Liberalisation, Privatisation and Globalisation: An Appraisal MCQs with answers

Dear candidates you will find MCQ questions of 12th Class - Economics - Indian Economic Development | Chapter: Liberalisation, Privatisation and Globalisation: An Appraisal here. Learn these questions and prepare yourself for coming examinations. You can check the right answer of any question by clicking the option or by clicking view answer button.
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Q. In which year did India adopt the economic reforms?
  • (A) 1991
  • (B) 1993
  • (C) 1998
  • (D) 2001
💬 Discuss
✅ Correct Answer: (A) 1991
Q. 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
💬 Discuss
✅ Correct Answer: (D) All of the above
Q. When did the Gulf Crisis take place?
  • (A) 1985
  • (B) 1990-91
  • (C) 1995
  • (D) 1975
💬 Discuss
✅ Correct Answer: (B) 1990-91
Q. 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
💬 Discuss
✅ Correct Answer: (C) $7 billion
Q. Where is the headquarters of WTO located?
  • (A) Italy
  • (B) Geneva
  • (C) New York
  • (D) Washington
💬 Discuss
✅ Correct Answer: (B) Geneva
Q. When was WTO established?
  • (A) 1996
  • (B) 1998
  • (C) 2000
  • (D) 1995
💬 Discuss
✅ Correct Answer: (D) 1995
Q. How many countries are the members of WTO?
  • (A) 48
  • (B) 96
  • (C) 120
  • (D) 164
💬 Discuss
✅ Correct Answer: (D) 164
Q. When was VAT introduced in most of the States of India?
  • (A) 2001
  • (B) 1995
  • (C) 2006
  • (D) 2005
💬 Discuss
✅ Correct Answer: (D) 2005
Q. What is the investment limit in small scale industries?
  • (A) 1 crore
  • (B) 50 lakh
  • (C) 75 crore
  • (D) 25 lakh
💬 Discuss
✅ Correct Answer: (A) 1 crore
Q. What is the main feature of New Economic Policy?
  • (A) Liberalisation
  • (B) Privatisation
  • (C) Globalisation
  • (D) All of the above
💬 Discuss
✅ Correct Answer: (D) All of the above
Q. For how many industries, licensing is still necessary?
  • (A) 6
  • (B) 7
  • (C) 8
  • (D) 9
💬 Discuss
✅ Correct Answer: (A) 6
Q. How many industries are entirely reserved for the public sector?
  • (A) 4
  • (B) 2
  • (C) 6
  • (D) 10
💬 Discuss
✅ Correct Answer: (B) 2

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Table of contents

  1. In which year did India adopt the economic reforms?
  2. Why there was a need for economic reforms in India?
  3. When did the Gulf Crisis take place?
  4. How much loan was provided by World Bank and IMF during the nineties to bail India out of the crisi
  5. Where is the headquarters of WTO located?
  6. When was WTO established?
  7. How many countries are the members of WTO?
  8. When was VAT introduced in most of the States of India?
  9. What is the investment limit in small scale industries?
  10. What is the main feature of New Economic Policy?
  11. For how many industries, licensing is still necessary?
  12. How many industries are entirely reserved for the public sector?

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