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

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Are you ready to test your knowledge of Liberalization, Privatization, and Globalization (LPG) from the Class 12 Economics syllabus? This chapter explores the 1991 economic reforms that transformed India’s economy, paving the way for globalization and market-driven growth.

About the Quiz

  • Chapter Name: Liberalization, Privatization, and Globalization: An Appraisal
  • Subject: Economics
  • Book: NCERT Class 12 Economics
  • Question Type: Multiple Choice Questions (MCQs)
  • Leaderboard: Yes (Check Your Rank!)

Why Take This Quiz?

✔ Helps in CBSE board exam revision
✔ Strengthens understanding of economic reforms of 1991
✔ Enhances knowledge of LPG policies and their impact
✔ Track your progress with the leaderboard

Click Below to Start the Quiz!

Chapter 3-Liberalization, Privatization, and Globalization: An Appraisal

1 / 15

Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below:

  • Assertion (A): Every year government fixes a target for disinvestment of Public Sector Enterprises (PSEs).

  • Reason (R): Disinvestment is an excellent tool for discarding the loss incurring Public Sector Enterprises (PSEs).

2 / 15

What were the main reasons for introducing reforms in India?

3 / 15

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

4 / 15

What is disinvestment?

5 / 15

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

6 / 15

What is outsourcing?

7 / 15

Which of the following is a Maharatna?

8 / 15

What is the main objective of disinvestment in India?

9 / 15

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

10 / 15

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.

11 / 15

How has the economic reform process affected the agricultural sector in India?

12 / 15

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

13 / 15

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

14 / 15

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.

15 / 15

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

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Key Topics Covered in the Quiz

✔ Reasons for economic reforms in India
✔ Features of Liberalization, Privatization, and Globalization (LPG)
✔ Impact of LPG on various sectors of the economy
✔ Role of WTO and globalization in India
✔ Positive and negative consequences of economic reforms

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