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Home Questions EBSC6G4BVN
Target Exam

CUET

Subject

Business Studies

Chapter

Consumer Protection

Question:

Match the following lists

LIST I LIST II
A) Let the buyer beware I) Widespread exploitation
B) Let the seller beware II) Social responsibility
C) Importance of consumer protection - consumer's point of view III) Caveat venditor
D) Importance of consumer protection - business's point of view IV) Caveat emptor

Choose the correct answer from the options given below.

Options:

A-IV, B-III, C-II, D-I

A-I, B-II, C-III, D-IV

A-IV, B-III, C-I, D-II

A-I, B-III, C-IV, D-II

Correct Answer:

A-IV, B-III, C-I, D-II

Explanation:

The correct answer is option 3- A-IV, B-III, C-I, D-II.

LIST I LIST II
A) Let the buyer beware IV) Caveat emptor
B) Let the seller beware III) Caveat venditor
C) Importance of consumer protection - consumer's point of view I) Widespread exploitation
D) Importance of consumer protection - business's point of view II) Social responsibility

 

* 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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