CBSE Class 12 Economics Liberalisation, Privatisation and Globalisation: An Appraisal Quiz 1

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1. Why there was a need for economic reforms in India?

A Due to fiscal deficit B Due to adverse BOP C Rise in prices D All of the above

2. When did the Gulf Crisis take place?

A 1985 B 1990-91 C 1995 D 1975

3. How much loan was provided by World Bank and IMF during the nineties to bail India out of the crisis?

A $10 million B $10 billion C $7 billion D $20 billion

4. What is the main feature of New Economic Policy?

A Liberalisation B Privatisation C Globalisation D All of the above

5. For how many industries, licensing is still necessary?

A 7 B 6 C 9 D 10

6. How many industries are entirely reserved for the public sector?

A 6 B 10 C 2 D 4

7. What is the investment limit in small scale industries?

A 50 lakh B 1 crore C 25 lakh D 75 crore

8. When was VAT introduced in most of the States of India?

A 1995 B 2001 C 2005 D 2006

9. How many countries are the members of WTO?

A 164 B 120 C 96 D 48

10. When was WTO established?

A 1996 B 1998 C 2000 D 1995

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