CBSE Class 11 Economics Liberalisation, Privatisation and Globalisation: An Appraisal MCQs

Question : Which of the following is the feature of New Economic Reforms ?
(a) Globalization
(b) Liberalization
(c) Privatization
(d) All of the above

Answer :   D

Question : MUDRA Bank was set up to meet the credit needs of the _
(a) farmers
(b) small enterprises
(c) large enterprises
(d) exporters

Answer :   B

Question :  Why there was a need for economic reforms in India?
(a) Due to fiscal deficit
(b) Due to adverse BOP
(c) Rise in prices
(d) All of the above

Answer :   D

Question :  How many industries are entirely reserved for the public sector?
(a) 6
(b) 10
(c) 2
(d) 4

Answer :   C

Question :  Who is the Chairman of the GST Council?
(a) Finance Minister
(b) Prime Minister
(c) Finance Secretary
(d) Deputy Chairman of NITI Aayog

Answer :   A

Question : New Economic Policy was introduced in the year___________.
(a) 1980
(b) 1991
(c) 2013
(d) 2015

Answer :   B

Question :  Special Economic Zones (SEZ) developed by the Government of India aim
(a) to attract foreign companies to invest in India
(b) to encourage small investors
(c) to encourage regional development
(d) none of the above

Answer :    A

Question :  Where is the headquarters of WTO located?
(a) Italy
(b) Geneva
(c) New York
(d) Washington

Answer :   B

Question :  Freedom of the producing units from direct or physical control imposed by the government is called____
(a) Privatization
(b) Globalization
(c) Liberalization
(d) None of the above

Answer :   C

Question :  FDI (Foreign Direct Investment) attracted by globalisation in India belongs to the
(a) World Bank
(b) multinationals
(c) foreign governments
(d) none of the above

Answer :   B

Question :  When was WTO established?
(a) 1996
(b) 1998
(c) 2000
(d) 1995

Answer :   D

Question :  If a country liberalises its trade, it will make the country more attractive for
(a) inward investment
(b) exchange reserve
(c) consumption
(d) price

Answer :   A

Question : Globalisation has improved the living structure of which of the following?
(a) All the people
(B) Workers in developing countries
(C) People in developed countries
(D) None of the above

Answer :   B

Question :  Where is the headquarters of WTO located?
(a) Italy
(b) Geneva
(c) New York
(d) Washington

Answer :   B

Question :  Economic reforms were introduced in India in the year _________
(a) 1991
(b) 1992
(c) 2001
(d) 2005

Answer :   A

Question :  Tax on imports is an example of:
(a) Terms of Trade
(b) Collateral
(c) Trade Barriers
(d) Foreign Trade

Answer :   C

Question :  For how many industries, licensing is still necessary?
(a) 7
(b) 6
(c) 9
(d) 10

Answer :   B

Question :  Which one of the following is a major benefit of joint production between a local company and a Multi-National Company?
(a) MNC can bring latest technology in the production
(b) MNC can control the increase in the price
(c) MNC can buy the local company
(d) MNC can sell the products under their brand name

Answer :   A

Question :  Which of the following replaced MRTP Act?
(a) Competition Act
(b) Foreign Exchange Management Act
(c) New Companies Act
(d) None of these

Answer :   A

Question :  When did the Gulf Crisis take place?
(a) 1985
(b) 1990-91
(c) 1995
(d) 1975

Answer :   B

Question :  The removal of tariff barriers can lead to lower prices for
(a) suppliers
(b) consumers
(c) competitors
(d) none of these

Answer :   B

Question :  The New Economic Policy was introduced in India in _____________.
(a) 1991
(b) 1998
(c) 1997
(d) None of these

Answer :   A

Question :  New economic policy is also known as___
(a) New economic reforms
(b) New economic region
(c) New economic law
(d) None of the above

Answer :   A

Question :  Which of these institutes supports investments and foreign trade in India?
(a)  International Monetary Fund (IMF)
(b) World Trade Organisation (WTO)
(c) World Bank
(d) International Labour Organisation (ILO)

Answer:  B

Question :  What is the investment limit in small scale industries?
(a) 50 lakh
(b) 1 crore
(c) 25 lakh
(d) 75 crore

Answer :  B

Question :  LPG stands for
(a) Liberalization, Privatization, Globalization
(b) Liquidity, Publicity, Government
(c) Liberalization, Privatization,Government
(d) None of the above

Answer :   A

Question :  How many countries are the members of WTO?
(a) 164
(b) 120
(c) 96
(d) 48

Answer :   A

Question :  Globalisation results in
(a) inflow of labour from abroad
(b) inflow of capital from abroad
(c) inflow of tourists from abroad
(d) all the above

Answer :   B

Question :  Opening the doors of economy for foreign companies , technology, capital, human resource et(c) is called___
(a) Globalization
(b) Liberalization
(c) Privatization
(d) None of the above

Answer :   A

Question :  Which one of the following Indian indus¬tries has been hit hard by globalisation?
(a) Information Technology (IT)
(b) Toy making
(c) Jute
(d) Cement

Answer :   B

Question :  is the result of New Industrial Policy which abolished the 'License System'.
(a) Globalisation
(b) Privatisation
(c) Liberalisation
(d) None of these

Answer :   B

Question :  Globalisation has led to improvement in
(a) choice to consumers
(b) quality of goods and services
(c) foreign investment
(d) all the above

Answer :   D

Question :  Globalisation so far has been more in favour of:
(a) developed countries
(b) developing countries
(c) poor countries
(d) none of the above

Answer :   A

Question :  Globalisation has led to higher standards of living of:
(a) well-off consumers
(b) poor consumers
(c) big producers

Answer :   A

Question :  What is happening with the import of Chinese toys in India ? 
(a) Indian toys are selling more
(b) Indian consumers are buying less
(c) Indian consumers are getting more choice at cheaper rates
(d) Chinese consumers are falling short of choice

Answer :   C

Question :  Which out of the following is an example of a trade barrier? 
(a) Foreign investment
(b) Delay or damage of goods
(c) Tax on imports
(d) None of these

Answer :    C

Question :  Globalisation has posed major challenges for:
(a) big producers
(b) small producers
(c) rural poor
(d) none of these

Answer :    B

Question :  Government can make globalisation more ‘fair’ by:
(a) increasing competition
(b) increasing employment
(c) implementing the labour laws
(d) imposing trade barriers

Answer :    C