Which of the following statements is not correct relating to consumerism ?
The government does not have any role in consumer protection as it is the part of business organisations alone.
Understanding consumerism involves looking at it from different angles, including the role of businesses, consumers, and the government. The question asks us to identify the statement that is not correct regarding consumerism.
Let's examine each statement provided in the options:
Based on the analysis, Statement 2 is the one that is not correct. Governments absolutely have a significant role in consumer protection, working alongside businesses and consumer organizations.
Consumer protection is typically a shared responsibility involving:
The statement that the government has no role in this process is fundamentally wrong.
Therefore, the statement that is not correct relating to consumerism is the one that denies the government's role in consumer protection.
The incorrect statement among the options is the one claiming the government has no role in consumer protection.
| Statement | Analysis | Correct/Incorrect regarding Consumerism? |
|---|---|---|
| Consumerism is a manifestation of business failure... | Consumerism often arises from perceived business failures in protecting rights. | Correct |
| Government does not have any role... solely business responsibility... | Governments have significant roles in consumer protection through laws and agencies. | Not Correct |
| Consumers should accept consumerism... for asserting rights. | Consumerism empowers consumers to assert their rights. | Correct |
| Consumerism... points to... enlightened marketing. | Consumerism can drive businesses towards more responsible marketing. | Correct |
Here’s a quick summary of important points related to consumerism and the roles involved:
Government intervention in consumer protection is crucial because individual consumers often lack the power, information, or resources to protect themselves against large businesses. Governments establish frameworks to ensure fair play in the marketplace. Examples include:
These governmental actions complement the ethical responsibilities of businesses and the self-protective efforts of consumers, forming a comprehensive consumer protection system. Therefore, stating that the government has no role is fundamentally wrong.
Given below are two statements, one labelled as Assertion (A) and the other labeled as Reason (R). Read the statements and choose the correct answer using the code given below.
Assertion (A): Consumers need to be given legal protection against certain trade practices and business methods.
Reason (R): Protection as per market forces and 'Caveat Emptor' is not enough as perfectly competitive market is an economist's dream and consumer sovereignty is a myth.
According to FEMA, foreign exchange does NOT include
1. Deposits payable in any foreign currency
2. Bills of exchange drawn in Indian currency but payable in any foreign currency
3. Traveller's cheques drawn by institutions outside India but payable in Indian currency
4. Drafts drawn by banks outside India and payable in foreign currency
Which of the following laws does not affect business organizations?
Which of the following sections of Companies Act, 2013 facilitates amalgamation, absorption and reconstruction of companies?
1. 319
2. 320
3. 410
4. 502