Explore topic-wise InterviewSolutions in .

(d) Rs 14.85

C.P. of the wheat = 40 × Rs 12.50 + 25 × Rs 15.10 = Rs 877.5

Gain = 10%

\(\therefore\) S.P. of the wheat = Rs \(\frac{877.5\times110}{100}\) = Rs 965.25

\(\therefore\) S.P. per kg of wheat = \(\frac{965.25}{65}\) = Rs 14.85

Negotiable Instrument Act was passed in the year 1881.

Section 6 of Negotiable Instruments Act 1881 deals with Cheque.

Number of parties in a bill of exchange are 3.

(d) All of the above

Entrepreneur is not classified as Innovator.

Correct Answer is: (a) Planning 

(d) All of the above

Characteristics of a Bill of Exchange: 

1. A bill of exchange is a document in writing. 

2. The document must contain an order to pay. 

3. The order must be unconditional. 

4. The instrument must be signed by the person who draws it.

According to Vetter, “HRP is the process by which management determines how the organization should move from its current man power position to desired manpower position. Through planning, management strives to have the right time, doing things which result in both the organization and individual receiving maximum long run benefits”.

According to Gordon Mc Beath, “HRP is concerned with two things: Planning of manpower requirements and Planning of Manpower supplies”.

According to Beach, “HRP is a process of determining and assuming that the organization will have an adequate number of qualified persons, available at proper times, performing jobs which meet the needs of the enterprise and which provides satisfaction for the individuals involved”

Simply HRP can be understood as the process of forecasting an organization’s future demands for and supply of the right type of people in the right number. In other words HRP is the process of determining manpower needs and formulating plans to meet these needs.

HRP is a Four-Phased Process.

•  The first phase involves the gathering and analysis of data through manpower inventories and forecasts,
• The second phase consists of establishing manpower objectives and policies and gaining top management approval of these. 
•  The third phase involves designing and implementing plans and promotions to enable the organization to achieve its manpower objectives. 
• The fourth phase is concerned with control and evaluation of manpower plans to facilitate progress in order to benefit both the organization and the individual. The long run view means that gains may be sacrificed in the short run for the future grounds. The planning process enables the organization to identify what its manpower needs is and what potential manpower problems required current action. This leads to more effective and efficient performance.

India is a member of WTO since its formation. The impact of WTO so far or in future is discussed below:

Initially, India’s contribution to world trade was 0.5%. Later, India’s exports increased tremendously due to increase in international trade and as a result of it, India’s contribution in world trade has increase to 1%. Being a member of WTO has helped India to increase its export of readymade clothes. As a member of WTO, India has been able to increase export of its agro products.

Increase in export has reduced the stress faced due to high imports. Increased export will increase foreign exchange and hence ease out foreign exchange pressure built up due to high import. Thus, being a member of World Trade Organization India has got and will get several benefits in international trade.

However, it should be noted that to gain these benefits India has to agree to some conditions of WTO and follow its mandate. The extent of these benefits depends on the speed with which India increases its infrastructural facilities and how developed countries treat India.

When India became independent in 1947, its economy was completely ruined. The government had to act fast and in a systematic way so that it could achieve speedy economic development. To do so, India initiated its “Five Year Plans’ from year 1951. At the end of every Five Year Plan India would review the progress made in the economy. India also announced its monetary policy, fiscal policy and industrial policy during these plans to boost the economy.

Even after several Five Year Plans, India could not attain the economic development that it aimed at. The government then did thorough investigation of the causes for failures. Based on this investigation it decided to bring major changes in its economic policies. As a result, in 1991, the government brought major reforms in the industrial policy. 

The major reforms that it brought were:

1. Liberalization,
2. Privatization, and
3. Globalization.

These three reforms are also known as the ‘Economic reforms of 1991’.

Effect of the Global Depression are as follows:

1. Most of the nations of the world were affected due to the Great Depression.
2. Even a superpower like Great Britain had to sacrifice its policy of keeping gold reserve against its currency.
3. The policy, in turn, affected other nations of the world and international trade and industry.
4. Prosperous nations like America also had to impose strict measures.
5. Global trade was reduced to half.
6. This ruined economies widespread unemployment, economically and politically frustrated nations wanted immediate recovery which became one of the reasons for World War II.

Correct option is (c) It is outdated as a theory as it cannot be applied to today’s modern organisations.

The World Trade Organization (WTO) was established on 1st January, 1995.

Adolf Hitler was the German dictator.

Mussolini was the Italian dictator.

The ways (methods) of privatization are as follows:

• Opening up of the areas reserved for the public sector, such as banking and insurance, to the private sector.
• Transfer of ownership and Control of public sector enterprises to the private entitles.
• Disinvestment of the capital invested in the public sector enterprises.

The World Trade Organization (WTO) was established on 1st January, 1995. Its headquarters are at Geneva in Switzerland.

1. The objectives of the WTO are as follows:
2. To remove obstacles in the international trade.
3. To overcome the protection given to domestic industry to facilitate global trade.
4. To coordinate domestic trade policies with world trade policy.
5. To resolve international trade related disputes.
6. The following steps have been taken to realize these objectives:
7. An international body has been set up to implement international agreements related to trade.
8. The WTO serves as a forum for regulating international trade.
9. The WTO promotes discrimination free international trade.
10. The WTO observes domestics trade policies of the member-states and suggests required improvements therin.

They are in Geneva, Switzerland.

Globalization

(b) Globalization

Correct option  A. WHO

Correct option is (b) Geneva

The World Trade Organization (WTO) is a global international organization that deals with the rules of trade between nations. World Trade Organization was established on 1st January, 1995 by the member nations of United Nations. Its headquarters are located at Geneva in Switzerland.

Objectives:

1. To remove obstacles that hinder global trade.
2. To remove protection policy given to industries of country for foreign trade.
3. To co-ordinate with global trade policy and economic policy.
4. To solve the trade-related disputes arising in the world.

Functions:

1. To set up the structure for implementing world trade and trade agreements observing these agreements.
2. To work as a platform for debates and negotiations related to multinational trade.
3. To encourage unbiased international trade.
4. Different nations follow their own national policies related to trade. The WTO observes them and suggests improvements to those nations.

Correct option is (a) 1972

(b) To protect the industries of the nations.

Correct option is (b) 5th June

D. Mussolini Established Fascism in Italy.

(b) Increase in foreign trade

The process in which ownership and management of industrial units under state control are handed over or transferred to the private sector is called privatization. 

Privatization is done to increase the efficiency of public sector i.e. government-controlled industries.

Privatization is done through two methods:

First, those areas which are reserved for public sector are opened for the private sector. State keeps the ownership of state-owned companies under its control and gives the charge of management to the private companies.

Alternatively, the state keeps management in its own hand and gives ownership to the private company. 

Advantages of Privatization: 

Privatization increased the number of production units in industrial sector. It increased production of industries that were either capital intensive or produced consumable goods. Efficiency of public sector improved due to privatization of public sector enterprise.

Advantages of privatization: 

Privatisation led to an increase in the number of production units in the industrial sector. It resulted in increase in production in capital intensive and consumer industries. Privatization of public sector units led to efficient and fullest utilization of producing capacity of these units.

Disadvantages of privatization:

Concentration of economic power led to increase in the evil of monopoly. It adversely affected the development of cottage industries. Privatization has led to inflation.

The United Nations includes six organs:

1. General Assembly
2. Security Council
3. Economic and Social Council
4. Trusteeship Council
5. International Court of Justice
6. Secretariat

Earth conference was organized for the first time at Stockholm in Sweden in 1972 to discuss measures to protect the environment at the global level. Thereafter, many such conferences and conventions have taken place to discuss the environment-related issues. India has actively participated in these global events and adopted the resolutions passed for the protection of the environment.

Following are the steps taken in India for the protection of environment:

Information of the pollution level in the major cities is collected and published. National and State Pollution Control Boards have been set up. 5th June is celebrated as the Environment Day. Air Pollution Control Act was enacted in 1981. International agreements have been signed about deteriorating level of ozone, disposal of nuclear waste and maintenance of biodiversity. Steps have been taken to create awareness regarding the protection of environment in the country.

Liberalization is the gradual removal of restrictions imposed on the private sector to encourage economic development.

Benefits of liberalization are as follows:

Private sector was provided with an opportunity to make unconstrained development. This led to increase in industrial production. It gave impetus to global trade and led to increase in India’s global trade. Increase in foreign trade led to increase in the foreign exchange reserves. This resulted in improvement in the infrastructure facilities within the country.

(b) Submission of public sector industries to private sector.

Although government reduced several restrictions, it could not stop monopoly of some. During economic reforms, India paid attention to industrial sector only. As a result, India remained backward in agriculture.

Globalization has failed to solve the problem of poverty and unemployment to the desired extent. Developing countries have not acquired expected benefits through increased exports. Large scale industries have acquired more benefit while small scale industries have obtained less benefit.

India has secured the following benefits of globalization:

• There is considerable increase in the Foreign Direct Investment (FDI).
• Quality products from the developed countries have become available in India.
• Capability has been built up to withstand competition.

1. The General Assembly of the UN is the biggest organ of the United Nations:

1. It included the representatives of all members nations.
2. Every nation can send maximum five representatives to this, but during election, only one vote of each country is counted.
3. It can discuss, advice, suggest or recommend on any matter related to international relations.
4. It accepts the budget presented by the Secretary-General every year and allocational relations allocates the expenses.
5. It attempts to find solutions to the economic problems of the national human rights, disarmament or other international matters.
6. Decisions are taken by 2/3 majority in general matters.

2. The Security Council of the UN is the most important organ of the United Nations:

1. It has 15 members, i.e., five permanent and ten non-permanent. The five permanent members are: America, Britain, France, Russia and China.
2. The security council has a presidency, which rotates, and changes, every month.
3. This Council enjoys tremendous powers in order to maintain international peace and security.
4. It solves the problems and disputes of the nations peacefully through negotiations and mediations.
5. When any one permanent members does not vote in support of some important international matter, it cannot take a decision on that.
6. This power of the five permanent members is called ‘Veto’ or ‘Right do deny’.

(a) Price rise

(c) Increase in income unequality.

(b) Increase in production, reserve foreign exchange and foreign trade.

Sustainable development is the process of development which meets the needs of present generation without compromising with the capability of the future generation to meet their needs. 

Strategy of sustainable development is meant to conserve and preserve the natural resources by taking the following steps:

1. Careful use of the renewable natural resources like land, forest and water
2. Judicious use of the non-renewable resources like coal, minerals and petroleum products.
3. Minimization of the transportation cost by suitably locating industries.
4. Strive to achieve eco-friendly development.
5. Undertake multi-purpose development projects like Damodar Valley Corporation wherein the same natural resources could be used for different activities, such as irrigation, generation of electricity, water transport and flood control.
6. Judicious use of natural resources and check on wastage.
7. Careful planning and management of disposal of industrial waste and poisonous chemicals.
8. Steps to prevent emergence and spread of slums in the urban areas.
9. Emphasis on the development and use of the non-conventional sources of energy such as solar and wind energy.

Globalization is the process of connecting one country economy with the world economy. As the result of which flow of goods, services, technology and labour is easily available in the world.
Following improvements have taken place due to globalization:

1. Obstacles of trade between two nations have been removed.
2. Such a condition has been created so that capital exchange can easily take place between two nations.
3. Obstacles in the way of exchange of technology have been removed.
4. Free exchange of labour may be there among different nations of the world. Mixed-effects of globalization have been there on Indian economy.

The economic reforms were introduced in India in the year 1991.

Sustainable development has been defined as a process of development wherein most of the requirements of the present generation are met without compromising with the capability of the future generations to meet their needs. Sustainable development is advocated due to the extreme adverse effects of human activities on ecology. If the present generation uses the natural resources at high speed, the resources will get depleted and nothing will remain for the future generations. To protect the interests of the future generations some restraints have been suggested in the strategy of sustainable development.

Correct option is (d) It is better suited to simple jobs.

Differential piece rate system

1. 1991

2. income

3. privatization

4. large scale

5. global