Question : Which of the following is an advantage of foreign competition?
Option 1: No requirement to develop new products.
Option 2: The incentive to produce efficiently.
Option 3: Expansion of foreign market.
Option 4: Saving of foreign exchange reserves.
New: SSC CHSL tier 1 answer key 2024 out | SSC CHSL 2024 Notification PDF
Recommended: How to crack SSC CHSL | SSC CHSL exam guide
Don't Miss: Month-wise Current Affairs | Upcoming government exams
Correct Answer: The incentive to produce efficiently.
Solution : The correct option is the incentive to produce efficiently.
An advantage of foreign competition is that it provides an incentive for domestic producers to become more efficient. When competing with foreign companies, domestic businesses are pushed to improve their productivity, reduce costs, and enhance the quality of their products or services to remain competitive in the global market. This drive for efficiency benefits consumers by offering better products and lower prices.
Related Questions
Know More about
Staff Selection Commission Combined High ...
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Get Updates Brochure
Your Staff Selection Commission Combined Higher Secondary Level Exam brochure has been successfully mailed to your registered email id “”.
