PREVIOUS YEAR SOLVED PAPERS MCQ - January 2017

Corporate culture is an important factor for determining the internal environment of any company. In a closed and threatening type of corporate culture the business decisions are taken by top level managers while the middle level and lower level managers have no say in business decision-making. This leads to lack of trust and confidence among subordinate officials of the company and secrecy pervades throughout the organisation. This results in a sense of alienation among the lower level managers and workers of the company. In an open and participating culture, business decisions are taken by the lower level managers and top management has a high degree of confidence in the subordinates.

Social attitudes towards business and management determine how many people get attracted to private business as an activity and to management as a career. If business gets social sanction as a respectable profession, the occupational structure of a country will reflect a sizable category of professional managers. On the other hand, if more and more of the active labour force joins professional management, the social attitude towards business and its management also changes. If the workers cultivate an attitude of confrontation, rather than cooperation, with management, a repressive economic system may be needed to cope with industrial disorder. On the other hand, if the attainment of rapid economic growth is the target, the management must bring about a labour productivity revolution and the wages may be based on productivity of labour rather than profitability of business. To operate on productivity-based wages is cooperate on the system of incentives and positive attitudes of labour. The attainment of a specific economic objectives is, thus, conditioned by a specific social attitude and discipline.

There have been changes in the priorities of development and emphasis on objectives through the plans. For example, the development priority shifted from agriculture in the First Plan to basic and heavy industries in the Second Plan. The Third Plan recognized the importance of export promotion and the Fourth Plan emphasized self-reliance as an objective of development. ‘Growth with Social Justice’ has been receiving added emphasis since the Fifth Plan. The Fifth Plan, which realized that ‘a direct attack on poverty’ was necessary for rapid eradication of poverty, formulated a specific package of programmes, known as the minimum needs programmes, to improve the living conditions of the poor and these programmes have been continued, with modifications, in the subsequent plans.

The Competition Act, 2002
The objective of the Competition Act, 2002 include:
∎ Prohibition of anti-competitive agreements.
∎ Prohibition of abuse of dominant position.
∎ Regulation of combination.