Question : Which of the following is not a benefit of entrepreneurship development for society?
Option 1: Economic growth and development
Option 2: Reduction in income inequality
Option 3: Increased competition and market efficiency
Option 4: Increased government control over business activities
Correct Answer: Increased government control over business activities
Solution : The correct answer is (d) Increased government control over business activities.
Entrepreneurship development offers several benefits to society, but increased government control over business activities is not one of them. Increased government control over business activities is incorrect. Entrepreneurship development generally promotes the growth of private enterprise and individual initiative, which may not necessarily align with increased government control. Instead, entrepreneurship often thrives in an environment that fosters innovation, market competition, and a favorable regulatory framework.
In summary, while entrepreneurship development offers economic growth, reduction in income inequality, and increased competition and market efficiency, it does not aim to increase government control over business activities.
Question : Statement 1: Entrepreneurship development leads to increased competition and market efficiency.
Statement 2: New businesses entering the market create choices for consumers and encourage existing firms to improve.
Option 1: Both statements are true.
Option 2: Statement 1 is true, but statement 2 is false.
Option 3: Statement 2 is true, but statement 1 is false.
Option 4: Both statements are false.
Question : A consequence of economic liberalization in India was:
Option 1: Strengthening of labor unions
Option 2: Increased competition in domestic markets
Option 3: Expansion of the public sector
Option 4: Decrease in foreign direct investment
Question : Case Study 5: Benefits of Entrepreneurship Development
ABC Textiles is a textile manufacturing company that has been operating for over two decades. Due to technological advancements, the company faced stiff competition from newer, more efficient manufacturers. The management decided to invest in training their employees in the latest technologies and innovative techniques, resulting in increased productivity and better product quality. Question:
What benefit did ABC Textiles experience by investing in employee training?
Option 1: Increased competition from other manufacturers
Option 2: Decreased productivity
Option 3: Better product quality and increased productivity
Option 4: Loss of market share
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