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Essential Commodities Act (ECA), 1955 was in news recently. Which of the following statement(s) is/are incorrect about ECA?
1. ECA was enacted to ensure the easy availability of essential commodities to consumers.
2. Government intervention through ECA can increase price volatility of essential Commodities
3. ECA incentivises storag e infrastructure development
Select the correct answer:

Essential Commodities Act (ECA), 1955 was in news recently. Which of the following statement(s) is/are incorrect about ECA?
1. ECA was enacted to ensure the easy availability of essential commodities to consumers.
2. Government intervention through ECA can increase price volatility of essential Commodities
3. ECA incentivises storag e infrastructure development
Select the correct answer: Correct Answer 3 only

Related Questions

The government has powers under the Essential Commodities Act, 1955 (EC Act) to declare a commodity as an essential commodity to ensure its availability to people at fair price. The commodities covered under the Act include: 1. Paper 2. Hank yarn made wholly from cotton 3. Fertilizers 4. Petroleum and petroleum products 5. Cotton and jute seeds Select the correct answer using the code given below :
Statement : There has been unprecedented increase in the prices of essential commodities during the past few days due to the strike call given by the transporters association.

Courses of Action :
I. The transporters' association should be ordered by the government to immediately withdraw strike call or else they will face severe consequences.
II. The government should immediately make alternative arrangements to ensure adequate supply of essential commodities in the market.
III. The government should immediately declare the strike illegal and put all those responsible for the strike behind the bars.
Which one of the following sets is incorrect to show the inter-relationships among price elasticity coefficient, change in price and change in total revenue ? Price elasticity coefficient Change in price Change in Total Revenue 1) Zero Increase Decrease Increase Decrease (2) Less than 1 Increase Decrease Decrease Increase (3) Equal to 1 Increase Decrease No change No change (4) More than 1 Increase Decrease Decrease Increase  
Consider the following statements : 1. The Union Government fixes the Statutory Minimum Price of sugarcane for each sugar season. 2. Sugar and sugarcane are essential commodities under the Essential Commodities Act. Which of the statements given above is/are correct?
Which of the following measures, generally invoked by the government, help contain price rise in certain food commodities? 1. Invoking Essential Commodities Act. 2. Zero export duty on those food crops. 3. Promoting futures and forward trading in those food commodities to stabilize food prices.
Consider the following statements about the doctrine of frustration:
1. Act has become impossible to be performed.
2. Act cannot be performed because of application of some law recently enacted.
3. Act cannot be performed because of the non-availability of raw material.
4. Act cannot be performed by defendant due to his accident.
Which of the statements given above are correct?
Match List I with List II: List I (Pricing Strategies) List II (Description) (A) Ramsay pricing (I) Setting a high price when a product is first introduced and gradually lowering price as it gains scale (B) Price skimming (II) Firm charges lower price (than the ongoing price) to gain market entry (C) Cost plus pricing (III) Price deviations from marginal cost should be inversely proportional to price elasticity of the product (D) Penetration pricing (IV) It is full cost pricing strategy that also includes mark up for target return, degree of competition, price elasticity and availability of substitutes. Choose the correct answer from the options given below:
Among six commodities P, Q, R, S, T and U, the price of Q is 1.5 times that of T. The price of U is four times that of P. The price of S is equal to the price of R. The price of P is 3.5 times that of R. The price of T is twice the price of R. The price of P is Rs. 70. What is the price of Q?
The only known ruler in the history of india to have fixed the prices of different commodities, rigidly enforced quality control and ensured easy availability of essential commodities was
Consider the given statements to be true and decide which of the conclusions logically follow(s) from the statements. Statements: There is an increase in the price of essential commodities due to a strike by the transporters. Conclusions: 1. The government should buy their own vehicles to transport essential goods. 2. The government should negotiate with transporters to withdraw the strike.