Economics Practice Quiz 72

Q1.Which of the following details is NOT typically found on the packing of a commodity, according to the provided text?

A. Ingredients used B. Price C. Manufacturer's profit margin D. Date of manufacture

Q2.What is the primary reason rules have been made for manufacturers to display information on goods and services?

A. To increase the market value of products B. To inform consumers about the particulars of goods and services C. To reduce the overall cost of production D. To simplify the process of product distribution

Q3.If a product proves to be defective in any manner, what action can consumers take?

A. Demand a full refund only B. Complain and ask for compensation or replacement C. File a lawsuit against the shopkeeper immediately D. Return the product without any explanation

Q4.What does 'MRP' stand for, as indicated on product packets?

A. Minimum Retail Price B. Maximum Retail Price C. Manufacturing Resource Planning D. Market Research Project

Q5.Regarding the Maximum Retail Price (MRP), what right do consumers have?

A. They must always pay the MRP without question B. They can only pay above the MRP if the seller demands it C. They can bargain with the seller to sell at less than the MRP D. They are not allowed to protest if a good is sold above MRP

Q6.What was the total lumpsum fee paid by Abirami for her two-year professional course?

A. Rs 28,000 B. Rs 25,000 C. Rs 61,020 D. Rs 7,000

Q7.What amount did the District Consumer Disputes Redressal Commission direct the institute to refund to Abirami?

A. Rs 61,020 B. Rs 25,000 C. Rs 28,000 D. Rs 7,000

Q8.In addition to the refund and fine, what amount was the institute directed to pay as compensation and litigation cost by the State Commission?

A. Rs 28,000 B. Rs 25,000 C. Rs 7,000 D. Rs 61,020

Q9.Which of the following is cited as an example of denial of consumer choice related to gas supply?

A. Gas dealers charging higher than the Maximum Retail Price for cylinders. B. Gas dealers refusing to provide a new connection to certain areas. C. Gas dealers insisting that a stove must be bought from them with a new connection. D. Gas dealers delivering gas cylinders later than the promised time.

Q10.In the context of consumer rights, what situation is described as a denial of choice when a customer wants to buy toothpaste?

A. The shop owner selling toothpaste at a price higher than its MRP. B. The shop owner refusing to sell toothpaste unless a toothbrush is also bought. C. The shop owner not stocking the customer's preferred brand of toothpaste. D. The shop owner limiting the quantity of toothpaste a customer can purchase.

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Economics Practice Quiz 72