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CBSE Questions for Class 12 Commerce Economics Liberalization,Privatisation And Globalisation: An Appraisal Quiz 5 - MCQExams.com
CBSE
Class 12 Commerce Economics
Liberalization,Privatisation And Globalisation: An Appraisal
Quiz 5
Read the given statement in context of "liberalization'' and chose the correct option:
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Increased availability of qualitative and quantitative human resources due to greater access to education
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People have wider choices to make
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Business houses are allowed to make their own decisions on imports and exports
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Increased output fair distribution of income, more employment opportunities
Explanation
Liberalization means relaxation of various government restrictions in the areas of social and economic policies. Liberalizing trade policy by the government that is removal of tariff, subsidies and other restrictions on the flow of goods and services between countries is also termed as liberalization.
Business houses are allowed to make their own decisions on imports and exports.
Hence, correct answer is option C.
Globalization has the largest effect on
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politics
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economy
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employment
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business
Explanation
Globalization has the most substantial effect on the Economy.
Globalization portrays a procedure by which provincial economies, social orders, and societies have turned out to be incorporated through a worldwide system of correspondence, transportation, and exchange.
The economic changes started have dramatically affected the general development of the economy.
The term is some of the time used to allude explicitly to economic globalization; therefore globalization has the most considerable effect on the economy.
LPG policy focused on _____.
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Liberalisation
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Privatisation
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Globalisation
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All of these
Explanation
In 1991, the Government of India initiated a series of economic reforms to pull the economy out of the crises of the 1990s. These reforms came to be known as New Economic Policy (NEP).
The three components of the NEP are liberalization (L), privatization (P), and globalization (G), which was further known as the LPG policy.
Hence, D is the correct option.
Laissez-faire policy is that policy in which _____.
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There is intervention by the government in the functioning of an economy
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There is intervention by the state in the functioning of an economy
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There is no intervention by the state in the functioning of an economy
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None of these
Explanation
Laissez-Faire policy is the policy in which there is minimal involvement of the government in the economic matters of the economy. This policy works well for economic development because it creates opportunities for businesses to earn more and more.
Hence, C is the correct option.
Which Act has been enacted in place of MRTP Act?
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Competition Act
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Monopoly Act
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Licensing Act
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Foreign Exchnage Act
Explanation
The MRTP, 1969 became obsolete for the increasing competition. Under the Act, the expansion of companies was hectic as the companies needed to take permission from the government to expand their businesses.
Therefore, Competition Act, 2002 was enacted in place of the MRTP Act.
Hence, A is the correct option.
Privatisation means _____.
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Allowing the private sector to set up industries that were previously reserved for the public sector
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Existing enterprises of the public sector are either wholly or partially sold to the private sector
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Both A and B
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None of these
Explanation
Privatization is the involvement of the private sector in the ownership of state-owned enterprises.
It may happen in two ways:
(i) Outright sale of the government enterprises to the private entrepreneurs, or
(ii) Withdrawal of the government ownership and management from the mixed enterprises.
Hence, C is the correct option.
Integrating the economy of a country with the economies of other countries is known as _____.
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Liberalisation
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Globalisation
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Privatisation
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None of these
Explanation
The integration of the economy of a country with the economies of other countries under conditions of free flow of trade and capital across borders is called globalisation.
Globalisation was one of the components of the Economic Reforms of 1991.
Hence, B is the correct option.
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