The Retail & Wholesale Trade GK MCQs With Answer & Explanation in English article provides valuable insights into the essential concepts of retail and wholesale sectors. Through a set of multiple-choice questions with answers and explanations, readers can deepen their understanding of trade practices, distribution channels, and the roles these sectors play in the economy.
Ideal for learners and exam-preparers, this guide covers critical points to build knowledge on retail and wholesale trade.
1. What is the contribution of the retail industry to GDP of India?
- 13%
- 12%
- 21%
- 15%
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Answer: 12%
The retail sector in India holds significant economic importance, contributing over 12% to the country’s GDP. This makes it the third-largest sector in the Indian economy, reflecting its substantial share in economic activities and growth.
2. What is the contribution of the Retail Industry to employment in India?
- 10%
- 24%
- 29%
- 8%
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Answer: 8%
Employment generation is another crucial aspect of the retail industry in India, as it contributes to approximately 8% of total employment. This highlights the sector’s role in providing jobs to a significant portion of the country’s workforce.
3. Which country has the largest retail space in the world?
- India
- China
- USA
- None of the above
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Answer: USA
When it comes to the global retail landscape, the United States stands out with the highest square footage of retail space per capita. In 2018, it had approximately 23.5 square feet of retail space per person, signifying the extensive availability of retail stores. Canada and Australia followed the United States with 16.8 and 11.2 square feet per capita, respectively.
4. What is the FDI allowed by India in the online marketplace business under the automatic route?
- 100%
- 49%
- 51%
- 74%
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Answer: 100%
India has allowed 100% FDI in the online marketplace of goods and services through the automatic route.
5. What is the contribution of the Unorganized market in India’s retail market?
- 30%
- 88%
- 48%
- 61%
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Answer: 88%
The unorganised market contributes about 88% to India’s retail sector, while the organised market accounts for the rest.
6. What is the FDI allowed in duty-free shops under the automatic route?
- 100%
- 70%
- 75%
- 49%
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Answer: 100%
100% FDI is allowed under the automatic route in duty-free shops.
7. Which global institution has launched the Business-to-Consumer (B2C) E-commerce Index?
- World Bank
- United Nations Conference on Trade and Development
- World Economic Forum
- WWF
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Answer: United Nations Conference on Trade and Development
The United Nations Conference on Trade and Development introduced the Business-to-Consumer (B2C) E-commerce Index to assess the readiness and adoption of e-commerce in different countries. The Netherlands secured the top position on the index for two consecutive years, underlining its robust e-commerce infrastructure. India, with its growing digital market, was ranked 73rd on this index.
8. In which city did IKEA set up its first retail store in India?
- Hyderabad
- Mumbai
- Delhi
- Noida
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Answer: Hyderabad
IKEA, a well-known global furniture and home goods retailer, established its first retail store in India in Hyderabad on August 9, 2018. This marked an important milestone for both IKEA and the Indian retail market.
9. Which of the following describes Itinerant Retailers?
- They have a fixed place of business
- They move from place to place
- They are a type of wholesalers
- None of the above
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Answer: They move from place to place
Itinerant retailers are a unique category in the retail sector, as they do not operate from a fixed place of business. Instead, they move their shops around, sometimes on a daily basis, catering to a variety of locations and customer bases.
10. Which among the following is the characteristics of a Fixed shop Retailers?
- They operate on a large scale
- They move from place to place
- They have credibility in the customers
- All of the above
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Answer: They have credibility in the customers
In contrast to itinerant retailers, fixed shop retailers are small retail shops that remain in a fixed location and have established credibility with local customers. These shops provide convenience and reliability to their customer base.
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