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LPG - XII

Total questions: 57

Worksheet time: 29mins

Name
Class
Date
1.
Which of the following refers to relaxation of previous government restrictions?
a)
Privatisation
b)
Globalisation
c)
Disinvestment
d)
Liberalisation
2.

WTO was established in the year (a)   .

3.
___________ means integrating the domestic economy with the world economy.
a)
Globalisation
b)
Privatisation
c)
Liberalisation
d)
Disinvestment
4.
Trade between two countries is knowns as:
a)
(a) Bilateral trade
b)
(b) Multi-lateral trade
c)
(c) Both (a) & (b)
d)
Neither (a) nor (b)
5.
Which of the following is a policy initiated under New Economic Policy?
a)
Liberalisation
b)
Privatisation
c)
Globalisation
d)
Licensing
6.
When was the new economic policy announced?
a)
June, 1991
b)
May, 1991
c)
July, 1991
d)
January, 1991
7.
____________ refers to disposal of equity of public sector units in the market.
a)
Globalisation
b)
Privatisation
c)
Disinvestment
d)
Liberalisation
8.
Cheaper imported goods was one of the reason behind
a)
Growing unemployment
b)
Unbalanced growth
c)
Low level of industrial growth
d)
Spread Consumerism
9.
_____________ refers to the transfer of assets or services function from public to private ownership.
a)
Globalisation
b)
Privatisation
c)
Disinvestment
d)
Liberalisation
10.
WTO stands for:
a)
World Trade Organisation
b)
World Transport Organisation
c)
World Tariff Organisation
d)
Women Teachers Organisation
11.
Outsourcing is good for India because:
a)
(a) It provides employment to large no. of unemployed
b)
(b) It provides excellence in a particular field
c)
(c) Both (a) & (b)
d)
Neither (a) nor (b)
12.
Which of the following economic reforms were initiated by the government under liberalisation?
a)
Industrial Sector reforms
b)
Agricultural reforms
c)
Financial sector reforms
d)
Information sector reforms
13.
Which of the following industries are reserved for the public sector?
a)
(a) Defence aircraft & warships
b)
(b) Atomic energy generation
c)
(c) Cement
d)
Both (a) & (b)
14.
_____________ refers to transfer of ownership, management & control of public sector enterprises to the entrepreneurs in the private sector.
a)
Liberalisation
b)
Globalisation
c)
Privatisation
d)
None of these
15.
It refers to contracting out some of its activities to a third party which were earlier performed by the organisation.
a)
Outsourcing
b)
Globalisation
c)
Privatisation
d)
Liberalisation
16.
____________ involves deregulation & reduction of government controls & greater autonomy of private investment, to make economy more competitive.
a)
Globalisation
b)
Privatisation
c)
Liberalisation
d)
All of these
17.
Which of the following is not a tax reform?
a)
Reduction in taxes
b)
Reforms in indirect taxes
c)
Removal of Export duties
d)
Devaluation of Rupee
18.
Which of the following is not a benefit of demonetisation in India?
a)
Control over corruption
b)
Counterfeiting use of high denomination notes for illegal activities
c)
Control on black money
d)
More Demanding customers
19.
Which of the following was not a feature of Demonetisation?
a)
Channelizing savings into formal financial system
b)
Tax Administration
c)
Cash less economy
d)
Promotion of Black Money
20.
All Indirect taxes have been subsumed under:
a)
Income tax
b)
Corporate Tax
c)
Goods & Services Tax (GST)
d)
Value added Tax (VAT)
21.
Which of the following reason led to the introduction of New Economic Policy in 1991?
a)
Poor Performance of Public Sector
b)
Foreign Exchange crisis
c)
Consistent rise in general prices
d)
Poor performance of housing sector
22.
After agreeing to the conditions of ____________, India announced the New Economic Policy (NEP).
a)
(a) International Monetary Fund
b)
(b) International Bank for reconstruction & Development (IBRD)
c)
(c) Reserve Bank of India
d)
(d) International Bank of India
23.
________________ currency notes of Old Mahatma Gandhi series were banned as legal tender money on 8th November, 2016
a)
50 & 100
b)
500 & 1000
c)
500 & 2000
d)
500 & 200
24.
____________ was the predecessor organisation to World Trade Organisation (WTO)
a)
IBRD
b)
IMF
c)
RBI
d)
GATT
25.

Full form of 'GATT' is

(a)  

26.

(a)   was the India Finance Minister in 1991, acknowledged for his capabilities to steer away the economic crisis looming large on the erstwhile Indian Economy.

27.

Deficit in Balance of Payments arises when foreign payments for __________ exceed foreign receipts from ____________.

(a)  

28.

Economic reforms have (a)   (Increased/Reduced) the role of the public sector.

29.

(a)   means removal of entry & growth restrictions on the private sector.

30.

(a)   is one of the taxes eliminated after implementation of GST.

31.

As per the Financial Sector Reforms, the role of RBI was reduced from (a)   to facilitator of the financial sector.

32.

The aim of (a)   is to integrate the Indian Economy with the world economy.

33.

(a)   refers to contracting out some of its activities to a third party which were earlier performed by the organization.

34.

India has become a favourable destination of outsourcing for most of the MNC's because of low __________ and availability of _____________.

(a)  

35.

Taxes are of two types : _______________ taxes and ___________ taxes.

(a)  

36.

(a)   means transfer of ownership, management & control of public sector enterprises to the entrepreneurs in the private sector.

37.

Three main policies of New Economic Policy are Privatisation, ______________ and _______________.

(a)  

38.

(a)   refers to reduction in the value of domestic currency by the government.

39.

Disinvestment is an example of (a)   in India.

40.

The New Economic Policy was announced in the year (a)   .

41.

Demonetisation led to channelizing savings into the formal (a)   system.

42.

demonetisation is viewed as a (a)   measure.

43.

increasing the role of private sector in the economy is called (a)  

44.

(a)   means opening the Indian economy to foreign investor & allow Indian investor to invest abroad.

45.

under foreign exchange reforms, the rupee was (a)   against the foreign currencies to overcome balance of payment crisis

46.

under foreign exchange reforms in India, exchange is determined by the market force of (a)  

47.

World Trade Organisation (WTO) was established in 1995,as a successor organisation to (a)  

48.
Liberalisation is a process of opening a larger part of the economy for non government sector
a)
true
b)
false
49.
Condition imposed by World Bank and international monetary fund was the main reason behind the introduction of economy reforms in India
a)
false
b)
True
50.
Increase in the role of public sector was the main feature of industrial reforms
a)
false
b)
True
51.
financial sector reforms lead to the origin of private banks
a)
true
b)
false
52.
The objective of WTO is to facilitate International trade
a)
false
b)
true
53.
Agriculture sector has shown positive growth due to economic reforms
a)
true
b)
false
54.
India has become favourable destination of outsourcing for most of the MNC's
a)
true
b)
FALSE
55.
As a result of financial sector reforms, the limit of foreign investment in bank was raise to 35%
a)
false
b)
true
56.
"GATT was established in 1923 with 48 members countries
a)
false
b)
true
57.
World Bank is also known as International Bank for registration & delimitation (IBRD)
a)
TRUE
b)
FALSE

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