Practice MCQs | Chapter 3 Liberalisation Privatisation and Globalisation An Appraisal

MCQ Page Ref: Page 31

Economic reforms in India were introduced in:

A. 1947

B. 1950

C. 1991

D. 2000

Correct Answer / Reference:

Option: C

Reference: Found on Page Page 31

MCQ Page Ref: Page 31

The LPG reforms stand for:

A. Liberalisation, Privatisation and Globalisation

B. Labour, Production and Growth

C. Liberal Policy Growth

D. Local Production Governance

Correct Answer / Reference:

Option: A

Reference: Found on Page Page 31

MCQ Page Ref: Page 32

Liberalisation mainly refers to:

A. Reduction of government controls and restrictions

B. Nationalisation of industries

C. Ban on foreign trade

D. Increase in import duties

Correct Answer / Reference:

Option: A

Reference: Found on Page Page 32

MCQ Page Ref: Page 34

Privatisation means:

A. Expansion of public sector

B. Greater role of private sector

C. Closure of industries

D. Government monopoly

Correct Answer / Reference:

Option: B

Reference: Found on Page Page 34

MCQ Page Ref: Page 35

Globalisation refers to:

A. Integration of world economies

B. Isolation from foreign countries

C. Reduction in trade

D. Ban on foreign investment

Correct Answer / Reference:

Option: A

Reference: Found on Page Page 35

MCQ Page Ref: Page 31

Which institution provided financial assistance to India during economic crisis of 1991?

A. WTO

B. IMF and World Bank

C. SAARC

D. ASEAN

Correct Answer / Reference:

Option: B

Reference: Found on Page Page 31

MCQ Page Ref: Page 31

The main reason for economic reforms in 1991 was:

A. Agricultural surplus

B. Balance of payments crisis

C. Excess industrial growth

D. Population decline

Correct Answer / Reference:

Option: B

Reference: Found on Page Page 31

MCQ Page Ref: Page 32

Industrial licensing was largely abolished under:

A. Liberalisation

B. Nationalisation

C. Green Revolution

D. Land reforms

Correct Answer / Reference:

Option: A

Reference: Found on Page Page 32

MCQ Page Ref: Page 34

Disinvestment means:

A. Expansion of public sector enterprises

B. Selling shares of public sector enterprises

C. Ban on private companies

D. Closure of banks

Correct Answer / Reference:

Option: B

Reference: Found on Page Page 34

MCQ Page Ref: Page 35

Foreign Direct Investment (FDI) increased after:

A. Economic reforms

B. Colonial rule

C. Green Revolution

D. Land reforms

Correct Answer / Reference:

Option: A

Reference: Found on Page Page 35

MCQ Page Ref: Page 36

Which organisation replaced GATT in 1995?

A. IMF

B. World Bank

C. WTO

D. UNO

Correct Answer / Reference:

Option: C

Reference: Found on Page Page 36

MCQ Page Ref: Page 35

Globalisation promotes:

A. International trade

B. Flow of capital

C. Exchange of technology

D. All of these

Correct Answer / Reference:

Option: D

Reference: Found on Page Page 35

MCQ Page Ref: Page 31–32

The New Economic Policy aimed at:

A. Increasing government control

B. Economic reforms and market orientation

C. Reducing foreign trade

D. Expansion of zamindari system

Correct Answer / Reference:

Option: B

Reference: Found on Page Page 31–32

MCQ Page Ref: Page 32–35

Which among the following benefited from liberalisation?

A. Private sector

B. Foreign investors

C. Consumers

D. All of these

Correct Answer / Reference:

Option: D

Reference: Found on Page Page 32–35

MCQ Page Ref: Page 38

One criticism of globalisation is:

A. Increase in inequalities

B. Pressure on small producers

C. Job insecurity

D. All of these

Correct Answer / Reference:

Option: D

Reference: Found on Page Page 38

MCQ Page Ref: Page 34

Privatisation aims to improve:

A. Efficiency and productivity

B. Bureaucratic control

C. Import restrictions

D. Agricultural subsidies only

Correct Answer / Reference:

Option: A

Reference: Found on Page Page 34

MCQ Page Ref: Page 32

Economic reforms encouraged competition by:

A. Reducing restrictions on industries

B. Increasing industrial licensing

C. Banning private sector

D. Reducing exports

Correct Answer / Reference:

Option: A

Reference: Found on Page Page 32

MCQ Page Ref: Page 36

WTO mainly deals with:

A. International trade rules

B. Military alliances

C. Population control

D. Agricultural loans only

Correct Answer / Reference:

Option: A

Reference: Found on Page Page 36

MCQ Page Ref: Page 37

Which sector saw major growth after reforms?

A. Service sector

B. Cottage industries only

C. Traditional handicrafts only

D. Feudal agriculture

Correct Answer / Reference:

Option: A

Reference: Found on Page Page 37

MCQ Page Ref: Page 31–37

Economic reforms in India promoted:

A. Market-oriented economy

B. Increased foreign investment

C. Global integration

D. All of these

Correct Answer / Reference:

Option: D

Reference: Found on Page Page 31–37