Liberalization, Privatization, and Globalization Class 12 MCQ Quiz – Test Your Understanding!

Why is it necessary to become a member of the WTO?

Do you agree that profit-making public sector undertakings (PSUs) should be privatized? Why?

There are two statements given below, marked as Assertion (A) and Reason (R). Read the statements and choose the correct option.

• Assertion (A): According to the Government of India, the disinvestment of Public Sector Enterprises has brought accountability and professionalism to them.
• Reason (R): The Government of India used disinvestment mainly to improve financial discipline and facilitate modernization.

Which two taxes were subsumed in Goods and Services Tax (GST)?

Read the following statements: Assertion (A) and Reason (R). Choose the correct alternative from those given below.

• Assertion (A): In 1991, as an immediate measure to resolve the Balance of Payments crisis, the rupee was devalued against foreign currencies.
• Reason (R): Devaluation of currency was eminent, exchange reserves.

What were the two major steps taken by the Government of India in the financial sector under the Economic Reforms of 1991?

Why does the government identify PSEs and declare them as Maharatnas, Navratnas, and Miniratnas?

What is the benefit given to Maharatnas, Navratnas, and Miniratnas?

Which of the following policies was adopted to increase the competitive position of Indian goods in the international markets?

Which of the following statements correctly represents actions taken by the government towards liberalization?

• P: levying high tariffs to discourage import and promote the consumption of domestic goods and services
• Q: devaluation of the rupees to encourage the inflow of foreign exchange
• R: allowing for private banks to make decisions independent of the RBI restrictions
• S: fixing prices of certain industrial goods in order to support increased consumption of these goods to boost the manufacturing industry

…………….was the Indian Finance Minister in 1991, acknowledged for his capabilities to steer away the economic crisis looming large on the erstwhile Indian Economy.

Which of the following is a Maharatna?

Which of the following falls under the role of the World Trade Organisation?

What is disinvestment?

There are two statements given below, marked as Assertion (A) and Reason (R). Read the statements and choose the correct option.

• Assertion (A): The Devaluation of the Indian rupee in 1991 resulted in the inflow of foreign exchange.
• Reason (R): The Devaluation of the Indian rupee was a step to get taken to get more foreign investments.