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A Shirt in the Market Test - 3

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A Shirt in the Market Test - 3
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The weavers depend on merchants for ________.
    Solution
    The arrangement between the merchant and the weavers is an example of a putting-out system, whereby the merchant supplies the raw material and receives the finished product. The merchants purchase the yarn i.e the raw material and give instructions to the weavers about the kind of cloth that is to be made. Thus, the weavers do not have to spend their money on the purchase of raw material. Also, the problem of selling the finished cloth in the market is taken care of by the merchants.
  • Question 2
    1 / -0
    What happens in the putting-out system?
    Solution
    The arrangement between the merchant and the weavers is an example of a putting-out system, whereby the merchant supplies the raw material and receives the finished product. The merchants purchase the raw material and give instructions to the weavers about the kind of cloth that is to be made. This arrangement is prevalent in the weaving industry in most regions of India.
  • Question 3
    1 / -0
    Erode's bi-weekly cloth market in _________ is one of the largest cloth markets in the world.
    Solution
    Erode’s bi-weekly cloth market in Tamil Nadu is one of the largest cloth markets in the world. A large variety of cloth is sold in this market. A cloth that is made by weavers in the villages around is also brought here for sale. Around the market are offices of cloth merchants who buy this cloth. Other traders from many south Indian towns also come and purchase cloth in this market.
  • Question 4
    1 / -0
    Prudential reason of power sharing is based on careful calculation of _______________.
    Solution
    There are two reasons for Power Sharing. One is prudential and another one is moral. The prudential reason is based on a careful calculation of gains and losses. The prudential reasons stress that power-sharing will bring out better outcomes.
    The moral reasons emphasise the very act of power sharing as valuable.
  • Question 5
    1 / -0
    At the cloth market, the merchants sell the cloth to the _________.
    Solution
    The weavers depend on the merchants both for raw materials and markets. At the cloth market, the merchants sell the cloth to the garment factories. In this way, the market works more in favour of the merchants.
  • Question 6
    1 / -0
    Match Columns
    Column IColumn II
    (i) Farmer(a) Supplies to exporter
    (ii) Merchant(b) Chain of stores
    (iii) Foreign businessman(c) Harvest cotton
    Solution
    The farmers harvest the cotton which requires high levels of inputs such as fertilisers and pesticides. The merchant supplies the cotton cloth produced by the weavers to exporters. The exporters use the cloth to make shirts and are exported to foreign businessmen who run a chain of stores.
  • Question 7
    1 / -0
    Who among the following gains the most in the market?
    Solution
    The foreign businesspersons run a chain of stores. These large stores do business strictly on their own terms. These businessmen also have money and own the factories, the large shops, large land holdings, etc. They demand the lowest prices from the supplier and sell the products by making huge profits. The poor also depends on them for various things. Thus, the foreign businessperson gains the most in the market.
  • Question 8
    1 / -0
    The weavers in Tamil Nadu make cloth based on the order from the __________.
    Solution
    The arrangement between the merchant and the weavers is an example of a putting-out system, whereby the merchant supplies the raw material to the weavers and receives the finished product. The merchant distributes work among the weavers based on the orders he has received for cloth. The weavers get the yarn from the merchant and supply him the cloth. Thus, the merchant gives orders for what is to be made.
  • Question 9
    1 / -0
    The following is/are an activity(ies) taken up by a weavers cooperatives?
    Solution
    In a weaver’s cooperative, the weavers form a group and take up certain activities collectively. They procure yarn from the yarn dealer and distribute it among the weavers. The cooperative also does the marketing. So, the role of the merchant is reduced, and weavers get a fair price on the cloth.
  • Question 10
    1 / -0
    Exports and imports come under the purview of __________.
    Solution
    Exports and imports come under the purview of Ministry of Commerce. The Ministry of Commerce is the nodal agency for the formulation of policies for increasing the export of the country in various commodities.
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