. Perfect competition | |
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Explanation: In perfect competition, the existence of a large number of firms producing and selling the product ensures that an individual firm exercises no influence over the price of the product. The output of an individual firm constitutes a very small fraction of the total output of the whole industry so that any increase or decrease in output by an individual firm has a negligible effect on the total supply of product of the industry. As a result, a single firm is not in a position to influence the price of the product by the increasing or reducing its output. |
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| 317. |
Lorenz curve shows - |
| A. | Inflation |
| B. | Unemployment |
| C. | Income distribution |
| D. | Poverty |
| Answer» C. Income distribution | |
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Explanation: In economics, the Lorenz curve is a graphical representation of the distribution of income or of wealth. It was developed by Max O. Lorenz in 1905 for representing inequality of the wealth distribution. On the graph, a straight diagonal line represents perfect equality of wealth distribution; the Lorenz curve lies beneath it, showing the reality of wealth distribution. |
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| 318. |
Which of the following is a tertiary activity? |
| A. | Farming |
| B. | Manufacturing |
| C. | Dairying |
| D. | Trading |
| Answer» D. Trading | |
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Explanation: The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory. The others are the secondary sector (manufacturing), and the primary sector (agriculture). Tertiary activities are service based and give non-tangible value to customers such as provision of services, trading, etc. |
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| 319. |
Sellers market denotes a situation where : |
| A. | commodities are available at competitive rates |
| B. | demand exceeds supply |
| C. | supply exceeds demand |
| D. | supply and demand are evenly balanced |
| Answer» B. demand exceeds supply | |
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Explanation: Seller's market is a market which has more buyers than sellers. High prices result from this excess of demand over supply. The opposite of the seller's market is the buyer's market, where supply greatly exceeds demand. |
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| 320. |
The fixed cost on such factors of production which are neither hired nor bought by the firm is called - |
| A. | social cost |
| B. | opportunity cost |
| C. | economic cost |
| D. | surcharged cost |
| Answer» A. social cost | |
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Explanation: Social cost is defined as a sum of the private cost and external costs. The social cost is generally not borne by an individual. It may be borne by entire society, city or even country. This is not a one-time cost like private cost. This cost is recurrent and it is very difficult to calculate due to the inclusion of external costs. The cost may result from an event, action, or policy changes. Social costs are not calculated whenever a seller sells any product or item to buyer. This cost is added up from the use of that product. |
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| 321. |
Under which market condition do firms have excess capacity? |
| A. | Perfect compettion |
| B. | Monopolistic competition |
| C. | Duopoly |
| D. | Oligopoly |
| Answer» B. Monopolistic competition | |
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Explanation: Unlike a perfectly competitive firm, a monopolistically competitive firm ends up choosing a level of output that is below its minimum efficient scale. When the firm produces below its minimum efficient scale, it is under-utilizing its available resources. In this situation, the firm is said to have excess capacity because it can easily accommodate an increase in product ion. This excess capacity is the major social cost of a mo-nopolistically competitive market structure. |
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| 322. |
Price theory is also known as - |
| A. | Macro Economics |
| B. | Development Economics |
| C. | Public Economics |
| D. | Micro Economics |
| Answer» D. Micro Economics | |
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Explanation: Price theory is also known as micro economics and is concerned with the economic behaviour of individual consumers, producers and resource owners. Prof. Leftwich defines Price Theory as "it is concerned with the flow of goods and services from business firms to consumers, the composition of flow and the evaluation of pricing of the component parts ofthe flow. It is concerned too with the now of productive resources (or their services) from resource owners to business firms with their evaluation and with their allocation among alternative uses." |
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| 323. |
Different firms constituting the industry, produce homogeneous goods under |
| A. | monopoly |
| B. | monopolistic competition |
| C. | oligopoly |
| D. | perfect competition |
| Answer» D. perfect competition | |
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Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market. The products of all firms in the industry are homogeneous and identical. In other words, they are perfect substitutes for one another. |
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| 324. |
Gross Profit means - |
| A. | Total investment over total saving |
| B. | Changes in methods of production |
| C. | Changes in the form of business organisation |
| D. | Total receipts over total expenditure |
| Answer» D. Total receipts over total expenditure | |
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Explanation: In accounting, gross profit or sales profit is the difference between revenue and the cost of making a product or providing a service, before deducting over-head, payroll, taxation, and interest payments. Gross profit = Net sales (total receipts) - Cost of goods sold (total expenditure). |
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| 325. |
Which of the following is not a fixed cost? |
| A. | Salaries of administrative staff |
| B. | Rent of factory building |
| C. | Property taxes |
| D. | Electricity charges |
| Answer» A. Salaries of administrative staff | |
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Explanation: Fixed costs arc business expenses that are not dependent on the level of goods or services produced by the business. They tend to be time-related, such as salaries or rents beingpaid per month, and are often referred to as overhead costs. The salaries of administrative staff are variable costs. |
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| 326. |
Inwhich market structure is the demand curve of the market represented by the demand curve of the firm? |
| A. | Monopoly |
| B. | Oligopoly |
| C. | Duopoly |
| D. | Perfect Competition |
| Answer» A. Monopoly | |
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Explanation: Because the monopolist is the market's only supplier, the demand curve the monopolist faces is the market demand curve. The market demand curve is downward sloping, reflecting the law of demand. The fact that the monopolist faces a downward-sloping demand curve implies that the price a monopolist can expect to receive for its output will not remain constant as the monopolist increases its output. |
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| 327. |
If a firm is operating at loss in the short- period in perfect combination, it should : |
| A. | decrease the production and the price. |
| B. | increase the production and the price |
| C. | continue to operate as long as it covers even the variable costs. |
| D. | shut-down and leave the industry |
| Answer» C. continue to operate as long as it covers even the variable costs. | |
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Explanation: The demand for labour is "derived- from the production and demand for the product being demanded. If the demand for the product increases, either the price will increase or the demand for production labour will increase until the equilibrium price and production numbers are met. Labour is "derived" from the market demand for the product. |
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| 328. |
At "Break-even point", |
| A. | the industry is in equilibrium in the long run. |
| B. | the producers suffers the minimum losses |
| C. | the seller earns maximum profit |
| D. | the firm is at zero-profit point |
| Answer» D. the firm is at zero-profit point | |
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Explanation: The break-even point (BEP) is the point at which cost or expenses and revenue areequal: there is no net loss or gain, and one has "broken even." For businesses, reaching the break-even point is the first major step towards profitability. |
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| 329. |
The internal rate of return - |
| A. | must be less than the interest rate if the firm is to in-vest. |
| B. | makes the present value of profits equal to the present value of costs. |
| C. | falls as the annual yield of an investment rises. |
| D. | is equal to the market interest rate for all the firm's in-vestment. |
| Answer» C. falls as the annual yield of an investment rises. | |
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Explanation: The internal rate of return on an investment or project is the "annualized effective compounded re-turn rate" or discount rate that makes the net present value of all cash flows (both positive and negative) from a particular investment equal to zero. In more specific terms, the IRR of an investment is the interest rate at which the net present value of costs (negative cash flows) of the investment equals the net present value of the benefits (positive cash flows) of the investment. |
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| 330. |
Which of the following occurs when labour productivity rises? |
| A. | The equilibrium nominal wage falls. |
| B. | The equilibrium quantity of labour falls. |
| C. | Competitive firms will be induced to use more capital |
| D. | The labour demand curve shifts to the right |
| Answer» D. The labour demand curve shifts to the right | |
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Explanation: As labour productivity increases, the production function shifts up and simultaneously the labor demand curve shifts out and right. At a given real wage, more workers are hired and output increases. Similarly, as the capital stock increases, the production function shifts up and simultaneously the labor demand curve shifts out and right. |
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| 331. |
Which of the following are consumer semi-durable goods? |
| A. | Cars and television sets |
| B. | Milk and Milk products |
| C. | Foodgrains and other food products |
| D. | Electrical appliance like fans and electric irons. |
| Answer» C. Foodgrains and other food products | |
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Explanation: Goods which are neither indestructible nor lasting are defined as Semi Durable Goods. They fall in the category between Durable Goods and Non Durable Goods. Some common Semi Durable Goods are clothing or preserved foods: vehicles and electronic home appliances are classified as Durable Goods. |
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| 332. |
Which of the following statements is correct? |
| A. | Most workers will work for less than their reservation wage. |
| B. | The reservation wage is the maximum amount any firm will pay for a worker. |
| C. | Economic rent is the difference between the market wage and the reservation wage. |
| D. | Economic rent is the amount one must pay to enter a desirable labour market. |
| Answer» C. Economic rent is the difference between the market wage and the reservation wage. | |
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Explanation: The difference between the actual market wage and the reservation wage is called economic rent. Therefore, the lower a person's reservation wage com-pared to the actual wage, the more rent they receive. While labour supply decisions determine the reservation wage, the employment decisions of firms establish the value of the real wage at which any per-son becomes unemployed (The Goals of Macroeconomic Policy by Martin Prachowny. p. 58). |
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| 333. |
The basic object of all production is to |
| A. | satisfy human wants |
| B. | provide employment |
| C. | make profits |
| D. | increase physical output |
| Answer» A. satisfy human wants | |
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Explanation: According to Adam Smith, consumption is the sole end and purpose of all production. The goal of production is the satisfaction of human desire. All the processes,by which human labor creates goods and services, bring them to the ultimate consumer. |
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| 334. |
The equilibrium of a firm under perfect competition will be determined when - |
| A. | Marginal Revenue > Average Cost |
| B. | Marginal Revenue > Average Revenue |
| C. | Marginal Revenue = Marginal Cost |
| D. | Marginal Cost > Average Cost |
| Answer» C. Marginal Revenue = Marginal Cost | |
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Explanation: 173. (3) When the marginal revenue productivity of a factor is equal to the marginal- cost (MR=MC) of the factor, the firm will be in equilibrium and its profits maxmized. Equilibrium in perfect competition is the point where market demands will be equal to market supply. The condition that price equals both average revenue and marginal revenue (P = AR = MR) is the standard condition for a perfectly competitive firm. |
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| 335. |
Which of the following is an inverted `U' shaped curve? |
| A. | Average cost |
| B. | Marginal cost |
| C. | Total cost |
| D. | Fixed cost |
| Answer» A. Average cost | |
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Explanation: In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. Both the Short-run average total cost curve (SRAC) and Long-run average cost curve (LRAC) curves are typically expressed as U-shaped. However, the shapes of the curves are not due to the same factors. |
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| 336. |
Which one of the following is having elastic demand? |
| A. | Electricity |
| B. | Medicines |
| C. | Rice |
| D. | Match boxes |
| Answer» A. Electricity | |
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Explanation: In economics, the demand elasticity refers to how sensitive the demand for a good is to changes in other economic variables. The demand for those goods having more than one use is said to be elastic. Electricity can beused for a number of purposes like heating, lighting, cooking, cooling etc. If the electricity bill increases people utilize electricity for certain important urgent purpose and if the bill falls people use electricity for a number of other unimportant uses. Thus the demand for electricity is elastic. |
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| 337. |
Same price prevails throughout the market under - |
| A. | perfect competition |
| B. | monopoly |
| C. | monopolistic competition |
| D. | oligopoly |
| Answer» A. perfect competition | |
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Explanation: Under perfect competition, the control over price is completely eliminated because all firms produce homogeneous commodities. This condition ensures that the same price prevails in the market for the same commodity. |
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| 338. |
Selling cost means: |
| A. | Cost of selling a product |
| B. | Cost incurred in transportation |
| C. | Cost Incurred in advertisement |
| D. | Cost Incurred on fact ors of production |
| Answer» C. Cost Incurred in advertisement | |
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Explanation: Selling cost is total cost of marketing, advertising, and selling a product. It differs from the production cost which is incurred to produce goods. Selling cost influences the commercial desire to purchase a commodity. |
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| 339. |
A want becomes a demand only when it is backed by the - |
| A. | Ability to purchase |
| B. | Necessity to buy |
| C. | Desire to buy |
| D. | Utility of the product |
| Answer» A. Ability to purchase | |
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Explanation: Need," "Want," and "Demand" are the three key concepts of marketing. Needs are the basic human requirements. These needsbecome wants when they are directed to specific objects that might satisfy the need, though these wants in themselves are not essential for living. Wants are therefore shaped by one's society and surroundings. The third concept, demands, are wants for specific products backed by an ability to pay. Many people want a luxury car or a weekend break in the Caribbean, but only a few people are willing and able to buy one. |
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| 340. |
"Economics is what it ought to be" - This statement refers to - |
| A. | Normative economics |
| B. | Positive economics |
| C. | Monetary economics |
| D. | Fiscal economics |
| Answer» A. Normative economics | |
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Explanation: Normative economics (as opposed to positive economics) is that part of economics that expresses value judgments (normative judgments) about economic fairness or what the economy ought to be like or what goals of public policy ought to be. It is the study or presentation of "what ought to be" rather than what actually is. Normative economics deals heavily in value judgments and theoretical scenarios. An example of a normative economic statement would be, "We should cut taxes in half to increase disposable income levels". |
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| 341. |
The 'breali-even point' is where - |
| A. | marginal revenue equals marginal cost |
| B. | average revenue equals average cost |
| C. | total revenue equals total cost |
| D. | None of these |
| Answer» B. average revenue equals average cost | |
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Explanation: The break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has "broken even". A profit or a loss has not been made, although opportunity costs have been "paid", and capital has received the risk- adjusted, expected return. |
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| 342. |
One of the essential conditions of Monopolistic competition is - |
| A. | Many buyers but one seller |
| B. | Price discrimination |
| C. | Product differentiation |
| D. | Homogeneous product |
| Answer» C. Product differentiation | |
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Explanation: Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another as goods but not perfect substitutes (such as from branding, quality, or location). In monopolistic competition, a firm takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other firms. In a monopolistically competitive market, firms can behave like monopolies in the short run, including by using market power to generate profit. In the long run, however, other firms enter the market and the benefits of differentiation decrease with competition; the market becomes more like a perfectly competitive one where firms cannot gain economic profit. |
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| 343. |
The General Equilibrium Analysis" was developed by - |
| A. | Marshall |
| B. | Ricardo |
| C. | Walras |
| D. | Adam Smith |
| Answer» C. Walras | |
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Explanation: French economist Leon Walras put forward the General Equilibrium Theory in his pioneering 1874 work 'Elements of Pure Economics'. The theory attempts to explain the functioning of economic markets as a whole, rather than as individual phenomena. It tried to show how and why all free markets tended toward equilibrium in the long run.the place of manufacturer. Formerly called the Central Excise duty, this tax is now known as the Central Value Added Tax (CENVAT). |
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| 344. |
Capital market deals with - |
| A. | Short term fund |
| B. | Long term fund |
| C. | Cash |
| D. | Both long and short term funds |
| Answer» B. Long term fund | |
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Explanation: Capital markets are financial markets for the buying and selling of long-term debt or equity-backed securities. These markets channel the wealth of savers to those who can put it to long-term productive use, such as companies or governments making long-term investments. |
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| 345. |
Debenture holders of a company are its - |
| A. | Shareholders |
| B. | Creditors |
| C. | Debtors |
| D. | Directors |
| Answer» B. Creditors | |
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Explanation: Companies issue debentures instead of shares to extend their business. These debentures are issue to borrow loan from general public; interest is paid on the borrowed money to the debenture holders. So a debenture holder is essentially a creditor who simply gives loan to the company. |
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| 346. |
Excise duty on a commodity is payable with reference to its - |
| A. | production |
| B. | production and sale |
| C. | production and transportations |
| D. | production, transportation and sale |
| Answer» A. production | |
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Explanation: Excise duty is a type of tax charged on goods produced within the country. In India, an excise tax is levied on the manufacturer of goods when those goods leave |
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| 347. |
Compared to the rich the poor save - |
| A. | A larger part of their income |
| B. | An equal part of their income |
| C. | A smaller part of their income |
| D. | All of their incomes |
| Answer» C. A smaller part of their income | |
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Explanation: A "subsistence" or necessary level of consumption produces differences in consumption growth rates across income levels. This implies that poor households have lower saving rates because they cannot "afford to save" after buying the necessities. Institutional and behavioral mechanism also leads to low levels of saving among the poor. |
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| 348. |
One of the main factors that led to rapid expansion of Indian exports is - |
| A. | Imposition of import duties |
| B. | Liberalization of the economy |
| C. | Recession in other countries |
| D. | Diversification of exports |
| Answer» D. Diversification of exports | |
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Explanation: India has rapidly diversified its exports markets from the traditional export partners towards emerging and developing economies. This has played a crucial role in cushioning India's exports growth during the recent years, which has remained fairly steady despite global economic slowdown. The rapid diversification of India's export destinations is encouraging. The widely spreading export markets can be noted from the narrowing dependence on selected economies for exports. |
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| 349. |
The Minimum Wages Act was first passed in India in the year: |
| A. | 1947 |
| B. | 1948 |
| C. | 1950 |
| D. | 1951 |
| Answer» B. 1948 | |
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Explanation: The Minimum Wages Act, 1948 was enacted to safeguard the interests of workers, mostly in the unorganized sector by providing for the fixation of minimum wages in certain specified employments. It binds the employers to pay their workers the minimum wages fixed under the Act from time to time. |
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| 350. |
AGMARK is a guarantee of standard: |
| A. | quality |
| B. | quantity |
| C. | weight |
| D. | size |
| Answer» A. quality | |
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Explanation: The present AGMARK standards cover quality guidelines for 205 different agricultural commodities spanning a variety of Pulses, Cereals, Essential Oils, Vegetable Oils, Fruits & Vegetables, and semiprocessed products. |
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