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Essential Commodities Act (ECA), 1955 was in news recently. Which of the following statement(s) is/are incorrect about ECA?<br>1. ECA was enacted to ensure the easy availability of essential commodities to consumers.<br>2. Government intervention through ECA can increase price volatility of essential Commodities<br>3. ECA incentivises storag e infrastructure development<br>Select the correct answer:

Correct Answer: 3 only

Statement : There has been unprecedented increase in the prices of essential commodities during the past few days due to the strike call given by the transporters association.

Courses of Action :
I. The transporters' association should be ordered by the government to immediately withdraw strike call or else they will face severe consequences.
II. The government should immediately make alternative arrangements to ensure adequate supply of essential commodities in the market.
III. The government should immediately declare the strike illegal and put all those responsible for the strike behind the bars.

Consider the following statements about the doctrine of frustration:
1. Act has become impossible to be performed.
2. Act cannot be performed because of application of some law recently enacted.
3. Act cannot be performed because of the non-availability of raw material.
4. Act cannot be performed by defendant due to his accident.
Which of the statements given above are correct?

Directions : In each of the following questions a statement is given, followed by two conclusions. Give answer :

Statements : "The Government will review the present policy of the diesel price in view of further spurt in the international oil prices". - A spokesman of the Government.

Conclusions :
I. The Government will increase the price of the diesel after the imminent spurt in the international oil prices.
II. The Government will not increase the price of the diesel even after the imminent spurt in the international oil prices.

Consider the given statements to be true and decide which of the conclusions logically follows from the statements. Statements :
There is an increase in the price of essential commodities due to a strike by the transporters. Conclusions : 1. Government should buy their own vehicles to transport the essential goods 2. Government should negotiate with transporters to withdraw the strike

Directions : In each of the following questions a statement is given, followed by three conclusions. Give answer :

Statement : The State Government has unilaterally increased by five percent octroi on all commodities entering into the state without seeking approval of the Central Government.

Assumptions :
I. The State Government may be able to implement its decision.
II. The Central Government may agree to support the State Government's decision.
III. The State Government may be able to earn considerable amount through the additional octroi.

Directions : In each of the following questions a statement is given, followed by two conclusions. Give answer :

Statement : Science is a sort of news agency comparable in principle to other news agencies. But this news agency gives us information which is reliable to an extraordinary high degree due to elaborate techniques of verification and its capacity to survive centuries. So, science should be read with as much interest as we read news.

Assumptions :
I. Science encourages investigative spirit.
II. People read news out of interest.

The only known ruler in the history of india to have fixed the prices of different commodities, rigidly enforced quality control and ensured easy availability of essential commodities was

Direction : Two statements I and II are given. These statement may be either independent causes or may be effects of independent causes or a common cause. One of these statements may be the effect of the other statements. Read both the statements and decide which of the following answer choice correctly depicts the relationship between these two statements. Mark answer :

I. The prices of food grains and other essential commodities in the open market have risen sharply during the past three months.
II. The political party in opposition has given a call for general strike to protest against the government's economic policy.

Direction : Two statements I and II are given. These statement may be either independent causes or may be effects of independent causes or a common cause. One of these statements may be the effect of the other statements. Read both the statements and decide which of the following answer choice correctly depicts the relationship between these two statements. Mark answer :

I. The car manufacturing companies have recently increased the prices of mid-sized cars.
II. The Government recently increased the duty on mid-sized cars.

Consider the following statements.
1. One way the government can induce a monopolist to expand his output is by imposing a price ceiling that make the monopolist lower his price.
2. MC = MR = AC = AR shows the equilibrium position of the competitive firm.
3. One way the government can induce a monopolist to expand his output by imposing a price floor that makes the monopolist raise his price.
4. One way the government can induce a monopolist to expand his output by imposing a specific tax on the monopolist output.
Which of the statement(s) given above is/are correct?