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CBSE Questions for Class 12 Commerce Business Studies Business Environment Quiz 3 - MCQExams.com
CBSE
Class 12 Commerce Business Studies
Business Environment
Quiz 3
The actual economic liberalization process began during _________.
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1970's
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1980's
0%
1990's
0%
1960's
The government has decided to replace the MRTP Act by a new competition law on the recommendations of the _____________.
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Raghavan Committee
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Sivaraman Committee
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Narasimhan Committee
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Wanchoo Committee
The business environmental factors are _________.
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static
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dynamic
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both (A) and (B)
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none of these
Explanation
Business environment is a mixture of many factors and changes in some or the other factors continue to take place. Therefore, it is said that business environment is dynamic.
The term industrial policy refers to ___________.
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the Government's policy towards industries their establishment, functioning, growth and management
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the Government's policy towards industrialization of a country
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government policy of industry
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government control on industry
Inflation is defined as __________.
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persistent rise in general price level
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fall in general price level
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fall in the value of money
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purchasing power of consumer
The Gold Deposit Scheme was announced in the budget of _______.
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1990-91
0%
1995-96
0%
1999-2000
0%
2000-01
The MRTP act came into force from _______.
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1st June, 1969
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1st June, 1970
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1st May, 1971
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1st May, 1975
Explanation
The MRTP bill was passed in 1969, and the MRTP Act India went into effect on June 1, 1970.
It ensures that the operation of the economic system does not result in the concentration of economic power in the hands of a few people, and it provides for monopoly control.
Hence b is the correct answer.
Economic and industrial liberalization was announced in the _________.
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Industrial policy resolution, 1948
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Industrial policy resolution, 1956
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Industrial policy statement, 1977
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Industrial policy, 1991
Explanation
Economic and industrial liberalization was announced in the Industrial policy, 1991. It helped to create a more free and competitive environment in the market. It also enhanced the interaction and interdependence among the various nations of the global economy.
Hence, option (D) is the correct answer.
The non-controllable factors are referred to as _________.
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External factors
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Decision on a brand name
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Internal factors
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All of the above
Explanation
A business operates in a dynamic environment which changes every then and now. The business of a company is affected by two factor: internal and external.
Internal factors are those which took place inside the company and can be controlled through managerial actions whereas external factors are those which operates outside a business and which cannot be controlled by the managerial actions in the company. Example- change in government licensing policy.
Long-term 5 year fiscal policy was first announced in the year _____.
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1985
0%
1986
0%
1987
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1988
The first industrial policy resolution was issued by the Government of India in __________.
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1947
0%
1948
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1949
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1950
The MRTP act was introduced in _____________.
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1968
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1969
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1970
0%
1971
India's trade policy was ________.
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Outward-oriented
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Inward-oriented
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Growth-oriented
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Profit-oriented
Explanation
Inward oriented
strategy is the
trade
strategy adopted by a country to restrict international
trade
. Import restriction and import are the two components of
inward oriented
strategy. Import restriction is limiting imports by imposing high tariff etc.
A perspective plan is a _________.
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Very-short-term plan
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Short-term plan
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Long-term plan
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Medium-term plan
Consider the following statements.
(a) Trade policies are classified as outward-oriented and inward oriented.
(b)Trade policy is an important factor in the economic environment of business.
Choose the correct answer from the options below.
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Both (a) and (b) are true
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Both (a) and (b) are false
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(a) is true, but (b) is false
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(a) is false, but (b) is true
The technology policy statement released in
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1982
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1983
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1984
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1985
Explanation
The Government of Asian country (INDIA) publicized its technology policy as the Technology Policy Statement-1983. It had been a national vision document that recognized the role and importance of technology within the economic process of the country. Developed countries refused to transfer technology in key areas of economic development.
The 20 point programme was announced in the year _____.
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1975
0%
1972
0%
1969
0%
1976
Explanation
The Twenty Point Programme was launched by the Government of India in the year of 1975. The Twenty point programme is a package of poverty alleviation and improvement in quality of life. The Programme was first revised in 1982 and again in 1986.
A rolling plan is a __________.
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Plan where there is no fixation of dates
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Circle plan
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Future plan
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Performance plan
Explanation
Rolling plan can be defined as the plan where there is no fixation of dates in respect of commencement and end of the plan. Rolling plan was introduced by Prof. Myrdal. The main advantage of rolling plan is that they are very flexible and are able to overcome the rigidity by mending targets and objectives.
The 20-point programme was restructured in __________.
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1978 and 1979
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1982 and 1986
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1980 and 1985
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1990 and 1993
Explanation
The Programme was first restructured in 1982 and again in 1986. The Twenty point programme is a package of poverty alleviation and improvement in quality of life. The Twenty Point Programme was launched by the Government of India in the year of 1975.
A perspective plan covers a period of __________.
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20 to 25 years
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Upto one year
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1 to 5 years
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1 to 7 years
Explanation
A perspective plan covers a period of 20 to 25years. Broader objectives of the organization can be achieved because of perspective plan. Perspective plan is referred as a long running plan which involves long time period.
The Twenty point programme is a package of _________.
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poverty alleviation and improvement in quality of life
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rural development and agricultural development
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agricultural and industrial development
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land reform measures and rural development
Explanation
The Twenty point programme is a package of poverty alleviation and improvement in quality of life. The Twenty Point Programme was launched by the Government of India in the year of 1975. The Programme was first revised in 1982 and again in 1986.
The objective of economic planning is _________.
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maximum social welfare
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removing regional disparities
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reducing inequality of income and wealth
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national Security
Explanation
The objective of economic planning is maximum social welfare. Economic planning is often regarded as a mechanism for proper allocation of resources in an efficient manner. Economic planning helps to achieve consistency among different economic objectives.
Economic Planning means a country's _______.
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economic development
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social development
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both (A) and (B)
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none of these
Explanation
Economic Planning means a country's both economic development and social development. The objective of economic planning is maximum social welfare. Economic planning is often regarded as a mechanism for proper allocation of resources in an efficient manner. Economic planning helps to achieve consistency among different economic objectives.
Rolling plan was introduced by ___________.
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V.P. Singh
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Prof. Myrdal
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Manmohan Singh
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P. Chidamparam
Explanation
Rolling plan was introduced by Prof. Myrdal. A rolling plan can be defined as a plan where there is no fixation of dates in respect of commencement and end of the plan. The main advantage of rolling plans is that they are very flexible and are able to overcome rigidity by mending targets and objectives.
The main advantage of the rolling plans is that they are flexible and are able to overcome rigidity.
Human Development as its main locus in the __________.
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Eighth plan
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Nineth plan
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Seventh plan
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Tenth plan
Explanation
Human Development as its main locus in the eighth plan. Eighth plan focuses on overall human development. Human development can be defined as the process of advancing human well being.
Democratic Planning is adopted in _________.
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Capialist economy
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Socialist economy
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Mixed-economy
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Facist economy
Explanation
Democratic planning is adopted in mixed economy. In democratic planning, there must be a correct comprehension of the laws of development of the society where planning is to take place. Mixed economy possess characteristics of both capitalist economy as well as socialist economy. Democratic planning involves participation of all the citizens of an economy directly or indirectly.
The First Five Year Plan model was based on _______.
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Harrod Domar Model
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Fel'dman Model
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Consistency Model
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Mahalanobis model
Explanation
The First Five Year Plan model was based on Harrod Domar Model. It was launched by the Government of India in the year of 1951. The first five year plan mainly focused on the development of the primary sector of the economy. It was presented before the Parliament of India by former Prime Minister Pandit Jawaharlal Nehru.
Hence, option (A) is the correct answer.
Out of the following which is not classify as a political-legal factor in the external environment?
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European Union's directive on working hours
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Government policy on corporate taxes
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Regulatory requirements for the telecommunication industry
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Consumers' attitude towards the competition in the gas and electricity industries
Explanation
The consumer attitude and buying behavior are the marketing and promotional factors that play role in the external environment and will not classify as a legal-political external environment.
Prior to liberalisation ___________ of the most important industries were exclusively reserved for the public sector.
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7
0%
10
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12
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17
Explanation
Prior to liberalization, a number of public sector industries which were earlier reserved under governmental control reduced from 17 to 8 in the count. Presently these companies are only 3 in number. Liberalization refers to end of license, quota and many more restrictions and controls which were put on industries before 1991.
Hence, option (D) is the correct answer.
An essential pre-requisite for a successful privatisation is _______.
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Globalisation
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Nationalisation
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Liberalisation
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All the above
Explanation
An essential pre-requisite for successful privatization is liberalization. Liberalization refers to end of license, quota and many more restrictions and controls which were put on industries before 1991. Liberalization is of utmost importance in order to give greater role to private sector of the economy.
Hence, option (C) is the correct answer
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