ECONOMICS (CBSE/UGC NET)

ECONOMICS

FISCAL POLICY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which of the following is a benefit of government regulations?
A
Consumers protected from harm
B
Decreased profits for corporations
C
More rainbows, unicorns, and narwhals.
D
more money in consumer’s pockets
Explanation: 

Detailed explanation-1: -Advantages of the Consumer Protection Act The Consumer Protection Act, 1986 (“CPA”) is a statute that prohibits unfair trade practices in the marketplace. It also provides assistance to consumers who have been wronged by such violations. The CPA covers both goods and services.

Detailed explanation-2: -Consumer protection makes markets work for both businesses and consumers. Consumers need to be able to obtain accurate, unbiased information about the products and services they purchase. This enables them to make the best choices based on their interests and prevents them from being mistreated or misled by businesses.

Detailed explanation-3: -The Consumer Protection Act, 1986 (COPRA) In this, it protects the right of the consumer and makes user aware of their rights. They have developed or formed three-tier system wherein there is District Forums, State Commission, and National Commission thus to protect the right of the consumer.

Detailed explanation-4: -Consumer Rights As Per Consumer Protection Act 1986. Consumer Protection Act provides Consumer Rights to prevent consumers from fraud or specified unfair practices. These rights ensure that consumers can make better choices in the marketplace and get help with complaints.

There is 1 question to complete.