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 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Economics (Indian Economic Development) Chapter 3 Liberalisation, Privatisation And Globalisation An Appraisal Quiz 4 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is known as the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information? A) Development. B) Modernization. C) Underdevelopment. D) Globalization. Show Answer Correct Answer: D) Globalization. 2. ..... is the process of rapid integration or interconnection between countries. A) Globalisation. B) FDI. C) Privatisation. D) None of the above. Show Answer Correct Answer: A) Globalisation. 3. SEZs is setup by A) Central government. B) State govrnment. C) World government. D) Gram panchayat. Show Answer Correct Answer: A) Central government. 4. Which of the following factors can hinder development? A) Rigid class stratification. B) Technological advancement. C) Efficient justice system. D) Increased foreign investment. Show Answer Correct Answer: A) Rigid class stratification. 5. What is a global manufacturing chain? A) A product being sold. B) A product being designed. C) Processing a product from design to selling that happens across lots of different countries. D) Processing a product from design to selling. Show Answer Correct Answer: C) Processing a product from design to selling that happens across lots of different countries. 6. Globalization enables large companies to realize economies of scale that reduce costs and prices, which in turn supports further economic growth, although this can hurt many small businesses attempting to compete domestically. A) Economies of scale. B) Technological Innovation. C) Foreign Direct Investment. D) None of the above. Show Answer Correct Answer: A) Economies of scale. 7. Liberalisation aims at ..... A) Socialistic pattern of society. B) Economic reforms. C) Economic planning. D) Land reforms. Show Answer Correct Answer: B) Economic reforms. 8. E-Commerce allows you to buy and sell goods on the Internet A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 9. ..... has been the main channel for connecting countries. A) Foreign Trade. B) Multinational trade. C) Global Trade. D) None of the above. Show Answer Correct Answer: A) Foreign Trade. 10. This is a tax on imports that is used to increase price of foreign products and raise government revenue. A) Tariff. B) Quota. C) Embargo. D) Subsidy. Show Answer Correct Answer: A) Tariff. 11. How many countries where membership in WTO at present? A) 164. B) 148. C) 159. D) 128. Show Answer Correct Answer: A) 164. 12. How many universities got autonomy in March 2018 by the union government? A) 65. B) 62. C) 60. D) None of the above. Show Answer Correct Answer: B) 62. 13. The new Turkish restaurant is so ..... that I don't think I will be able to eat there. A) Authentic. B) Delicious. C) Fresh. D) Expensive. Show Answer Correct Answer: D) Expensive. 14. St. Lucia went to the IMF in A) 2020. B) 1979. C) 1995. D) 2023. Show Answer Correct Answer: A) 2020. 15. NAFTA is an agreement between which countries? A) USA, Mexico, Canada. B) USA, Canada, UK. C) USA, Canada. D) USA, Mexico, Canada, UK. Show Answer Correct Answer: A) USA, Mexico, Canada. 16. What does liberalisation primarily refer to? A) Eliminating unnecessary controls and restrictions on businesses. B) Increasing government control over businesses. C) Increasing tax rates. D) Restricting foreign investment. Show Answer Correct Answer: A) Eliminating unnecessary controls and restrictions on businesses. 17. The money that is spent on assets like land, building and machines are called A) Investment. B) Globaisation. C) Liberalisation. D) MNC. Show Answer Correct Answer: A) Investment. 18. Globalisation helps people grow their businesses: A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 19. India signed the Dunker proposal in A) 1984. B) 1994. C) 1950. D) 1976. Show Answer Correct Answer: B) 1994. 20. Which of the following are the components of globalisation under the new economicpolicy? A) Partial convertibility of the Indian rupee. B) Increase in equity limit of foreign investment. C) Reduction in tariffs. D) All of these. Show Answer Correct Answer: D) All of these. 21. Special Economic Zones (SEZ) developed by the Government of India aim A) To attract foreign companies to invest in India. B) To encourage small investors. C) To encourage regional development. D) None of the above. Show Answer Correct Answer: A) To attract foreign companies to invest in India. 22. If multinational companies go on expanding, smaller suppliers may die out. A) Confuse. B) Continue. C) Increase. D) Study. Show Answer Correct Answer: B) Continue. 23. Which of the following is not an example of a global institution? A) The International Monetary Fund. B) The World Trade Organization. C) The World Bank. D) The Federal Reserve. Show Answer Correct Answer: D) The Federal Reserve. 24. Generally, there has been an outsourcing of ..... to China. A) Services. B) Manufacturing. C) All the above. D) None of the above. Show Answer Correct Answer: B) Manufacturing. 25. Improvement in transport has helped in promotion of A) Globalisation. B) Liberalisation. C) Privatisation. D) None of these. Show Answer Correct Answer: A) Globalisation. 26. LPG policy focused on: A) Liberalisation. B) Globalisation. C) Privatisation. D) All of the above. Show Answer Correct Answer: D) All of the above. 27. Importing goods is: A) The buying of goods from another country. B) Beneficial to a country's economy. C) The movement of people around the globe. D) The sale of goods to another country. Show Answer Correct Answer: A) The buying of goods from another country. 28. ..... has facilitated the travel of goods from one market to another. A) Privitisation. B) Trade. C) Foreign investment. D) Investment. Show Answer Correct Answer: C) Foreign investment. 29. ..... introduced economic liberalisation in India. A) Dr. Manmohan Singh. B) Narendra Modi. C) Dr. Rajendra prasad. D) None of the above. Show Answer Correct Answer: A) Dr. Manmohan Singh. 30. Which measure is NOT associated with globalisation? A) Increasing trade barriers. B) Reduction in custom duties. C) Encouragement of foreign technology. D) Facilitating foreign investment. Show Answer Correct Answer: A) Increasing trade barriers. 31. External sector liberalisation means ..... A) Relaxing restriction on international flow of goods & services. B) Relaxing restriction on international flow of goods, services, technology & capital . C) Relaxation on production. D) Increase in the role of market. Show Answer Correct Answer: B) Relaxing restriction on international flow of goods, services, technology & capital . 32. What is the impact of globalization on developing countries? A) Globalization has only positive impacts on developing countries. B) Globalization has only negative impacts on developing countries. C) Globalization has no impact on developing countries. D) Globalization has both positive and negative impacts on developing countries. Show Answer Correct Answer: D) Globalization has both positive and negative impacts on developing countries. 33. When a country uses subsidies, tariffs and quotas to protect domestic industry they are implementing what? A) Economic censorship. B) Trade protectionism. C) Nationalism. D) Offshoring. Show Answer Correct Answer: B) Trade protectionism. 34. What mechanism did China use heavily with its Open Door Policy to encourage FDI? A) Reduction of trade quotas. B) Outsourcing policy development. C) Set up of Special Economic Zones. D) Neo liberalism initiatives. Show Answer Correct Answer: C) Set up of Special Economic Zones. 35. Which of the following is NOT a benefit of GST? A) Increases the cost of goods. B) Eliminates tax on tax. C) Regularises the unorganised sector. D) Speeds up taxation procedures. Show Answer Correct Answer: A) Increases the cost of goods. 36. Coca-Cola, Sony Playstations, and McDonald's hamburgers are all examples of A) Global products. B) National products. C) Industrial products. D) American products. Show Answer Correct Answer: A) Global products. 37. Which of the following is not an element of fiscal reforms? A) Public expenditure reforms. B) Control on public debt. C) Taxation reforms. D) Change in interest rate. Show Answer Correct Answer: D) Change in interest rate. 38. The most important factor that enables globalisation is A) Advancement in technology. B) Narrow Industrial Policies. C) Orthodox Foreign Trade Policy. D) Government controls and restrictions. Show Answer Correct Answer: A) Advancement in technology. 39. Economic liberalisation was a bold decision by the prime minister ..... A) Narshimha rao. B) Rajiv Gandhi. C) Atal bihari bajpai. D) Manmohan Singh. Show Answer Correct Answer: A) Narshimha rao. 40. What are some positive effects of Globalisation? A) Increased freedom to travel and immigrate, better access to medicine, information, and technology. B) Lower prices for developed countries and low paying jobs in underdeveloped countries. C) Less pollution in the world. D) All of the above. Show Answer Correct Answer: A) Increased freedom to travel and immigrate, better access to medicine, information, and technology. 41. What is one of the objectives of the measures adopted for globalisation? A) Increased regional disparities. B) Decreased foreign investment. C) Higher rate of growth. D) Reduction of employment potential. Show Answer Correct Answer: C) Higher rate of growth. 42. Famous singers and actors, going n tours everywhere: A) Economic globalisation. B) Political globalisation. C) Cultural globalisation. D) None of the above. Show Answer Correct Answer: C) Cultural globalisation. 43. The food is excellent-the chef ..... on using only the freshest ingredients. A) Chooses. B) Discounts. C) Criticises. D) Insists. Show Answer Correct Answer: D) Insists. 44. TRUE OR FALSE:By removing or lowering tariffs, high prices are implemented on imported goods and the consumers benefits largely on lower cost. A) TRUE. B) FALSE. C) I DO NOT KNOW. D) None of the above. Show Answer Correct Answer: B) FALSE. 45. According to CNN, the United States receives 80% of its avocados from Mexico. Mexico receives most of its auto parts from the United States. This is an example of the following. A) Interdependence. B) Supply and demand. C) Infrastructure. D) Globalization. Show Answer Correct Answer: A) Interdependence. 46. Privatization of a company enhances the following except A) Staff welfare. B) Staff training. C) Profit maximization. D) Government continues to bear large running cost. Show Answer Correct Answer: D) Government continues to bear large running cost. 47. The headquarters of WTO is located in A) Dubai, UAE. B) Istanbul, Turkey. C) Geneva, Switzerland. D) Paris, France. Show Answer Correct Answer: C) Geneva, Switzerland. 48. Which of the following is not a feature of MNC? A) It owns/controls production inn more than one country. B) It sets up factories where it is closed to the market. C) It organises production in complex ways. D) It employs labour only from its own country. Show Answer Correct Answer: D) It employs labour only from its own country. 49. Colonial advent in India A) Portuguese, Danish, Dutch, French, English. B) Dutch, English, Danish, French. C) Portuguese, Dutch, English, Danish, French. D) Danish, Portuguese, French, English, Dutch. Show Answer Correct Answer: C) Portuguese, Dutch, English, Danish, French. 50. Does liberalisation leads to the weakening of economy? A) Yes. B) No. C) All the above. D) None of the above. Show Answer Correct Answer: A) Yes. 51. FDI (Foreign Direct Investment) attracted by globalisation in India belongs to the A) World Bank. B) Multinationals. C) Foreign governments. D) None of the above. Show Answer Correct Answer: B) Multinationals. 52. A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (taxes on exports). A) Free Trade. B) Trade. C) Goods. D) Supply and Demand. Show Answer Correct Answer: A) Free Trade. 53. Full form of SEZ A) Special Economic Zone. B) Special eecentric zone. C) Special entrance zone. D) Special eco zone. Show Answer Correct Answer: A) Special Economic Zone. 54. ..... means movement or shift of people from one place to another . A) Globalisation. B) Privatisation. C) Migration. D) Liberalisation. Show Answer Correct Answer: C) Migration. 55. Which of the following contributes to globalisation? A) Internal trade. B) External trade. C) Large scale trade. D) Small scale trade. Show Answer Correct Answer: B) External trade. 56. What is a consequence of increasing competition in the market? A) Companies can raise prices without concern. B) Companies can ignore customer needs. C) Companies must improve their performance. D) Companies can operate without accountability. Show Answer Correct Answer: C) Companies must improve their performance. 57. Multinational corporations have succeeded in entering global markets through A) WTO. B) UNO. C) UNESCO. D) None of the above. Show Answer Correct Answer: A) WTO. 58. Products meant to satisfy the wants and needs of buyers. A) Trade. B) Outsourcing. C) Commodity. D) Goods. Show Answer Correct Answer: D) Goods. 59. Although many people benefit from globalisation, others can also be left out. A) Excluded. B) Refused. C) Exhausted. D) Separated. Show Answer Correct Answer: A) Excluded. 60. Period of National Emergency was between A) 1973 to 1977. B) 1967 to 1975. C) 1975 to 1977. D) 1964 you 1970. 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