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CBSE Questions for Class 12 Commerce Economics Liberalization,Privatisation And Globalisation: An Appraisal Quiz 1 - MCQExams.com
CBSE
Class 12 Commerce Economics
Liberalization,Privatisation And Globalisation: An Appraisal
Quiz 1
Who is the watch dog of international trade?
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World Bank
0%
WTO
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IMF
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ILO
Explanation
WTO or World
Trade
Organization has been founded to act as a permanent
watchdog
on the
International Trade
. Its main function is to ensure
global trade
flows. The World
Trade
Organization is an intergovernmental organization. It is concerned with the regulation of
international trade
between nations.
Removing barriers or restrictions set by the government is known as.
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Globalisation
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Privatisation
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Liberalisation
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Fair trade practice
Explanation
The removing barriers or restrictions set by the government is called liberalization.
Liberalization occurs when something which used to be banned is no longer banned, or when government regulations are relaxed.
Mainly it lifts restrictions on some private individual activities.
Which disadvantage is there due to economic liberalization?
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There is rise in foreign exchange.
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Industrial production is increased.
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Our capacity to compete is strengthened in the World trade.
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There is rise in economic inequality.
Explanation
Economic liberalization refers to a country "opening up" to the rest of the world with regards to trade, regulations, taxation and other areas that generally affect business in the country.
It was initiated in 1991 with the goal of making the economy more market and service-oriented.
It led to increase in unemployment, increased dependence on foreign nations and unbalanced development of sectors which eventually resulted in economic inequality.
Which of the following establishes the fact that India has adopted the policy of liberalisation?
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Poverty alleviation programmes were launched.
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Beginning of five-year planning.
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Restriction on import of most of the goods is removed.
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Announcement of support price for agricultural products.
Explanation
Economic liberalization refers to a country "opening up" to the rest of the world with regards to trade, regulations, taxation and other areas that generally affect business in the country.
It was initiated in 1991 with the goal of making the economy more market and service-oriented. One of its characteristics is removal of restrictions on import of most of the goods.
Liberalisation refers to.
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Encouraging public sectors
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High import duty
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Removing trade barriers
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Putting restrictions on private sectors
Explanation
1:Liberalization
(or
liberalization
) is a process whereby a state lifts restrictions on some private individual activities.
2:Liberalization
occurs when something which used to be banned is no longer banned, or when government regulations are relaxed.
In the post-liberalisation period, the share of direct taxes in gross tax revenue in India has __________.
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increased
0%
decreased
0%
first increased and then decreased
0%
remained the same
Explanation
In the post-liberalisation period, the share of direct taxes in gross tax revenue in India has increased.
NEP consisted of ___________.
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0%
liberalisation
0%
privatisation
0%
globalisation
0%
all of the above
Explanation
India agreed to the conditionalities
of World Bank and IMF and
announced the New Economic Policy
(NEP). The NEP consisted of wide
ranging economic reforms.
The
government initiated a variety of
policies which fall under three heads
viz., liberalisation, privatisation and
globalisation.
Which of the following are false for the policy of green revolution in India?
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In the first phase of green revolution it targeted most backward states of the country
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Green revolution helped the poor farmers to improve their economic condition in a
greater extent
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It was restricted to wheat crop only
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All of the above
Explanation
Green revolution confined to the production of wheat and rice only. It did not cover pulses.
During the first phase of green revolution, i.e., between mid 60’s and mid 70’s, it targeted most
affluent (rich) states like Punjab, Tamil Nadu, etc. While poor farmers cannot reap the actual benefit
of the movement as the HYV technology was expensive. Thus, it benefitted large farmers. Hence, correct answer is option D.
Freeing the economy from all unnecessary controls and regulations is referred to as ________.
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freedom
0%
privatisation
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liberalisation
0%
globalisation
Explanation
Removing barriers or restrictions by the government is known as liberalisation. Liberalisation involved deregulation and reduction of government control and greater autonomy of private investment to make it more competitive. The purpose of liberalisation is to unlock the economic potential of the country.
Thus, Option C is correct.
Which of the following would result in a fall in asset prices?
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Low liquidity in the economy
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High liquidity in the economy
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RBI increasing the Reverse Repo Rates
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RBI allowing more banks to play
Which of the following sector(s) make(s) maximum contribution to the national income of India?
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Services
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Agriculture
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Industry
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Both Agriculture and Industry
Explanation
The service sector makes the maximum contribution to the national income of India.
The industrial sector is in the second position contributing to national income.
The service sector accounts for 53.66 % of the total of India's GNP.
Hence it stands in 1st position for contributing to national income.
So option a is the correct answer.
Which of the following is NOT a function of a commercial in India?
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Accepting deposits from publics
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Selling National Savings Certificates
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Keeping valuables in safe custody
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Transferring money from one place to the other
What are the 2 ways in which government companies can be converted into private companies?
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Withdrawal of the government from ownership and management of public sector companies
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Outright sale
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Registration of public companies as private companies
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A and B
Explanation
Government
companies can be converted into
private companies in two ways (i) by
withdrawal of the government from
ownership and management of
public sector companies and or (ii) by
outright sale of public sector
companies. The process is called disinvestment. Where the government sells part or whole assets of its company to the private sector.
Union Budget, which is presented every year in the parliament, is also known as the ________.
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general budget
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common budget
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annual budget
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finance report of the year
Explanation
Union Budget is a general budget that tells estimated receipts and expenditures of the government for that particular year.
Central Budget is another term for the Union Budget.
Hence a is the correct option.
Many times, we read a term 'ISO'. What is the full form of the same?
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International Social Organization
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Insurance and Social Obligations
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International Space Organisation
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International Standards Organisation
Explanation
ISO stands for "International Standards Organisation".
It is an international standard development organization composed of representatives from the national standards organizations of member countries.
Hence d is the correct answer.
The financial results of banks and other organisations normally are expressed in quarters. What does Q-1 mean?
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Results of January-March
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Performance during April-June
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Profits during July-September
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The period when the profits are highest
Explanation
First Quarter $$(Q_1)$$ : April-June
Second Quarter $$(Q_2)$$ : July-September
Third Quarter $$(Q_3)$$ : October-December
Fourth Quarter $$(Q_4)$$ : January-March
Expand the term CCEA as used in administrative circle.
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Cabinet Committee on External Affairs
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Cabinet Committee on Economic Affairs
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Cabinet Council on External Affairs
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Cabinet Council on Economic Affairs
Explanation
CCEA: Cabinet Committee on Economic Affairs
CCEA in administrative circles is abbreviated as Cabinet Committee on Economic Affairs.
Hence d is the correct option.
State whether the following statements are True or False.
Globalisation in agriculture will benefit Indian economy.
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True
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False
Explanation
Globalization is the process of integration of the world into a single economic unit. It will not benefit Indian agricultural sector since the poor farmers do not possess enough resources to face the global competition and lack of irrigation and other support facilities further widen the gap.
State whether the following statements are True or False.
Globalisation of agriculture will achieve price stability.
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True
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False
Explanation
Globalization is a process of the interdependence of the whole global economy. Globalization in the agricultural sector will not achieve price stability. It made the trade more competitive and hence, it is difficult for the agricultural sector to achieve price stability. Price stability refers to checking inflationary and deflationary gap in the economy.
A foreign company is that which ______
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is incorporated outside india
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is incorporated outside India having no place of business in India
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is incorporated outside India but has place of business in India
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having majority non-resident members
Explanation
A foreign company is that which is incorporated outside India but has place of business in India.
(a) it has a place of business in India whether by itself or through an agent, physically or through electronic mode; and.
(b) it conducts any business activity in India in any other manner.
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