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

What is outsourcing?

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

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

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

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).

What is the main impact of the economic reform process on the Indian economy?

Which of the following is a Maharatna?

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

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?

There are two statements given below, marked as Statement (1) and Statement (2). Read the statements and choose the correct option.

• Statement (1): Air India, a fully owned Public Sector Undertaking (PSU) was disinvested and sold to a private entity.
• Statement (2): Public Sector Undertakings (PSU) are sold to create more direct and/or indirect employment opportunities in the country.

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

How has the opening up of the Indian economy affected Foreign Direct Investments (FDI) and Foreign Exchange Reserves (FER)?

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

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