The Monopolistic and Restrictive Trade Practices Act was passed in the year ______.
- A.1977
- B.1973
- C.1980
- D.1969
Correct answer
Explanation
The correct answer is D, 1969. The Monopolies and Restrictive Trade Practices Act was passed in 1969 and came into force on 1 June 1970. It followed the report of the Dutt Committee on industrial licensing, which found that economic power had gathered in a few business houses. The Act set up the MRTP Commission, required large undertakings to get clearance before expanding, and banned restrictive and unfair trade practices. After the reforms of 1991 the licensing clauses were dropped, and the law was finally replaced by the Competition Act, 2002, under which the Competition Commission of India now works. Option A is wrong because 1977 is the year of the Janata government's Industrial Policy Statement, which favoured small and cottage industry. Option B is wrong because 1973 is the year of the Foreign Exchange Regulation Act, FERA. Option C is wrong because 1980 brought another Industrial Policy Statement, which again encouraged larger units. Exam tip: MRTP Act 1969, Competition Act 2002, Competition Commission of India in its place.
Practice Questions
View allAccording to the law of diminishing marginal utility, as the amount of a good consumed increases, the marginal utility of that good tends to
- A.improve
- B.diminish
- C.remain constant
- D.first diminish and then improve
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Each extra unit of a good gives a consumer less additional satisfaction than the unit before it, so marginal utility falls as consumption rises.
Read the full explanation →Consider the following statements about impact of tax : 1. A tax is shifted forward to consumers if the demand is inelastic relative to supply. 2. A tax is shifted backward to producers if the supply is relatively more inelastic than demand. Which of the statements given above is/are correct?
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
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The burden of a tax falls more heavily on whichever side of the market is less elastic, the side that cannot easily walk away.
Read the full explanation →UBI, as an alternative for subsidies in poverty alleviation, stands for
- A.Union Basic Income
- B.Undefined Basic Income
- C.Unconditional Basic Income
- D.Universal Basic Income
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UBI is the idea of paying every citizen a fixed sum of money regularly, without conditions, in place of a large number of separate subsidies and welfare schemes.
Read the full explanation →Who among the following is the Chairman of the Fourteenth Finance Commission?
- A.C. Rangarajan
- B.Vijay Kelkar
- C.Y. V. Reddy
- D.Rakesh Mohan
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The Fourteenth Finance Commission, set up in 2013 for the award period 2015-2020, was chaired by Y. V. Reddy, a former Governor of the Reserve Bank of India.
Read the full explanation →Why was constitutional amendment needed for introducing GST?
- A.States were not willing to agree with the Union for introduction of GST without amendment in the Constitution.
- B.GST was to be implemented on concurrent base and Article 246 was inadequate for such a case.
- C.The Empowered Committee of Finance Ministers had recommended for constitutional amendment.
- D.The GST Council had recommended for constitutional amendment so that its power enhances.
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GST is levied by the Union and the States together on the same supply, and Article 246, which splits taxing powers between them through separate lists, did not allow such a concurrent tax.
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