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Home Questions EBSC6G4BVN
Target Exam

CUET

Subject

Business Studies

Chapter

Consumer Protection

Question:

Match the following:

1. Let the buyer beware A. widespread exploitation
2. Let the seller beware B. social responsibility
3. Importance of consumer protection - consumer's point of view C. caveat venditor
4. Importance of consumer protection - business's point of view D. caveat emptor
Options:

1-C, 2-D, 3-B, 4-A

1-D, 2-C, 3-A, 4-B

1-B, 2-A, 3-C, 4-D

1-C, 2-D, 3-A, 4-B

Correct Answer:

1-D, 2-C, 3-A, 4-B

Explanation:

The market forces have changed from a seller market i.e., the earlier approach of caveat emptor which means Let the buyer beware, to a consumer market i.e., caveat venditor which implies Let the seller beware. 

Importance of consumer protection - consumer's point of view: Consumers might be exploited by unscrupulous, exploitative and unfair trade practices like defective and unsafe products, adulteration, false and misleading advertising, hoarding, black- marketing, etc. Consumers need protection against such malpractices of the sellers.

Importance of consumer protection - business's point of view: Business organizations use resources which belong to the society. Thus, they have a responsibility towards the society with various interest groups.

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