This quiz works best with JavaScript enabled. Home > Class 11 > 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 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Cultural globalisation is: A) Less popularity. B) People isolating in their houses. C) Spreading culture all around the world. D) None of the above. Show Answer Correct Answer: C) Spreading culture all around the world. 2. What necessity arose for businesses due to rapid changes in the environment? A) Necessity for change in policies. B) Increased government control. C) Stability in policies. D) Reduction in workforce. Show Answer Correct Answer: A) Necessity for change in policies. 3. What is globalisation? A) The process by which the world is becoming increasingly interconnected. B) The process by which the world is becoming less interconnected. C) The process by which the world is becoming more divided. D) None of the above. Show Answer Correct Answer: A) The process by which the world is becoming increasingly interconnected. 4. The policy of "Navaratnas" and "Mini Ratnas" is related to ..... A) Liberalisation. B) Privatisation. C) Globalisation. D) None of the Above. Show Answer Correct Answer: B) Privatisation. 5. The AT Kearney Index uses four different factors to produce its results. Political engagement, economic integration, personal contact and what ..... ? A) Social integration. B) Environmental regulations. C) Technological connectivity. D) Neo liberalism indices. Show Answer Correct Answer: C) Technological connectivity. 6. How many industries were reserved for the public sector after the reduction due to privatisation? A) 17. B) 8. C) 3. D) 5. Show Answer Correct Answer: B) 8. 7. Globalisation has led to improvement in living conditions of A) All the people. B) People in developed countries. C) Workers in developing countries. D) None of these. Show Answer Correct Answer: C) Workers in developing countries. 8. What are the implications of technological change for the globalization of production? A) Technological change has no effect on the globalization of production. B) Lower transportation costs make a geographically dispersed production system more economical. C) Advancements in communication have no impact on production globalization. D) Technological change leads to higher production costs. Show Answer Correct Answer: B) Lower transportation costs make a geographically dispersed production system more economical. 9. Neocolonialism is considered to be the A) Renewed independence of former colonies. B) A situation where former colonies become developed countries. C) Direct colonisation of a country by a more powerful one. D) Informal colonisation of a country via economic, social and cultural methods. Show Answer Correct Answer: D) Informal colonisation of a country via economic, social and cultural methods. 10. Some TNC's such as Starbucks and Amazon have sometimes channeled profits through subsidiary companies in lower tax regimes. What is this also known as? A) Offshoring. B) Tax evasion. C) Financial Optimisation. D) Transfer Pricing. Show Answer Correct Answer: D) Transfer Pricing. 11. What is SEZ? A) Special Economic zones. B) Special environment zone. C) Small economy zone. D) None of the above. Show Answer Correct Answer: A) Special Economic zones. 12. Which of the following is a by-product of globalisation? A) Increased importation costs. B) Discriminatory immigration policies. C) Closed market space. D) Commodification of cultures. Show Answer Correct Answer: D) Commodification of cultures. 13. WTO A) Infosys. B) Enforce international trade. C) 1986. D) 1947. Show Answer Correct Answer: B) Enforce international trade. 14. Progressive elimination of Government control over economic activities is known as ..... A) Globalisation. B) Privatisation. C) Liberalization. D) None of the above. Show Answer Correct Answer: C) Liberalization. 15. GST is a/an ..... tax A) Direct. B) Indirect. C) All the above. D) None of the above. Show Answer Correct Answer: B) Indirect. 16. As per the new industrial policy, 1991 at present, there are only ..... indusrties reserved for public sector . A) Three. B) Four. C) Five. D) Six. Show Answer Correct Answer: A) Three. 17. Special economic zones are areas within a country where A) Business and trade laws are different. B) Business and trade laws are the same. C) Businesses are restricted by government policy. D) None of the above. Show Answer Correct Answer: A) Business and trade laws are different. 18. Labour availability and skills-countries such as India have lower labour costs (about a third of that of the UK) and also high skill levels. Labour-intensive industries such as clothing can take advantage of cheaper labour costs and reduced legal restrictions in LEDCs. A) Cause. B) Positive Impact. C) Negative Impact. D) None of the above. Show Answer Correct Answer: C) Negative Impact. 19. The global shift refers to A) The movement of businesses into Asia. B) The movement of businesses into the UK. C) The movement of businesses into Vietnam. D) None of the above. Show Answer Correct Answer: A) The movement of businesses into Asia. 20. Name the act to regulate foreign investment in India. A) COPRA. B) RTI. C) FEMA. D) ICA. Show Answer Correct Answer: C) FEMA. 21. Which of the following is not a tax reform? A) Reduction in taxes. B) Reforms in Indirect taxes. C) Simplification of tax process. D) Devaluation of Rupee. Show Answer Correct Answer: D) Devaluation of Rupee. 22. External sector reforms under NEP included: A) Foreign exchange reforms. B) Foreign trade pol icy reforms. C) Both (a) and (b). D) None of these. Show Answer Correct Answer: C) Both (a) and (b). 23. Privatisation refers to ..... A) Transfer of assets from people to government. B) Transfer of assets from public to private. C) Transfer of assets from corporate to public. D) Transfer of assets from corporate to government. Show Answer Correct Answer: B) Transfer of assets from public to private. 24. Which of the following reforms were initiated under liberalisation by Govt A) Industrial sector reforms. B) Tax reforms. C) Financial sector reforms. D) All of these. Show Answer Correct Answer: D) All of these. 25. Mahindra & Mahindra an automobile company has a collaboration with which of the following MNC's A) BMW. B) Ford. C) Honda. D) Suzuki. 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