This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Economics Indian Economic Development > Class 11 Economics (Indian Economic Development) Chapter 3 Liberalisation, Privatisation And Globalisation An Appraisal – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Indian Economic Development) Chapter 3 Liberalisation, Privatisation And Globalisation An Appraisal Quiz 3 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not the characteristics of privatisation? A) Individual's or company' s ownerships. B) No control of government. C) Active in different fields. D) All of the above. Show Answer Correct Answer: D) All of the above. 2. What is the top corporate nation according to Foreign Policy? A) Disney. B) Walmart. C) Waitrose. D) Cadburys. Show Answer Correct Answer: B) Walmart. 3. Reforms related to revenue and expenditure of government is termed as A) Fiscal Reforms. B) Trade Reforms. C) Industrial Reforms. D) Monetary Reforms. Show Answer Correct Answer: A) Fiscal Reforms. 4. The food was so ..... that I didn't mind paying a little extra for it. A) Cheap. B) Delicious. C) Significant. D) Expensive. Show Answer Correct Answer: B) Delicious. 5. What does privatisation involve? A) Reducing the role of the private sector. B) Eliminating competition. C) Involving the private sector in more activities. D) Increasing public sector involvement. Show Answer Correct Answer: C) Involving the private sector in more activities. 6. What does the shift toward a global economy mean for managers within an international business? A) Managers have the same responsibilities as in a domestic business. B) Managers face a greater and more complex range of problems. C) Managers have fewer problems to deal with. D) Managers have no role in the global economy. Show Answer Correct Answer: B) Managers face a greater and more complex range of problems. 7. 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. Show Answer Correct Answer: C) Both (a) and (b). 8. Globalisation is: A) The introduction of the internet to make us closer to others in the world. B) The breakdown of traditional barriers between nations through technology and transport. C) Faster travel around the world. D) The movement of people and ideas around the world. Show Answer Correct Answer: B) The breakdown of traditional barriers between nations through technology and transport. 9. Which of the following are benefits of international trade? A) Acquiring goods that you do not produce yourself. B) The ability to sell your goods to others for a profit. C) The ability to specialize production of certain goods in your country. D) All of the above are benefits. Show Answer Correct Answer: D) All of the above are benefits. 10. Sometimes countries group together to get better trade deals. Which of the following is an example of a trade group? A) EU. B) UK. C) USA. D) NASA. Show Answer Correct Answer: A) EU. 11. WTO was established in the year ..... A) 1991. B) 1993. C) 1999. D) 1995. Show Answer Correct Answer: D) 1995. 12. What is exclusively reserved for the public sector out of the following? A) Petroleum Industry. B) Telecommunications. C) Defense Equipments. D) Fertilisers. Show Answer Correct Answer: C) Defense Equipments. 13. Mc Donald's is an example of a multinational corporation. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 14. Under liberal policy, there has been removal of A) Restrictions. B) License. C) Trade. D) Both restrictions and license. Show Answer Correct Answer: A) Restrictions. 15. What does "SAPs" mean in the context of IMF and World Bank lending? A) Structural adjustment punishments. B) Structural action programmes. C) Structural action policies. D) Structural adjustment programs. Show Answer Correct Answer: D) Structural adjustment programs. 16. Which of the following is the example of direct tax? A) Income Tax. B) Wealth Tax. C) Goods and service Tax. D) Both (a) and (b). Show Answer Correct Answer: D) Both (a) and (b). 17. Privatization involves A) Governments restricting businesses from getting a share in government enterprises. B) Allowing businesses to get a share of government enterprizes. C) Allowing government enterprizes to remain private. D) None of the above. Show Answer Correct Answer: B) Allowing businesses to get a share of government enterprizes. 18. When was the WTO established? A) 1995. B) 1985. C) 2005. D) 2000. Show Answer Correct Answer: A) 1995. 19. Privatisation leads to ..... A) Lower productivity and lower profit. B) Higher productivity and lower profit. C) Higher productivity and higher profit. D) Lower productivity and higher profit t through increase in efficiency. Show Answer Correct Answer: C) Higher productivity and higher profit. 20. It's easy to ..... restaurants that import ingredients from distant countries-it's very bad for the environment. A) Insist. B) Criticise. C) Begin. D) Discount. Show Answer Correct Answer: B) Criticise. 21. Which of the following are low income countries? A) The USA, Canada and the UK. B) The USA, Canada and the UK. C) Peru, Bolivia and Argentina. D) None of the above. Show Answer Correct Answer: C) Peru, Bolivia and Argentina. 22. What is the name of the Japanese trend which is influenced by Western fashion? A) Ganguro. B) Senpai. C) Anime. D) Otaku. Show Answer Correct Answer: A) Ganguro. 23. In which region was India and China war in 1962 was fought? A) Diu and daman. B) Konkan region. C) MacMohan. D) Cuba region. Show Answer Correct Answer: C) MacMohan. 24. What does GST stand for? A) Gross Sales Tax. B) Goods and Services Tax. C) Government Sales Tax. D) General Sales Tax. Show Answer Correct Answer: B) Goods and Services Tax. 25. Huge container ships allow: A) Clothes to be bought from overseas. B) People to travel to any country they want. C) Goods to be transported all over the world. D) People to go on cruises to many parts of the world. Show Answer Correct Answer: C) Goods to be transported all over the world. 26. Which of the following is NOT the reason for initiation of economic reforms in 1991? A) Poor Performance of PSUs. B) Fall in Foreign exchange reserves. C) Mounting fiscal deficit. D) High Growth Rate of Population. Show Answer Correct Answer: D) High Growth Rate of Population. 27. Which UK initiative did the relaxation of Sunday trading laws particularly encourage? A) Privatisation. B) Free market liberalisation. C) Encouraging business start ups. D) Economic re-structuring. Show Answer Correct Answer: C) Encouraging business start ups. 28. Benefits of MNCs include A) Inflow of foreign exchange. B) Lower the standard of living. C) To increase barriers in trade. D) To reduce competitiveness. Show Answer Correct Answer: A) Inflow of foreign exchange. 29. Which of the following is a structural measure? A) Correcting weakness of BoP by maintaining sufficient foreign exchange reserves. B) Controlling inflation. C) Increasing international competitiveness by removing rigidities of the Indian economy. D) None of the above. Show Answer Correct Answer: C) Increasing international competitiveness by removing rigidities of the Indian economy. 30. When did Portuguese colonise India? A) 1616 BC. B) 1498 BC. C) 1600 BC. D) 1602 BC. Show Answer Correct Answer: B) 1498 BC. 31. Which of the following is NOT included in the liberalisation process? A) Freedom in fixing prices. B) Abolishing industrial licensing requirements. C) Simplifying import and export procedures. D) Increasing import restrictions. Show Answer Correct Answer: D) Increasing import restrictions. 32. ..... refers to concered movement of people away from their home . A) Local migration. B) Regional migration. C) Mass migration. D) Forced migration. Show Answer Correct Answer: D) Forced migration. 33. What are the negative impacts of liberalisation On education? A) Students and local institutions are unregulated. B) Risk of fake institutios. C) Corruption. D) All. Show Answer Correct Answer: D) All. 34. The Indian economy was liberalised in the year ..... A) 1990. B) 1991. C) 1992. D) None of the above. Show Answer Correct Answer: B) 1991. 35. What type of change are poverty reduction, waged work and infrastructure? A) Postive. B) Negative. C) All the above. D) None of the above. Show Answer Correct Answer: A) Postive. 36. Which of the following options are correct with respect to MNC's choosing a different country for their operations? A) Cheap labour. B) Proximity to market. C) Availability of natural resources. D) All of the above. Show Answer Correct Answer: D) All of the above. 37. In order to curb the negative effects of trade liberalisation, countries in the Caribbean region may do of the options EXCEPT A) Increase the volume manufacturing production. B) Cut back on skilled workers. C) Automate and mechanise production processes. D) Increase educational opportunities for citizens. Show Answer Correct Answer: B) Cut back on skilled workers. 38. What is trade liberalisation? A) The imposition of trade barriers on imported goods. B) The increase in protectionist measures. C) The reduction of barriers to trade. D) The promotion of preferential tariffs. Show Answer Correct Answer: C) The reduction of barriers to trade. 39. Association of South-East Asian Nations (ASEAN) is an example of what type of globalization? A) Socio-Cultural Globalization. B) Economic Globalization. C) Political Globalization. D) None of the above. Show Answer Correct Answer: C) Political Globalization. 40. What are the concerns of critics of globalization? A) Globalization has no impact on the world. B) Globalization is leading to equal distribution of wealth. C) Globalization is promoting greater prosperity in the global economy. D) Globalization is not beneficial. Show Answer Correct Answer: D) Globalization is not beneficial. 41. When government liberalised trade means ..... A) Removal of tarriff, subsidies & restrictions on flow of goods and services. B) Removal of export credit. C) Removal of import credit. D) Exporting of only goods not of services. Show Answer Correct Answer: A) Removal of tarriff, subsidies & restrictions on flow of goods and services. 42. What is one of the goals of globalisation? A) Limiting foreign investment. B) Integrating the economy with the world economy. C) Reducing technology transfer. D) Restricting the flow of goods and services. Show Answer Correct Answer: B) Integrating the economy with the world economy. 43. Immigrants without suitable qualifications may have their visa requests turned down. A) Exhausted. B) Separated. C) Excluded. D) Refused. Show Answer Correct Answer: D) Refused. 44. Which of the following was initiated by the Government under Liberalisation? A) Demonetisation. B) Decentralisation. C) Denationalisation. D) Dereservation of industries. Show Answer Correct Answer: D) Dereservation of industries. 45. ..... means integrating the national economy with th e world economy . A) Privatization. B) Disinvestment. C) Liberalization. D) Globalization. Show Answer Correct Answer: D) Globalization. 46. Which is not a method that governemts use to encourage small business start ups? A) Reduction in tax. B) Increase in tarrifs. C) Changes in government policies. D) None of the above. Show Answer Correct Answer: B) Increase in tarrifs. 47. The government of India as given autonomy to the bord of directors of PSUs in ..... A) Decision making. B) Recurtiment. C) Selection. D) Training. Show Answer Correct Answer: A) Decision making. 48. India had the ..... largest number of internet users of around 100 million in 2010. A) 3rd. B) 4th. C) 7th. D) 1st. Show Answer Correct Answer: B) 4th. 49. What is protectionism? A) Protectionism. B) Free trade. C) Globalization. D) Tariffs. Show Answer Correct Answer: A) Protectionism. 50. MNCs set up production units on the basis of proximity to the market. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 51. Improving INternational competitveness of Products of a country is a part of:- A) Stabilization Masures. B) Structural Measures. C) Short Term Measures. D) Part of Globalisation. Show Answer Correct Answer: B) Structural Measures. 52. Which of the following was the reason for initiation of economic reforms in 1991? A) Increase in fiscal deficit. B) (b) BoP crises. C) Fall in foreign exchange reserve. D) All of these. Show Answer Correct Answer: D) All of these. 53. What is a potential drawback of implementing GST for small businesses? A) Enhanced market reach. B) Increased operational costs. C) Improved cash flow management. D) Streamlined tax processes. Show Answer Correct Answer: B) Increased operational costs. 54. What proportion of the world's GDP do the countries measures by the AT Kearney index generate? A) 84%. B) 53%. C) 75%. D) 96%. Show Answer Correct Answer: D) 96%. 55. Following are the ways of privatisation ..... A) Franchising. B) Divestiture. C) Denationalisation. D) All of the above. Show Answer Correct Answer: D) All of the above. 56. When did Economic Liberalisation start in India? A) 1991. B) 2000. C) 1971. D) 2011. Show Answer Correct Answer: A) 1991. 57. What is liberalisation? A) Prominence to agriculture sector. B) Encouraging full government control on industries. C) Discourage Foreign investments. D) Freeing trade and industry policies from unwanted government controls and restriction. Show Answer Correct Answer: D) Freeing trade and industry policies from unwanted government controls and restriction. 58. Which policy listed below leads to deglobalisation A) Privatisation. B) Neoliberalism. C) Censorship. D) None of the above. Show Answer Correct Answer: C) Censorship. 59. ..... refers to contracting out some of the activities of the organisation to a third party which were previously performed by itself. A) Outsourcing. B) Globalisation. C) Privatisation. D) FDI. Show Answer Correct Answer: A) Outsourcing. 60. Globalization benefits are:(Choose as many as you want) A) Limiting military conflicts. B) Increases competition. C) All. D) Makes markets more efficient. 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