CHAPTER-3-LIBERALISATION, PRIVATISATION AND GLOBALISATION –

AN APPRAISAL
MULTIPLE CHOICE QUESTIONS
1 Economic reforms in India was adopted on
a. 23July 1991
b. 24 July 1991
c. 25 July 1991
d. None
2 ------- of the economy means freedom of the producing units from direct controls of the
government.
a. Liberalization
b. Globalization
c. Privatization
d. None
3 In 2010-11, the number of industries under public sector was reduced to
a. 1
b. 2
c.3
d.4
4 Liberalization implied a shift in the role of RBI from a regulator to a ---------
a. Dictator
b. Facilitator
c. Adviser
d. Producer
5 Those taxes, the burden of which cannot be shifted on to others
a. Direct
b indirect
c. Both
d. None

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6 ----------------- does not exclude government's intervention in the economy
a. Liberalization
b. Globalization
c. Privatization
d. None
7 ----------- Is the process of involving the private sector in the ownership of a state owned
enterprises
a. Liberalization
b. Globalization
c. Privatization
d. None
8 ------------ May be defined as a process associated with increasing openness, growing
economic interdependence and deepening economic integration in the world economy
a. Liberalization
b. Globalization
c. Privatization
d. None
9 ---------- refers to quota barriers implying quantitative restriction on import
a. Tariff barriers
b. Non tariff barriers
c. FDI
d. None
10 Trade agreement between any two countries of the world is called ---------- trade
a. Unilateral
b. Bilateral
c. Trilateral
d multilateral
11 A system of hiring business services from the outside world is called
a. FDI b. FII
c. Outsourcing d. Trade agreement

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12 .------------ Promotes consumer's sovereignty
a. Liberalization
b. Globalization
c. Privatization
d. None
13 --------- refers to revenue and expenditure policy of the government
a. Monetary policy
b. Fiscal policy
c. Industrial policy
d. FDI
14 GATT was established in the year
a. 1994
b. 1945
c. 1954
d.1995
15 What is the full form of GATT
a. General agreement on tariff and trade
b. Government agreement on tariff and trade
c. General agreement on tax and tariff
d. None
16 Which of the following was the reason for the initiation of economic reforms in India?

a. Mounting fiscal deficit

b. Rise in prices
c. Huge deficit in balance of payment
d. All of these

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17 Privatisation of the public sector enterprises by selling off part of the equity of PSEs to the
public is known as ____________.

a. De- industrilisation
b. Gross investment
c. Disinvestment
d. None of these

18 LQP raj refers to

a. License, quota, privatisation raj

b. License, quater, privatisation raj
c. Licence , quota, permit raj

19 Which act was removed under NEP?

a. MDPE
b. MRRP
c. MRMP
d. MRTP

20 The government of India implemented GST following the credo of____________.

a. one nation, one tax and one market

b. One nation, one market and one tax
c. One tax, one market and one nation
d. One tax, one nation and one market

21 SAIL is an example of:

a. Maharatnas
b. Navratnas
c. Miniratnas
d. None of these

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22 Read following statements carefully and choose the correct option:

1. GST came into effect from 1st July 2017 in India.

2. The burden of indirect taxes cannot be shifted to the consumers.

Choose the correct option:

a. Only 1 is true
b. Only 2 is true
c. Both 1 and 2 are correct
d. Neither 1 nor 2 is correct

23 When was WTO established?

a. 1998
b. 1995
c. 1975
d. 1980

24 The World Trade Organisation (WTO) was founded as the successor organization
to___________.

a. International Monetary Fund (IMF)

b. National Bank for Agriculture and Rural Development (NABARD)
c. General Agreement on Tariffs and Trade (GATT)
d. International Bank for Reconstruction and Development (IBRD)

25 _________ and _________ currency notes of old Mahatma Gandhi series were banned as
legal tender money on 8th November,2016.

a. Rs. 50 and Rs. 100

b. Rs. 500 and Rs. 1,000
c. Rs. 500 and Rs. 2,000
d. Rs. 500 and Rs. 200

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26 Under what conditions did the World bank and IMF agree to help India during the crisis?

a. Reduce the role of government

b. Remove trade restrictions
c. Removing restrictions on private sectors
d. All of these

27 The new economic policy seeks to replace

a. LPG raj
b. LQG raj
c. LLP raj
d. LQP raj

28 Which of the following is not one of the steps taken under financial sector reforms?

a. Reduction of barriers for entry of private banks

b. Lifting of regulations on interest rate of deposit
c. De licensing of industries
d. Liberalisation of branching regulations for both private and public sector banks

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29. From the set of statements given in Column I and Column II , choose the incorrect pair of
statements:

Column I Column II

(a) Outsourcing (i)a company hires regular service from

external sources

(b) Foreign Direct Investment (ii) an investment in the form of

a controlling ownership in a business in
one country by an entity based in another
country

(c) Contraction of public (iii)A measure of Globalisation

sector

(d) Foreign Exchange reforms (iv) Initiated with devaluation of Indian

rupee against foreign currency

Options:

1. (a)-(i)
2. (b)-(ii)
3. (c)-(iii)
4. (d)-iv)

30 Under the new trade policy import licensing was abolished except in case of ;

a. Consumer goods industries

b. Textile industries
c. IT industries
d. Hazardous and environmentally sensitive industries

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31 . Which of the following is not an element of fiscal reforms?

(a) Taxation reforms

(b) Public expenditure reforms
(c) Change in interest rate
(d) Control on public debt

32 Which of the following is not a component of privatisation?

(a) Contraction of public sector

(b) Disinvestment in public sector enterprises
(c) Sale of public sector's share
(d) Purchase of industrial shares by the government

33 Which of the following is an element of financial sector of the economy?

(a) Banking and non-banking financial institutions (b) Stock exchange market
(c) Foreign exchange market
(d) All of these

34 Which of the following is an example of indirect tax?

(a) Income tax

(b) Wealth tax
(c) Goods and services tax
(d) None of these

35 Which of the following is the strategy to promote globalisation of the India

economy?

(a) Partially convertibility

(b) Reduction in tariffs

(c) Increase in equity limit of foreign investment

(d) All of these

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36 In the context of Indian experience, controls were imposed by the government with a view
to:

(a) checking the growth of private monopolies

(b) minimising the hold of large industrial houses on the financial resources of the country

(c) both (a) and (b)

(d) none of these

37 Liberalisation of the economy under the new economic policy changed the role of RBI in
the economy:

(a) from a 'regulator' to 'facilitator' of the financial sector

(b) from a 'controller' to 'manager' of the government debt

(c) both (a) and (b)

(d) none of these

38 Industrial sector reforms under the New Economic Policy (NEP) comprised which of the
following?

(a) Abolition of industrial licensing

(b) De-reservation of production areas

(c) Contraction of public sector

(d) All of these

39 External sector reforms under NEP included:

(a) foreign exchange reforms

(b) foreign trade pol icy reforms

(c) both (a) and (b)

(d) none of these

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40 Economic reforms in India were initiated in the year:

(a) 1990

(b) 1991

(c) 1992

(d) 1993

41 Liberalization implies:…..

(a) greater role of public sector

(b) reduction in governments control over the private sector

(c) free economy with no controls

(d) none of these

42 The Government in recent drive to privatization plans to privatize its CPSE’S leaving bare
minimum presence in 4 sectors, Which of the following is not the strategic sector as given
in the article ?

a) Coal and mineral

b) Power and petroleum

c) Textile and handloom

d) Energy space and defence

43 Indian currency was devalued against foreign currency , what effect devaluation could have
caused:

a) Made import of crude oil costlier

b) Made Indian products cheaper for foreigners

c) Enhanced foreign investment

d) All of the above

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44 Financial sector reforms do not include:

a) Allowing private banks to function.

b) Allowing foreign institutional investment in financial sector

c) Ending the role of RBI completely as a regulator of financial sector.

d) Giving certain managerial freedom to public sector banks.

KNOWLEDGE

45 The development of small scale industry requires them to be shielded from the large firms,
for this purpose:

a) A number of products were reserved for SSI.

b) SSI were given concessions such as lower excise duty

c) Bank loans at lower interest rate to SSI.

d) All of the above.

46 Which of the following statements about globalisation is correct?

a. All economies are closed

b. Secular economies

c. Open economies with trade liberalisation

d. None of these are correct.

47 Which are the two set of policies of New Economic Policy

A. Stabilisation measures

B. Structural reform measure

C. Both A and B

D. None of these

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48 Which one of the following statements is not correct about ‘Outsourcing’?

A. A company hires regular service from external sources, mostly from other countries.

B. Most MNCs and even small companies are outsourcing their services to India

C. It can reduce labour costs

D. It can increase overhead costs

49 Which of the following options are correct regarding the ‘Deregulation of Industrial Sector
under Liberalisation’?

A. Restrictions imposed by licensing policy was removed

B. Price fixation and controls were removed

C. Private sector was not allowed to enter the public sector

D. None of the above.

50 Which one of the following is related to Foreign Exchange Reform under Liberalisation?

A. Devaluating the rupee against foreign currency

B. Introducing the fixed exchange rate system

C. Determination of the foreign exchange rate by market forces

D. Both A and C

51 Which of the following, do you think, is the disadvantage of the ‘Demonetisation done on
November 8, 2016 in India?

A. Abolishment of black money

B. Higher tax collections

C. Controlling Corruption

D. Higher cost of Printing new currency

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52 The central government of India pronounced recently that 10% of LIC will be privatized or
disinvested. Which of the following statement ,do you think, is correct regarding it?

A. The exposure of the public sector to investment from private sector shall ensure
holistic augmentation of economic activities, employment opportunities and tax returns in
the long run.

B. LIC is already a profit making PSU (Public Sector Undertaking) and providing
insurance services to the poor at higher prices. So, it should be sold off.

C. Private corporations will think about the welfare of the poor not about their profits.

D. None of these

53 Which was the predecessor organisation of WTO (World Trade Organisation)?

A. IMF(International Monetary Fund)

B. IBRD(International Bank for reconstruction and Development)

C. GATT(General Agreement on Trade and Tariff)

D. None of the above

54 A specification of maximum amount of a foreign produced goods that would be allowed to

enter the country over a given time period is related to

A. Tariff barrier

B. Non-Tariff Barrier

C. Export subsidy

D. None of the above

55 Why was ‘Devaluation of Rupee’ was done in 1991 in India?

A. To encourage exports

B. To encourage imports

C. To increase the inflow of foreign exchange

D. Both A and C

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56 Which of the followings are benefits of GST?

1. Creation of unified national market.

2. Boost to ‘Make in India’ initiative.

3. Reduction of compliance burden on taxpayers.

4. Elimination of multiple taxes and double taxation.

Choose correct options:

5. 1,3,4

6. 2,3,4

7. 1,2,4

8. 1,2,3,4

57 Fiscal reforms are related to which of the given statements?

A. Government Revenue and Expenditure Policy

B. RBI’s monetary policy

C. Both A and B

D. None of the above

58 Monetary Policy is the policy of:

A. RBI

B. Government of India

C. None

D. Both

59 Which of the following has played a big role in spreading globalisation?

A. Information technology

B. Transport technology

C. Both A and B

D. None of the above.

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60 Which of the following is not the one of those steps taken in financial sector reforms?

A. Lifting of regulations of interest rate of deposit

B. Liberalisation of branching regulations for both private and public sector banks.
C. Delicensing of Industries
D. Reduction of barriers for entry of private banks

61 Which of the following is not correct with respect to the financial sector reforms taken up
under New Economic Policy 1991?
(i) Role of RBI changed from regulator to the facilitator of the financial sector in India.

(ii) Foreign Institutional Investors (FII) are now allowed to invest in Indian financial
markets.

(iii) Foreign investment limit in banks was raised to around 70 percent.

(iv) Banks can set up new branches without the approval of RBI provided they fulfill
certain criteria.

62 Which of the following explains the way for a government company to for Privatisation?
(i) Withdrawl of the government from ownership and management of public sector
companies.

(ii) Outright sale of public sector companies.

(iii) Both (i) and (ii)
(iv) None of the above

63 Which of the following are the short term policy measures taken to improve the Balance of
payment situation in the economy?
(i) Stabilisation measures
(ii) Structural Reform measures
(iii) Developmental measures
(iv) Reconstruction measures

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64 Select the correct combination from the following columns.

Column A Column B
A. Trade (i)Reduction in the value of domestic
barriers currency in comparison to foreign currencies
as a result of market forces
B. Devaluation (ii)Tariff and quota
C. Depreciatio (iii)Selling off a part of equity of PSEs to the
n public
D. Disinvestme (iv)Deliberately reducing the value of
nt domestic currency with respect to foreign
currencies.

Codes
A B C D
(a) (iii) (i) (iv) (ii)
(b) (ii) (i) (iii) (iv)
(c) (ii) (iv) (i) (iii)
(d) (ii) (iii) (i) (iv)
65 The latest demonetisation of currency was undertaken by the Government of India on
________ .

(i) 6th November, 2016 (ii)

8th November, 2017 (iii) 6 th
November, 2016 (iv) 8 th
November, 2016

66 Which of the following items has been kept outside the purview of Goods and Services Tax
Net (GST)?
(i) Electricity, Automobiles and Telecommunications
(ii) Electricity, Automobiles and Alcohol for human consumption

(iii) Electricity, Petroleum Products and alcohol for human consumption

(iv) Electricity, Telecommunications and Alcohol for human consumption

67 Foreign Direct Investment (FDI) does not include ____________ .

(i) Investment in stock markets
(ii) Investment in domestic infrastructure
(iii) Investment in setting up of capital goods industry
(iv) All of the above

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68 Facilitating greater integration and interdependence in markets and allowing for activities
that transcends economic, social and geographical boundaries is known as _____________.

(i) Liberalisation
(ii) Privatisation
(iii) Globalisation
(iv) All of the above

69 Which of the following industry was not reserved for the public sector in industrial sector
reforms in 1991?
(i) Railways
(ii) Atomic energy generation

(iii) Chemicals
(iv) Defence equipments

70 Growth during the reform period was mainly driven by the growth of which of the
following sector?
(i) Agricultural sector
(ii) Manufacturing sector
(iii) Service sector
(iv) All the above sectors contributed equally to the growth.

71 __________ refers to contracting out some of its activities to a third party which were
earlier performed by the organisation itself.
(i) Outsourcing

(ii) Globalisation

(iii) Privatisation

(iv) Liberalisation

72 The reason behind implementing economic reforms in India in 1991 was ___________ .
(i) directions from World Bank
(ii) declining of foreign exchange reserves
(iii) failure of the economic policies of the existing government

(iv) None of the above

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73 Which of the given pair is incorrectly matched.

Column A Column B
A. Strategic sale (i)Sale of 51% or more equity of the
PSUs.
B. Minority sale (ii)Sale of 49% or less equity of the
PSUs.
C. Quota (iii)Trade promoter
D. Foreign Investment (iv) FDI + FII
Codes
(i) A – (i) (ii) B – (ii) (iii) C – (iii)
(iv) D – (iv)

Select the correct combination from the following columns.

74

Column A Column B
A. Licensing on production capacities (i) Stabilisation measures
B. Correcting the adverse Balance of (ii) Globalisation
payment situation and bringing inflation
under control
C. Increasing efficiency and international (iii) MRTP Act 1969
competitiveness
D.Integrating domestic economy with the (iv) Structural reform
world economy measures

Codes
A B C D
(a) (ii) (i) (iv) (iii)
(b) (iii) (i) (iv) (ii)
(c) (iv) (i) (ii) (iii)
(d) (ii) (iii) (i) (iv)
75 The foreign investment has increased from about 100 million US dollar in 1990-91 to
_____billion US dollar in 2017-18.

(i) 30
(ii) 32
(iii) 34
(iv) 36

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76 .LPG policy focused on

(a)liberalization
(b) Privatisation
(c) globalization
(d)all of these

77 Liberalisation implies

(a) reduction in government's control over cry

(b) encouragement to public sector
(c)nationalization
(d)none of these

78. .Privatisation means:

a) allowing the private sector to set up industries which were previously reserved for
the public sector
(b)existing enterprises of the public sector are either wholly or partially sold so pre

(c)both (a) and (b)

(d) none of these

79. The process of involving the private sector in the ownership or operation of state owned
enterprises is called:

(a)liberalisation
(b) globalization
(c) privatisation
(d)commercialisation

80. New Economic Policy implied replacement of LQP by:

(a) LGP
(b) LPG
(c)LQC
(d) none of these

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81. Freedom of the producing units from physical controls imposed by the government is
known as:

(a) liberalisation
(b) privatisation
(c) globalisation
(d) none of these

82. Which of the following is included under industrial sector reforms?

(a) Abolition of industrial licensing

(b) Freedom to import capital goods
(c)De-reservation of production areas
(d) All of these

83. Contraction of public sector is a measure of:

(a) liberalisation
(b)privatisation
(c) globalisation
(d) none of these

84. Need for privatisation arises because of:

(a) poor performance of private sector enterprises

(b) poor performance of public sector enterprises
(c) lack of forex reserve
(d) none of these

85.

Which of the following is a good effect of LPG policies on the Indian economy?

(a) Vibrant economy

(b) Consumer's sovereignty
(c) Increase in foreign exchange reserves
(d) All of these

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86. ____________increases the dependence of the domestic economy upon rest of the world.

(a) Globalisation
(b) Liberisation
(c) Privatisation
(d) None of these.

87. Which of the following is a bad effect of LPG policies on the Indian economy?

(a) Check on inflation

(b)check on fiscal deficit
(c) Disinvestment
(d)all of these

88.

Privatisation promotes:

(a) diversification of production

(b)consumers' sovereignty.
(c)free play of market forces
(d)all of these

89.

To achieve the objective of globalisation, partial convertibility of Indian rupee has been
allowed for

(a) payment of interest or dividend on investment

(b) import and export of goods and services
(c) remittances to meet family expenses
(d) all of these reforms

90. Liberalisation and laissez-faire system are the:

(a) different terms

(b)identical terms
(c) same terms
(d) none of these

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91 Which of this is not a method of Privatisation ?

A)Disinvestment

B)Sale of PSUs to private sector

C) Contraction of PSUs

D) Sale of PSUs to Government

92 When was the new economic policy was launched ?

A)24 July 1991

B) 21 July 1991

C)24 June 1991

D) 21 June 1991

93. Match the following questions-

A B
i)Reforms in Indirect tax a)Industrial sector reforms
ii)Devaluation of Rupee b)Financial sector reforms
iii)Decrease in the role of Public c)Tax reforms
sector
iv)Removal of export duties d)Foreign Exchange Reforms
v)Origin of Private Banks e)Trade and Investment Policy
reforms

Ans.(i) c; (ii ) d (iii) a; (iv) e; (v)b

94. WTO was established in the year ________________

A) 1995 B) 1948

C) 1996 D) 1994

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95. _____________________refers to disposal of equity of public sector units in the market.

A) Globalisation

B) Privatisation

C) Disinvestment

D) Liberalisation

96. __________________ mean integrating the domestic economy with the World economy.

A) Liberalisation

B) Globalisation

C) Privatisation

D) None of the above

97. __________________ refers to transfer of ownership, management and control of public

sector of enterprises to the private sector.

A) Privatisation

B) Globalisation

C) Liberalisation

D) None of the above

98. Which of the following is not a factor which led the Government in 1991 to introduce a
new economic policy ?

A) Decrease in foreign exchange reserves

B) Rising prices of essential goods

C) Stagnation of Agricultural output

D) Government’s inability to repay its external debt

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99. 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

100. 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

101. What is the main feature of New Economic Policy?

(A) Liberalisation

(B) Privatisation

(C) Globalisation

(D) All of the above

102. What is the investment limit in small scale industries?

(A) 50 lakh

(B) 1 crore

(C) 25 lakh

(D) 75 crore

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103. How many countries are the members of WTO?

(A) 164

(B) 120

(C) 96

(D) 48

104. Where is the headquarters of WTO located?

(A) Italy

(B) Geneva

(C) New York

(D) Washington

105. Which of the following was not a feature of Demonetisation?

(A) Channelizing savings into formal financial system ?

(B) Tax administration

(C) Cashless economy

(D) Promotion of Black money

106. Economic reforms in India were initiated in the year:

(a) 1990

(b) 1991

(c) 1992

(d) 1993

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107. Liberalisation implies:

(a) greater role of public sector

(b) reduction in governments control over the private sector

(c) free economy with no controls

(d) none of these

108. Which of the following is not an element of fiscal reforms?

(a) Taxation reforms

(b) Public expenditure reforms

(c) Change in interest rate

(d) Control on public debt

109. Which of the following is not a component of privatisation?

(a) Contraction of public sector

(b) Disinvestment in public sector enterprises

(c) Sale of public sector's share

(d) Purchase of industrial shares by the government

110. Which of the following is an element of financial sector of the economy?

(a) Banking and non-banking financial institutions

(b) Stock exchange market

(c) Foreign exchange market

(d) All of these

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111. Which of the following is an example of indirect tax?

(a) Income tax

(b) Wealth tax

(c) Goods and services tax

(d) None of these

112. Which of the following is the strategy to promote globalisation of the India economy?

(a) Partially convertibility

(b) Reduction in tariffs

(c) Increase in equity limit of foreign investment

(d) All of these

113. In the context of Indian experience, controls were imposed by the government with a view

to:

(a) checking the growth of private monopolies

(b) minimising the hold of large industrial houses on the financial resources of the country

(c) both (a) and (b)

(d) none of these

114. Liberalisation of the economy under the new economic policy changed the role of RBI in

the economy:

(a) from a 'regulator' to 'facilitator' of the financial sector

(b) from a 'controller' to 'manager' of the government debt

(c) both (a) and (b)

(d) none of these

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115. Industrial sector reforms under the New Economic Policy (NEP) comprised which of the

following?

(a) Abolition of industrial licencing

(b) De-reservation of production areas

(c) Contraction of public sector

(d) All of these

116. External sector reforms under NEP included:

(a) foreign exchange reforms

(b) foreign trade pol icy reforms

(c) both (a) and (b)

(d) none of these

117. Which of the following are the components of globalisation under the new economic
policy?

(a) Partial convertibility of the Indian rupee

(b) Increase in equity limit of foreign investment

(c) Reduction in tariffs

(d) All of these

118. The parameters of economic reforms undertaken in an economy are:

(a) macroeconomic stabilisation

(b) macroeconomic structural adjustments

(c) both (a) and (b)

(d) none of these

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119. The programme of economic reforms in India was started on ………………… .

(a) 26th July 1990

(b) 23th July 1992

(c) 21th July 1991

(d) 24th July 1991

Ans. 24th July 1991

120. Licensing (as in case of liquor) is necessary for the ………………………… .

(a) regulation of business

(b) regulation of the industry

(c) regulation of taxes

(d) none of these

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Answers:
Multiple Choice Question No. Answer
1. B
2. A
3. C
4. B
5. A
6. A
7. C
8. B
9. B
10. B
11. C
12. C
13. B
14. D
15. A
16. D
17. C
18. C
19. D
20. A
21. A
22. A
23. B
24. C
25. B
26 D
27. D
28. C
29. 3
30. D
31. C
32. D
33. D
34. C
35. D
36. C
37. A
38. D
39. C
40. B
41. B
42. D
43. B

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44. C
45. D
46. C
47. C
48. D
49. A
50. D
51. D
52. A
53. C
54. B
55. D
56. A
57. A
58. A
59. C
60. C
61. iii
62. iii
63. i
64. C
65. Iv
66. Iii
67. I
68. Iii
69. iii
70. Iii
71. I
72. Ii
73. C
74. B
75. I
76. D
77. A
78. C
79. C
80. B
81. A
82. D
83. A
84. B
85. D
86. A
87. C
88. D
89. D

31 | P a g e 8 October 2021,ZIET BHUBANESWAR

90. A
91. D
92. A
93. (i) c / (ii) d / (iii) a / (iv) e / (v) b
94. A
95. C
96. B
97. A
98. C
99. D
100. C
101. D
102. B
103. A
104. B
105. D
106. B
107. B
108. C
109. D
110. D
111. C
112. D
113. C
114. A
115. D
116. C
117. D
118. C
119. D
120. B

PREPIRED BY : PGT ECONOMICS OF BHUBANESWAR,

GUWAHATI, KOLKATA, RANCHI, SILCHAR AND TINSIKIA REGION .

32 | P a g e 8 October 2021,ZIET BHUBANESWAR