Multiple Choice Questions
[Q.1] Any person aggrieved by any order of Appellate Tribunal, may file an appeal to the Hon’ble Supreme Court within ___________ days, from the date of receipt of the order of Appellate Tribunal.
(A) 30 days (B) 45days (C) 60 days (D) 90 days
Ans: (C) 60 days
[Q.2] Unfair competition means adoption of practices such as:
(A) Allocation of markets (B) Deliberate reduction in output in order to increase prices
(C) Predatory pricing (D) All of the above
Ans: (D) All of the above
[Q.3] The Commission also has the power to impose a fine which may extend to ________ of the total turnover or the assets of the combination, whichever is higher, for failure to give notice to the Commission of the combination.
(A) 2% (B) 1% (C) 0.5% (D) 3%
Ans: (B) 1%
[Q.4] The Chairperson and every other Member of Competition Commission of India shall hold office for a term of years from the date on which he enters upon his office and shall be eligible for re-appointment.
(A) one (B) two (C) five (D)three
Ans: (C) five
[Q.5] Cartel includes an association of
(a) producers (b) sellers/distributors
(c) traders or service providers (d) All of the above
Ans: (d) All of the above
[Q.6] Goods refers to goods as defined in the Sale of Goods Act and includes
(a) products manufactured, processed, or mined
(b) debentures, stocks, and shares after allotment
(c) in relation to goods supplied, distributed, or controlled in India, goods imported in India
(d) All of the above
Ans: (d) All of the above
[Q.7] The order issued by the Competition Commission to direct the division of an enterprise enjoying dominant position may provide for
(a) the transfer or vesting of property, rights, liabilities, or obligations
(b) the adjustment of contracts either by discharge or reduction of any liability or obligation or otherwise
(c) the creation, allotment, surrender, or cancellation of any shares, stocks, or securities
(d) All of the above
Ans: (d) All of the above
[Q.8] Under the Competition Act, a person, for making a false statement, or omission to furnish material information, shall be punishable with a fine which shall not be
(a) less than ₹1 lakh (b) less than ₹50 lakh
(c) less than ₹50 lakh which may extend to rupees one crore (d) less than ₹1 crore rupees
Ans: (c) less than ₹50 lakh which may extend to rupees one crore
[Q.9] Who, among the following, is empowered to supersede the Commission?
(a) MRTP Commission (b) Central Government (c) President of India (d) Supreme Court
Ans: (b) Central Government
[Q.9A] Which section of the Competition Act, 2002 deals with the Power of the Central Government to supersede Commission?
A. Section 57 of the Competition Act, 2002 B. Section 56 of the Competition Act, 2002
C. Section 54 of the Competition Act, 2002 D. Section 55 of the Competition Act, 2002
Answer B. Section 56 of the Competition Act, 2002
[Q.10] When did the Competition Act, 2002, come into force?
A) 01 April 2004 B) 31 March 2003 C) 01 May 2002 D) 23 April 2003
Answer B) 31 March 2003
[As a thumb rule, any act that is passed in any given year, will usually come into effect from the next financial year, i.e., 1st of April of next year, unless otherwise mentioned.]