Choose whether the given statement is True/False:

Globalisation and greater competition among producers, both local and foreign producers have been of advantage to consumers.

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True

False

answer is A.

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Detailed Solution

The given statement is true. Globalisation means the free interaction of an economy with the economies of the rest of the world by multinational companies. The above information has advantageous to consumers in the following ways:
1)      Consumers in today’s world have various options for goods and services. The latest models of mobile phones and televisions made by the leading manufacturers are available to them.
2)      Consumers now have access to better and improved quality at lower prices.
3)      It raises our standard of living.
4)      The effects on producers and employees have varied.
5)      Numerous eminent Indian businesses have succeeded in becoming multinational firms.
6)      The latest technology and production methods have raised production standards.

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