Commerce
Question : Comprehension: In the following passage, some words have been deleted. Read the passage carefully and select the most appropriate option to fill in each blank. Ancient coins are a fascinating (1)________ into the past, providing insight into the culture, economy, and politics of ancient civilizations. Coins were first invented in the 7th century BCE, and the use of coins spread rapidly throughout the ancient world, and many civilizations minted their own unique coins with (2)________ designs and symbols. One of the most significant aspects of ancient coins is the information they provide. Coins often bear the images and inscriptions of rulers, which can provide clues about their (3)________ and the values they held. They can also reveal information about trade and commerce, as well as the materials and technology used in coin minting. The craftsmanship and attention to detail in these coins are a (4)_________ to the skill and creativity of ancient artists. While many ancient coins are now rare and valuable collector's items, they were once a common form of currency used in everyday transactions. Their ubiquity and durability have allowed them to survive for centuries, providing a window into the past for future generations to explore and (5)________. Select the most appropriate option to fill in the blank 3.
Option 1: nature
Option 2: reign
Option 3: performance
Option 4: inactivity
Correct Answer: reign
Solution : The correct choice is the second option.
Reign refers to the period during which a ruler rules. In this context, the inscriptions and images of rulers on ancient coins provide clues about their reigns, shedding light on their leadership and the values they upheld.
The meanings of the other options are as follows:
Question : Case Study 14:
ABC Ltd. is a startup in the e-commerce industry looking to expand its product offerings.
Question :
To raise short-term funds for marketing its expanded product range, which money market instrument might ABC Ltd. use?
Option 1: Debenture
Option 2: Call money
Option 3: Corporate bond
Option 4: Equity share
Correct Answer: Call money
Solution : The correct answer is (b) Call money
To raise short-term funds for marketing its expanded product range, ABC Ltd. might consider using call money. Call money is a short-term finance option borrowed or lent in the interbank market for very short durations, usually overnight. It's often used for short-term funding needs and would be suitable for supporting marketing initiatives for the newly expanded product offerings.
Question : Who among the following is the President of the apex industry body ASSOCHAM (The Associated Chambers of Commerce and Industry of India) as of December 2020?
Option 1: J. K. Mittal
Option 2: Niranjan Hiranandani
Option 3: Uday Shankar
Option 4: Vineet Agarwal
Correct Answer: Vineet Agarwal
Solution : The correct option is Vineet Agarwal.
As of 2020, Vineet Agarwal held the position of the President of the apex industry body ASSOCHAM (The Associated Chambers of Commerce and Industry of India). Vineet Agarwal replaced Niranjan Hiranandani, Co-Founder and Managing Director, of the Hiranandani Group of Companies.
Question : The Minimum Support Price (MSP) for agricultural produce in India is announced by which organization?
Option 1: Reserve Bank of India (RBI)
Option 2: Ministry of Agriculture
Option 3: Food Corporation of India (FCI)
Option 4: Ministry of Commerce and Industry
Correct Answer: Ministry of Agriculture
Solution : The correct answer is (b) Ministry of Agriculture.
The Ministry of Agriculture, under the Government of India, is responsible for formulating and implementing policies and programs related to agriculture, including the determination of Minimum Support Prices.
The Minimum Support Price (MSP) is the price at which the government procures agricultural commodities from farmers to ensure a fair and remunerative price for their produce. The MSP serves as a safety net for farmers, protecting them from market fluctuations and ensuring a minimum level of income for their crops.
The MSP announcement plays a crucial role in agricultural marketing and provides farmers with an assurance of a minimum price for their produce. It aims to incentivize agricultural production, ensure food security, and improve the economic well-being of farmers.
Question : Assertion: The consumer protection act 2019 is only applicable on e-commerce firms.
Reason: The consumer protection act 2019 extends to the whole of India.
Option 1: Both the assertion and the reason are correct, and the reason is the correct explanation of the assertion.
Option 2: Both the assertion and the reason are correct, but the reason is not the correct explanation of the assertion.
Option 3: The assertion is correct, but the reason is incorrect.
Option 4: The assertion is incorrect, but the reason is correct.
Correct Answer: The assertion is incorrect, but the reason is correct.
Solution : The correct answer is The correct answer is (d) The assertion is incorrect, but the reason is correct.
The assertion is incorrect. The Consumer Protection Act, 2019, is not limited to e-commerce firms. It is a comprehensive piece of legislation that applies to a wide range of consumer-related issues and covers all types of sellers and service providers, including both online and offline businesses.
The reason is correct. The Consumer Protection Act, 2019, is a national law that extends to the entire country of India.
Question : The Foreign Trade Policy of India is formulated by which organization?
Option 2: Ministry of Commerce and Industry
Option 3: Ministry of Finance
Option 4: Department of Industrial Policy and Promotion (DIPP)
Correct Answer: Ministry of Commerce and Industry
Solution : The correct answer is (b) Ministry of Commerce and Industry.
The Ministry of Commerce and Industry is responsible for formulating and implementing the foreign trade policy of India. The ministry plays a crucial role in shaping the country's trade and commerce activities, both domestically and internationally.
The Ministry of Commerce and Industry, in collaboration with various departments and agencies, develops the FTP after considering inputs from stakeholders, industry associations, and trade experts. The policy is periodically revised to align with changing global trade dynamics, economic priorities, and the overall development goals of the country.
Question : A city primarily serving as a gateway for international trade and commerce would be classified as a:
Option 1: Trade city
Option 2: Industrial city
Option 3: University town
Option 4: Heritage city
Correct Answer: Trade city
Solution : Correct Option: Option 1 Explanation: A trade city is an urban settlement that serves as a gateway for international trade and commerce, often hosting major ports, trade centers, and commercial activities.
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