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Liberalisation, Privatisation and Globalisation: An Appraisal Class 12 MCQs Questions with Answers
Choose the correct alternative.
Question 1.
Economic reforms were introduced in India in the year _________
(a) 1991
(b) 1992
(c) 2001
(d) 2005
Answer
Answer: (a) 1991
Question 2.
Make in India programme was launched in __________
(a) 1991
(b) 2014
(c) 2015
(d) 2016
Answer
Answer: (b) 2014
Question 3.
MUDRA Bank was set up to meet the credit needs of the _________
(a) farmers
(b) small enterprises
(c) large enterprises
(d) exporters
Answer
Answer: (b) small enterprises
Question 4.
Which of the following replaced MRTP Act?
(a) Competition Act
(b) Foreign Exchange Management Act
(c) New Companies Act
(d) None of these
Answer
Answer: (a) Competition Act
Question 5.
To provide refinance facilities to micro-units, an agency named MUDRA was established by the government. In which year this agency was set up?
(a) 1991
(b) 1999
(c) 2005
(d) 2015
Answer
Answer: (d) 2015
Question 6.
At present how many industries are exclusively reserved for the public sector in India?
(a) Two
(b) Three
(c) Four
(d) Five
Answer
Answer: (b) Three
Question 7.
At present the number of industries requiring company licensing is __________
(a) Eight
(b) Six
(c) Four
(d) Five
Answer
Answer: (d) Five
Question 8.
GST has been implemented from __________
(a) April 1, 2018
(b) January 1, 2018
(c) January 1, 2017
(d) July 1, 2017
Answer
Answer: (d) July 1, 2017
Question 9.
When did the Gulf Crisis take place?
(a) 1985
(b) 1990-91
(c) 1995
(d) 1975
Answer
Answer: (b) 1990-91
Question 10.
How much loan was provided by World Bank and IMF during the nineties to bail India out of the crisis?
(a) $10 million
(b) $10 billion
(c) $7 billion
(d) $20 billion
Answer
Answer: (c) $7 billion
Question 11.
For how many industries, licensing is still necessary?
(a) 7
(b) 6
(c) 9
(d) 10
Answer
Answer: (b) 6
Question 12.
How many industries are entirely reserved for the public sector?
(a) 6
(b) 10
(c) 2
(d) 4
Answer
Answer: (c) 2
Question 13.
What is the investment limit in small scale industries?
(a) 50 lakh
(b) 1 crore
(c) 25 lakh
(d) 75 crore
Answer
Answer: (b) 1 crore
Question 14.
Who is the Chairman of the GST Council?
(a) Finance Minister
(b) Prime Minister
(c) Finance Secretary
(d) Deputy Chairman of NITI Aayog
Answer
Answer: (a) Finance Minister
Fill in the blanks with the correct word.
Question 15.
India met with the economic crisis in 1991 as it failed to repay its _______ from abroad.
Answer
Answer: borrowings
Question 16.
________ is the excess of expenditure (borrowings) over income.
Answer
Answer: Deficit
Question 17.
To overcome the crisis, India approached IMF and World Bank for _________
Answer
Answer: loan
Question 18.
Fiscal policy refers to the revenue and expenditure policy of the government to achieve _______ development in the economy.
Answer
Answer: balanced
Question 19.
Trade policy reforms led to the removal of export duties to ________ India’s competitive position.
Answer
Answer: increase
Question 20.
India has become an important destination for global _________ since the reforms.
Answer
Answer: outsourcing
Question 21.
Trade between two countries is called ________ trade.
Answer
Answer: bilateral
Question 22.
Industrial sector has experienced ________ in growth pattern.
Answer
Answer: fluctuations
State whether the following statements are True or False.
Question 23.
The crisis led to a rise in the prices of essential goods.
Answer
Answer: True
Question 24.
Reserve Bank of India announced New Economic Policy as a condition to support the Indian economy.
Answer
Answer: False
Question 25.
Opening up the economy by removing restrictions on the private sector is called globalization.
Answer
Answer: False
Question 26.
Industrial licensing was abolished on all products except on those which were important from a profit point of view.
Answer
Answer: False
Question 27.
The rupee was devalued to resolve the balance of payments crisis.
Answer
Answer: True
Question 28.
Private ownership is capable of utilizing capital and other resources more efficiently.
Answer
Answer: True
Question 29.
GATT is the successor to the WTO.
Answer
Answer: False
Question 30.
Opening up of the economy resulted in a rapid increase in FDI and foreign exchange reserves.
Answer
Answer: True
Match the alternatives given in Column II with respective terms in Column I.
Question 31.
| Column I | Column II |
| (i) Liberalisation | (a) Removing trade restrictions |
| (ii) Privatisation | (b) July 2017 |
| (iii) Globalisation | (c) Collected on inter-state sale |
| (iv) Tariff barriers | (d) Removing restrictions on the private sector |
| (v) Non-tariff barrier | (e) Imposing excise duty on imports |
| (vi) Introduction of New Economic Policy in India | (f) November 2016 |
| (vii) Implementation of GST in India | (g) Reducing the role of the government |
| (viii) Demonetisation took place in India | (h) Fixing quotas restrictions |
| (ix) SGST | (i) Collected on intra-state sale |
| (x) IGST | (j) 1991 |
Answer
Answer:
| Column I | Column II |
| (i) Liberalisation | (d) Removing restrictions on the private sector |
| (ii) Privatisation | (g) Reducing the role of the government |
| (iii) Globalisation | (a) Removing trade restrictions |
| (iv) Tariff barriers | (e) Imposing excise duty on imports |
| (v) Non-tariff barrier | (h) Fixing quotas restrictions |
| (vi) Introduction of New Economic Policy in India | (j) 1991 |
| (vii) Implementation of GST in India | (b) July 2017 |
| (viii) Demonetisation took place in India | (f) November 2016 |
| (ix) SGST | (i) Collected on intra-state sale |
| (x) IGST | (c) Collected on inter-state sale |
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