industries manufacturing & service sectors section 8 MCQ Questions & Answers Detailed Explanation

Answer: (b)

The services sector’s significance in the Indian economy has continued to increase, with the sector now accounting for around 55 per cent of GVA, two-thirds of total FDI inflows into India and about 38 per cent of total exports.

Ref: Economic Survey 2019-20, Vol – II, Page 273.

Answer: (b)

Maruti views Tata motors as a prominent competitor but does not view Volvo as a competitor.

This type of competition in the market is known as product competition because the companies are competing on the same and similar products.

Answer: (d)

1. Hindalco industries : Novelis
2. Tata Steel : Chorus group
3. Jet airways : Air Sahara
4. Kingfisher Airlines: MDR Airlines

Answer: (d)

The budget (2020-21) is woven around three prominent themes:

1. Aspirational India
2. Economic Development
3. Caring society

This budget is dedicated to providing “Ease of Living” to all citizens.

The “Ease of Living” is a bouquet and holding this bouquet are two hands- one, corruption-free, policy-driven good governance and two, the clean and sound financial sector. And the details under the three broad themes are the flowers in the bouquet.

Answer: (c)

It is a method of awarding projects by the government.

Under this method, various bidders submit their plan for the project and the company (the bidder) whose project plan is accepted by the govt. is given the opportunity to work on the project at the price quoted by the lowest bidder.

If it does not accept this, then the project is given to the lowest bidder.

Answer: (c)

Force Majeure is a French phrase that means a ‘superior force’. It is an unforeseeable circumstance that prevents someone from fulfilling a contract. It is a contractual provision agreed upon between parties.

The occurrence of a force majeure event protects a party from liability for its failure to perform a contractual obligation. Typically, force majeure events include an Act of God or natural disasters, war or war-like situations, epidemics, pandemics, etc.

The intention of a force majeure clause is to save the performing party from the consequences of something over which it has no control.

Force Majeure is an exception to what would otherwise amount to a breach of contract. This term is generally used in commercial contracts.