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Question (1)

QN0024542

Which of the following is a key role of the government in markets?

(A) Eliminating all buyers
(B) Monitoring fair interaction between buyers and sellers
(C) Fixing only private company profits
(D) Removing supply of goods

Correct Answer: B

Explanation:

Government ensures fair interaction between buyers and sellers

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Question (2)

QN0024543

What is meant by price ceiling in markets?

(A) Minimum price fixed by government
(B) Maximum price fixed by government
(C) Market-determined price
(D) Export price of goods

Correct Answer: B

Explanation:

Price ceiling is the maximum price fixed by the government

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Question (3)

QN0024544

Why does the government impose a maximum price on essential medicines?

(A) To increase producer profit
(B) To reduce availability
(C) To protect consumers from high prices
(D) To encourage imports only

Correct Answer: C

Explanation:

To protect consumers from high and unaffordable prices

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Question (4)

QN0024545

Minimum Support Price (MSP) is an example of:

(A) Price ceiling
(B) Price floor
(C) Black market price
(D) Export subsidy

Correct Answer: B

Explanation:

MSP is a minimum guaranteed price, so it is a price floor

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Question (5)

QN0024546

What happens if the government fixes the price too low for producers?

(A) Production increases
(B) Producers lose motivation to produce
(C) Demand becomes zero
(D) Imports stop automatically

Correct Answer: B

Explanation:

Producers reduce output due to low profits

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Question (6)

QN0024547

What is the main purpose of minimum wages set by government?

(A) To reduce employment
(B) To ensure fair payment to workers
(C) To increase product prices
(D) To stop production

Correct Answer: B

Explanation:

To ensure fair and minimum livelihood wages for workers

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Question (7)

QN0024548

Which government body ensures food safety standards in India?

(A) RBI
(B) FSSAI
(C) SEBI
(D) ISRO

Correct Answer: B

Explanation:

FSSAI regulates food safety standards

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Question (8)

QN0024549

The ISI mark is associated with quality assurance for:

(A) Food items only
(B) Electrical appliances and manufactured goods
(C) Agricultural exports only
(D) Online services

Correct Answer: B

Explanation:

ISI mark certifies industrial and electrical goods quality

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Question (9)

QN0024550

AGMARK certification is mainly used for:

(A) Electronics
(B) Agricultural products
(C) Banking services
(D) Transport services

Correct Answer: B

Explanation:

AGMARK is used for agricultural product grading

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Question (10)

QN0024551

BEE Star rating indicates:

(A) Food freshness
(B) Energy efficiency of appliances
(C) Export quality
(D) Market demand

Correct Answer: B

Explanation:

It shows energy efficiency of electrical appliances

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Question (1)

Which of the following is a key role of the government in markets?

Explanation:

Link:

Question (2)

What is meant by price ceiling in markets?

Explanation:

Link:

Question (3)

Why does the government impose a maximum price on essential medicines?

Explanation:

Link:

Question (4)

Minimum Support Price (MSP) is an example of:

Explanation:

Link:

Question (5)

What happens if the government fixes the price too low for producers?

Explanation:

Link:

Question (6)

What is the main purpose of minimum wages set by government?

Explanation:

Link:

Question (7)

Which government body ensures food safety standards in India?

Explanation:

Link:

Question (8)

The ISI mark is associated with quality assurance for:

Explanation:

Link:

Question (9)

AGMARK certification is mainly used for:

Explanation:

Link:

Question (10)

BEE Star rating indicates:

Explanation:

Link:

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