{"id":17668,"date":"2022-05-25T14:00:43","date_gmt":"2022-05-25T08:30:43","guid":{"rendered":"https:\/\/mcq-questions.com\/?p=17668"},"modified":"2022-05-17T11:01:22","modified_gmt":"2022-05-17T05:31:22","slug":"mcq-questions-for-class-12-economics-chapter-3-part-b","status":"publish","type":"post","link":"https:\/\/mcq-questions.com\/mcq-questions-for-class-12-economics-chapter-3-part-b\/","title":{"rendered":"MCQ Questions for Class 12 Economics Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal with Answers"},"content":{"rendered":"

Students who are searching for NCERT MCQ Questions for Class 12 Economics Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 12 Economics with Answers<\/a>. You can also verify your answers from our provided Liberalisation, Privatisation and Globalisation: An Appraisal Class 12 MCQs Questions with Answers. So, ace up your preparation with MCQ on Liberalisation, Privatisation and Globalisation: An Appraisal Class 12 Objective Questions.<\/p>\n

Liberalisation, Privatisation and Globalisation: An Appraisal Class 12 MCQs Questions with Answers<\/h2>\n

Choose the correct alternative.<\/span><\/p>\n

Question 1.
\nEconomic reforms were introduced in India in the year _________
\n(a) 1991
\n(b) 1992
\n(c) 2001
\n(d) 2005<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) 1991<\/p>\n<\/details>\n

\n

Question 2.
\nMake in India programme was launched in __________
\n(a) 1991
\n(b) 2014
\n(c) 2015
\n(d) 2016<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) 2014<\/p>\n<\/details>\n

\n

Question 3.
\nMUDRA Bank was set up to meet the credit needs of the _________
\n(a) farmers
\n(b) small enterprises
\n(c) large enterprises
\n(d) exporters<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) small enterprises<\/p>\n<\/details>\n

\n

Question 4.
\nWhich of the following replaced MRTP Act?
\n(a) Competition Act
\n(b) Foreign Exchange Management Act
\n(c) New Companies Act
\n(d) None of these<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) Competition Act<\/p>\n<\/details>\n

\n

Question 5.
\nTo provide refinance facilities to micro-units, an agency named MUDRA was established by the government. In which year this agency was set up?
\n(a) 1991
\n(b) 1999
\n(c) 2005
\n(d) 2015<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (d) 2015<\/p>\n<\/details>\n

\n

Question 6.
\nAt present how many industries are exclusively reserved for the public sector in India?
\n(a) Two
\n(b) Three
\n(c) Four
\n(d) Five<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) Three<\/p>\n<\/details>\n

\n

Question 7.
\nAt present the number of industries requiring company licensing is __________
\n(a) Eight
\n(b) Six
\n(c) Four
\n(d) Five<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (d) Five<\/p>\n<\/details>\n

\n

Question 8.
\nGST has been implemented from __________
\n(a) April 1, 2018
\n(b) January 1, 2018
\n(c) January 1, 2017
\n(d) July 1, 2017<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (d) July 1, 2017<\/p>\n<\/details>\n

\n

Question 9.
\nWhen did the Gulf Crisis take place?
\n(a) 1985
\n(b) 1990-91
\n(c) 1995
\n(d) 1975<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) 1990-91<\/p>\n<\/details>\n

\n

Question 10.
\nHow much loan was provided by World Bank and IMF during the nineties to bail India out of the crisis?
\n(a) $10 million
\n(b) $10 billion
\n(c) $7 billion
\n(d) $20 billion<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) $7 billion<\/p>\n<\/details>\n

\n

Question 11.
\nFor how many industries, licensing is still necessary?
\n(a) 7
\n(b) 6
\n(c) 9
\n(d) 10<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) 6<\/p>\n<\/details>\n

\n

Question 12.
\nHow many industries are entirely reserved for the public sector?
\n(a) 6
\n(b) 10
\n(c) 2
\n(d) 4<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (c) 2<\/p>\n<\/details>\n

\n

Question 13.
\nWhat is the investment limit in small scale industries?
\n(a) 50 lakh
\n(b) 1 crore
\n(c) 25 lakh
\n(d) 75 crore<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (b) 1 crore<\/p>\n<\/details>\n

\n

Question 14.
\nWho is the Chairman of the GST Council?
\n(a) Finance Minister
\n(b) Prime Minister
\n(c) Finance Secretary
\n(d) Deputy Chairman of NITI Aayog<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: (a) Finance Minister<\/p>\n<\/details>\n

\n

Fill in the blanks with the correct word.<\/span><\/p>\n

Question 15.
\nIndia met with the economic crisis in 1991 as it failed to repay its _______ from abroad.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: borrowings<\/p>\n<\/details>\n

\n

Question 16.
\n________ is the excess of expenditure (borrowings) over income.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: Deficit<\/p>\n<\/details>\n

\n

Question 17.
\nTo overcome the crisis, India approached IMF and World Bank for _________<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: loan<\/p>\n<\/details>\n

\n

Question 18.
\nFiscal policy refers to the revenue and expenditure policy of the government to achieve _______ development in the economy.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: balanced<\/p>\n<\/details>\n

\n

Question 19.
\nTrade policy reforms led to the removal of export duties to ________ India\u2019s competitive position.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: increase<\/p>\n<\/details>\n

\n

Question 20.
\nIndia has become an important destination for global _________ since the reforms.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: outsourcing<\/p>\n<\/details>\n

\n

Question 21.
\nTrade between two countries is called ________ trade.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: bilateral<\/p>\n<\/details>\n

\n

Question 22.
\nIndustrial sector has experienced ________ in growth pattern.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: fluctuations<\/p>\n<\/details>\n

\n

State whether the following statements are True or False.<\/span><\/p>\n

Question 23.
\nThe crisis led to a rise in the prices of essential goods.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 24.
\nReserve Bank of India announced New Economic Policy as a condition to support the Indian economy.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 25.
\nOpening up the economy by removing restrictions on the private sector is called globalization.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 26.
\nIndustrial licensing was abolished on all products except on those which were important from a profit point of view.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 27.
\nThe rupee was devalued to resolve the balance of payments crisis.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 28.
\nPrivate ownership is capable of utilizing capital and other resources more efficiently.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Question 29.
\nGATT is the successor to the WTO.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: False<\/p>\n<\/details>\n

\n

Question 30.
\nOpening up of the economy resulted in a rapid increase in FDI and foreign exchange reserves.<\/p>\n

\nAnswer<\/span><\/summary>\n

Answer: True<\/p>\n<\/details>\n

\n

Match the alternatives given in Column II with respective terms in Column I.<\/span><\/p>\n

Question 31.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Column I<\/td>\nColumn II<\/td>\n<\/tr>\n
(i) Liberalisation<\/td>\n(a) Removing trade restrictions<\/td>\n<\/tr>\n
(ii) Privatisation<\/td>\n(b) July 2017<\/td>\n<\/tr>\n
(iii) Globalisation<\/td>\n(c) Collected on inter-state sale<\/td>\n<\/tr>\n
(iv) Tariff barriers<\/td>\n(d) Removing restrictions on the private sector<\/td>\n<\/tr>\n
(v) Non-tariff barrier<\/td>\n(e) Imposing excise duty on imports<\/td>\n<\/tr>\n
(vi) Introduction of New Economic Policy in India<\/td>\n(f) November 2016<\/td>\n<\/tr>\n
(vii) Implementation of GST in India<\/td>\n(g) Reducing the role of the government<\/td>\n<\/tr>\n
(viii) Demonetisation took place in India<\/td>\n(h) Fixing quotas restrictions<\/td>\n<\/tr>\n
(ix) SGST<\/td>\n(i) Collected on intra-state sale<\/td>\n<\/tr>\n
(x) IGST<\/td>\n(j) 1991<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nAnswer<\/span><\/summary>\n

Answer:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Column I<\/td>\nColumn II<\/td>\n<\/tr>\n
(i) Liberalisation<\/td>\n(d) Removing restrictions on the private sector<\/td>\n<\/tr>\n
(ii) Privatisation<\/td>\n(g) Reducing the role of the government<\/td>\n<\/tr>\n
(iii) Globalisation<\/td>\n(a) Removing trade restrictions<\/td>\n<\/tr>\n
(iv) Tariff barriers<\/td>\n(e) Imposing excise duty on imports<\/td>\n<\/tr>\n
(v) Non-tariff barrier<\/td>\n(h) Fixing quotas restrictions<\/td>\n<\/tr>\n
(vi) Introduction of New Economic Policy in India<\/td>\n(j) 1991<\/td>\n<\/tr>\n
(vii) Implementation of GST in India<\/td>\n(b) July 2017<\/td>\n<\/tr>\n
(viii) Demonetisation took place in India<\/td>\n(f) November 2016<\/td>\n<\/tr>\n
(ix) SGST<\/td>\n(i) Collected on intra-state sale<\/td>\n<\/tr>\n
(x) IGST<\/td>\n(c) Collected on inter-state sale<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/details>\n
\n

Use the above-provided NCERT MCQ Questions for Class 12 Economics Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal with Answers Pdf free download and get a good grip on the fundamentals. Need any support from our end during the preparation of CBSE Class 12 Economics Liberalisation, Privatisation and Globalisation: An Appraisal MCQs Multiple Choice Questions with Answers then leave your comments below. We’ll revert back to you soon.<\/p>\n","protected":false},"excerpt":{"rendered":"

Students who are searching for NCERT MCQ Questions for Class 12 Economics Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal with Answers Pdf free download are compiled here to get good practice on all fundamentals. Know your preparation level on MCQ Questions for Class 12 Economics with Answers. You can also verify your answers from …<\/p>\n

MCQ Questions for Class 12 Economics Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal with Answers<\/span> Read More »<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":""},"categories":[35],"tags":[],"yoast_head":"\nMCQ Questions for Class 12 Economics Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal with Answers - MCQ Questions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mcq-questions.com\/mcq-questions-for-class-12-economics-chapter-3-part-b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MCQ Questions for Class 12 Economics Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal with Answers - MCQ Questions\" \/>\n<meta property=\"og:description\" content=\"Students who are searching for NCERT MCQ Questions for Class 12 Economics Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal with Answers Pdf free download are compiled here to get good practice on all fundamentals. 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