SY-BALLB Economics Unit 1 Quiz

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Questions and Answers

What is the eligibility duration for an employee to receive gratuity under the Payment of Gratuity Act, 1972?

3 years of continuous service

5 years of continuous service (correct)

2 years of continuous service

10 years of continuous service

Which of the following is a characteristic of contract labour, according to the Contract Labour (Regulation & Abolition) Act, 1970?

High economic conditions

Permanent employment status

Long-term job security

Casual nature of employment (correct)

What primary objective does the Contract Labour (Regulation & Abolition) Act, 1970 aim to achieve?

Encourage employment for vulnerable populations

Promote permanent jobs over contract jobs

Increase the wages of contract labourers

Prevent the exploitation of contract labourers (correct)

Under the Child Labour (Prohibition and Regulation) Act, 1986, what is the stipulated age limit for children to work in mines or factories?

14 years Signup and view all the answers

What benefits are associated with the Payment of Gratuity Act, 1972 for employees?

Monetary award of 15 days wages for each year of service Signup and view all the answers

What is a requirement for contractors under the Contract Labour (Regulation & Abolition) Act, 1970?

Supervise and remunerate contract labourers Signup and view all the answers

Which Article of the Indian Constitution mandates free elementary education?

Article 21 A Signup and view all the answers

What is the primary aim of the Plantation Labour Act 1951?

To regulate the working conditions of plantation workers Signup and view all the answers

What responsibility does the legislature have towards contract labourers as per the Contract Labour (Regulation & Abolition) Act, 1970?

Regulate the functioning of advisory boards Signup and view all the answers

Which of the following is NOT a specific provision of the Motor Transport Workers' Act, 1961?

Training programs for skill development Signup and view all the answers

Under which act is the right to a minimum wage established?

The Minimum Wages Act, 1948 Signup and view all the answers

What kind of establishments are covered by the Payment of Bonus Act, 1965?

Establishments with 20 or more employees Signup and view all the answers

Which of the following acts specifically addresses the regulation of working hours and rest intervals for employees?

Shop and Establishment Act, 1948 Signup and view all the answers

What is a core feature of the Payment of Wages Act, 1936?

Preventing unauthorized deductions from wages Signup and view all the answers

The Equal Remuneration Act, 1976 aims to address which aspect of labor legislation?

Equal payment for equal work regardless of gender Signup and view all the answers

Which act is specifically designed to prevent the exploitation of workers by setting minimum wage rates?

The Minimum Wages Act, 1948 Signup and view all the answers

What is the primary purpose of economic laws in the context of government regulation?

To control and regulate the economy Signup and view all the answers

Which of the following is NOT a function of economic laws?

Encouraging black market activities Signup and view all the answers

Which act, enacted in 1961, relates specifically to the administration of income taxation in India?

Income Tax Act Signup and view all the answers

Which of the following statements accurately describes the Goods and Services Tax (GST) in India?

It streamlined various taxes into a unified tax that took effect on July 1, 2017. Signup and view all the answers

What does economic legislation help in protecting, particularly in terms of trade and commerce?

Consumer rights Signup and view all the answers

In addition to regulating businesses, economic laws also play a role in labor relations. Which of the following is a key aspect they address?

Ensuring minimum wages Signup and view all the answers

What is one of the reasons economic laws are implemented related to MNCs?

To protect against potential evils posed by multinational corporations Signup and view all the answers

Which of the following measures is NOT related to achieving equitable employment through economic laws?

Restricting employee rights to organize Signup and view all the answers

What is a primary factor contributing to low wages for construction workers?

Lack of organization among workers Signup and view all the answers

Which Act stipulates the responsibilities of employers regarding wages for construction workers?

BOCW Act, 1996 Signup and view all the answers

What is a significant objective of the Apprentices Act, 1961?

To generate proficient craftsmen through training Signup and view all the answers

Which of the following statements accurately reflects the conditions of construction workers?

They are often unskilled and work in poor conditions. Signup and view all the answers

What expansion does the draft emigration bill aim to achieve?

Replacing the existing Emigration Act, 1983 Signup and view all the answers

Which population concept is highlighted by India's status with respect to immigration?

India has the largest immigrant population globally. Signup and view all the answers

In what scenario can the provisions of the Apprentices Act, 1961 apply?

To any industry or field as per central government announcements Signup and view all the answers

Which of the following best characterizes the employment situation of construction workers?

They have uncertain working hours and face risks. Signup and view all the answers

What is one of the primary purposes of trade unions as outlined in the content?

To facilitate collective bargaining for better working conditions Signup and view all the answers

Which of the following is NOT mentioned as a responsibility of trade unions?

Regulating the minimum wage for all workers in the country Signup and view all the answers

What is an essential function of collective bargaining as indicated in the content?

To establish a peaceful resolution to conflicts between employer and workers Signup and view all the answers

According to the content, what is one way trade unions contribute to worker welfare?

By securing better safety and health welfare schemes Signup and view all the answers

Which group of workers is primarily protected by labor laws in India as noted in the content?

Workers employed in the organized sectors of the economy Signup and view all the answers

What is a common goal of trade unions regarding employee practices?

To ensure a fair approach towards hiring and firing of workers Signup and view all the answers

Which statement accurately reflects the purpose of secure wages as identified in the content?

To improve the economic condition of workers through better wages Signup and view all the answers

Why is recognition of trade unions important according to the content?

It is necessary for collective bargaining to take place Signup and view all the answers

Study Notes

Economic Legislation and Its Importance

Government regulates public and private business affairs to protect consumer rights, maximize satisfaction, and enhance profit and welfare.
Economic laws aim to prevent unfair economic power concentration and potential evils of multinational corporations (MNCs).
Legal frameworks are established for copyright, trademark protection, and regional goods.

Need for Economic Laws

Control and Regulation: Ensure economic stability and equitable employment to achieve sustainable growth.
Labour and Industrial Relations: Address industrial disputes, enforce minimum wages, and define industrial contract frameworks.
National Welfare: Focus on poverty alleviation, unemployment reduction, and price policies to improve overall welfare.
Consumer Protection: Promote competition and ensure freedom of trade.

Types of Economic Laws

Tax Laws: Essential for funding public expenditure through taxation.
- Income Tax Act (1961): Governs income tax collection in India.
- Goods and Services Tax (GST): Replaced multiple taxes in 2017, simplifying tax structure.
Labour Welfare Laws: Focus on worker rights and conditions.
- Plantation Labour Act (1951): Regulates plantation labor conditions.
- Motor Transport Workers' Act (1961): Ensures welfare and working conditions for motor transport workers.
- Shop and Establishment Act (1948): Regulates working hours, leave, and conditions in commercial establishments.

Payment of Wages Act (1936): Regulates timely wage payments and addresses unauthorized deductions.
Minimum Wages Act (1948): Ensures workers receive adequate living wages and outlines minimum wage standards.
Payment of Bonus Act (1965): Mandates bonus payments for eligible establishments.
Payment of Gratuity Act (1972): Entitles employees to gratuity after five years of continuous service.

Additional Labour Regulations

Contract Labour (Regulation & Abolition) Act (1970): Aims to protect contract laborers from exploitation and mandates proper working conditions.
Child Labour (Prohibition and Regulation) Act (1986): Restricts child labor and secures the right to education.
Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act (1996): Addresses welfare for workers in construction.

Other Relevant Acts

Apprentice Act (1961): Promotes apprenticeship programs to develop skilled workforce.
Emigration Act (1983): Regulates emigration procedures and protects migrant workers.

Trade Unions and Collective Bargaining

Trade Unions Act (1926): Facilitates worker representation and collective bargaining with management.
- Trade unions negotiate working conditions, wages, and employee grievances, fostering stronger employer-employee relationships.
- Recognizes the need for mandatory recognition of all trade unions to protect workers' interests.

Conclusion

Economic laws in India primarily protect workers in organized sectors, providing essential frameworks for fair treatment and labor rights.

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Description

Test your knowledge on the importance of economic laws and their role in regulating public and private businesses. This quiz will cover key concepts related to economic legislation and its impact on consumer rights, business profits, and societal welfare.