Fundamentals of Business Activities Test 18

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Fundamentals of Business Activities Test 18

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Question 1
1 / -0

Lowering of Import / Export Duty Rates, as part of the External Sector Reforms in 1991, relates to -

A
Exchange Rate Stabilisation

B
Rationalisation of Tariff Structure

C
Quantitative Restrictions

D
Foreign Direct Investment

Solution

As a part of globalization, the import rates and export duty rates were to be decreased so that there would be fair flow of goods between the domestic country and other countries as a result of which there will be rationalization of tariff structure.
Question 2
1 / -0

As a result of the New Industrial Policy, 1991 -

A
Prior approval of Central Government is required for establishing new undertakings, and expanding the present undertakings

B
An industry intending to have more than Rs 100 Crore of assets is required to obtain the permission of the Central Government

C
Prior approval of Central Government for establishing new undertakings and expanding existing undertaking is not required

D
Two or more Companies deciding to amalgamate are required to take the prior approval of the Central Government

Solution

New industrial policy include the policy of liberalization where it was specified that it is compulsory only for few major named industries to have compulsory licence under the rules and regulations of the government where as other industries were free to establish as well as expand their company without any government intervention.
Question 3
1 / -0

New Economic Reforms in India were introduced in ___________.

A
1999

B
1991

C
2001

D
2003

Solution

During 1991, some new economic reforms where introduced in India which were also known as LPG ( Liberalization, Privatization, and Globalization). These reforms where taken to make the economy stable and take it out from the national crisis which it was facing.
Question 4
1 / -0

All of the following institutions promote/assist Export Trade. Identify the institution which does not.

A
The Trade Fair Authority

B
Indian Institute of Management

C
The Indian Institute of Foreign Trade

D
Commodity Boards

Solution

The Indian Institutes of Management are a group of 20 public, autonomous institutes of management education and research in India. They primarily offer postgraduate, doctoral and executive education programs for the students career.
Question 5
1 / -0

Which of the following were abolished as part of the External Sector Reforms in 1991?

A
Cash Compensatory Scheme

B
EXIM Scrip Scheme

C
Both (a) and (b)

D
Neither (a) nor (b)

Solution

Cash compensatory scheme was a scheme where foreign cash was allowed to be compensated on various means in the domestic territory and EXIM scrip scheme was the export and import assistance bank set up in India in 1981. These both schemes were abolished as a part of new economic reform globalisation and its fair conduct.
Question 6
1 / -0

'Served from India' brand concept has been started for -

A
Agricultural exports

B
Exports of services

C
Export of handlooms and handicrafts

D
Export of gems and jewellery

Solution

'Served from India' was a concept which was started in 2015 as a export promotion techniques for the services that were exported to various countries.
Question 7
1 / -0

As a result of Economic Reforms, Re-structuring, Mergers & Acquisitions of Companies, Business Process Re-engineering, processes have been ___________.

A
Simplified

B
Made more procedural

C
Subject to Central Government approval in all situations

D
None of the above

Solution

As a result of Economic Reforms, Re-structuring, Mergers & Acquisitions of Companies, Business Process Re-engineering, processes have been simplified.
Economic reforms are taken by the Indian government, which emphasized LPG model- liberalization, privatization and globalization.
Positive impact of Economic Reforms on the Indian Economy are :-a)Improvement in work culture

b) Increase in quality and cost consciousness
c)Increase in Value-Added Exports.
Question 8
1 / -0

Which of the following is an important ingredient of Selling Economies?

A
Advertising Economies

B
Inventory Economies

C
Transportation Economies

D
Storage Economies

Solution

Advertising Economies is an important ingredient of Selling Economies. Advertising helps to increase the sale of a product by encouraging buyers to buy more products or avail more services.
Question 9
1 / -0

Which of the following is a positive impact of Economic Reforms on the Indian Economy?

A
Focus on Brand Building in an increasingly competitive market place

B
Shift from labour-intensive to capital-intensive methods of production

C
Stress on quality and R & D

D
All of the above

Solution

Positive impact of Economic Reforms on the Indian Economy are :-a)Focus on Brand Building in an increasingly competitive market place

b)Shift from labour intensive to capital-intensive methods of production
c)Stress on quality and R & D
Economic reforms are taken by the Indian government, which emphasized LPG model- liberalization, privatization and globalization.
Question 10
1 / -0

After the initial stages of increasing returns to scale, the Firm will experience ________________________.

A
Still Increasing Returns to Scale

B
Constant Returns to Scale

C
Diminishing Returns to Scale

D
None of the above

Solution

In economic terms, constant returns to scale is when a firm changes its inputs with the results being exactly the same change in outputs (production). In other words, if a firm increases its inputs they will see a proportional increase in production (or outputs).
The similar can be true if a firm decreases its inputs and that results in a proportional decrease in outputs. Constant returns to scale take place when increasing the number of inputs leads to an equivalent increase in the output.

Thus, the correct option is B.

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Fundamentals of Business Activities Test 18

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Fundamentals of Business Activities Test 18

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Question 1

Exchange Rate Stabilisation

Rationalisation of Tariff Structure

Quantitative Restrictions

Foreign Direct Investment

Solution

Question 2

Prior approval of Central Government is required for establishing new undertakings, and expanding the present undertakings

An industry intending to have more than Rs 100 Crore of assets is required to obtain the permission of the Central Government

Prior approval of Central Government for establishing new undertakings and expanding existing undertaking is not required

Two or more Companies deciding to amalgamate are required to take the prior approval of the Central Government

Solution

Question 3

1999

1991

2001

2003

Solution

Question 4

The Trade Fair Authority

Indian Institute of Management

The Indian Institute of Foreign Trade

Commodity Boards

Solution

Question 5

Cash Compensatory Scheme

EXIM Scrip Scheme

Both (a) and (b)

Neither (a) nor (b)

Solution

Question 6

Agricultural exports

Exports of services

Export of handlooms and handicrafts

Export of gems and jewellery

Solution

Question 7

Simplified

Made more procedural

Subject to Central Government approval in all situations

None of the above

Solution

Question 8

Advertising Economies

Inventory Economies

Transportation Economies

Storage Economies

Solution

Question 9

Focus on Brand Building in an increasingly competitive market place

Shift from labour-intensive to capital-intensive methods of production

Stress on quality and R & D

All of the above

Solution

Question 10

Still Increasing Returns to Scale

Constant Returns to Scale

Diminishing Returns to Scale

None of the above

Solution

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