Question : One positive impact of globalization on consumers is:
Option 1: Limited product choices
Option 2: Higher prices of goods and services
Option 3: Access to a wide variety of products
Option 4: Reduced quality of goods and services
Correct Answer: Access to a wide variety of products
Solution : The correct answer is (c) Access to a wide variety of products
One positive impact of globalization on consumers is the access to a wide variety of products. Globalization has expanded trade networks and improved transportation and communication systems, enabling the exchange of goods and services across borders.
Globalization has facilitated the spread of international brands, allowing consumers to enjoy products that were previously unavailable or difficult to obtain locally. It has also contributed to the availability of niche and specialty products that cater to specific consumer preferences and needs.
This increased access to a wide variety of products provides consumers with more choices and the ability to select items that align with their preferences, budgets, and lifestyles. It promotes competition among producers, which can lead to improved product quality, innovation, and competitive pricing.
Question : One positive impact of globalization on education is:
Option 1: Limited access to educational resources
Option 2: Reduction in illiteracy rates
Option 3: Protection of local educational institutions
Option 4: Inhibition of knowledge sharing
Question : One positive impact of globalization on the Indian economy is:
Option 1: Increased job opportunities
Option 2: Decline in foreign direct investment (FDI)
Option 3: Restriction on cross-border trade
Option 4: Limited access to advanced technology
Question : It ensures that goods belong to a particular quality and helps in realising higher prices for higher quality product. Which function of marketing is highlighted in the given statement?
Option 1: Packaging
Option 2: Labelling
Option 3: Standardization
Option 4: Grading
Question : What is the responsibility of consumers under the Consumer Protection Act?
Option 1: Consumers have no responsibilities; only rights
Option 2: Consumers are responsible for ensuring fair trade practices
Option 3: Consumers must report any violation of their rights to the authorities
Option 4: Consumers must pay higher prices for goods and services
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