Practice Test

Q1) India has adopted _________ policy of economic development since 1991. Show Answer

Q2) At present there are only ________ industries under compulsory licensing. Show Answer

Q3) Due to globalization, agricultural export _______. Show Answer

Q4) In 1990-91,the total debt of India was more than ____% of its GDP. Show Answer

Q5) The New Economic Policy was introduced in _______. Show Answer

Q6) Initially, in 1991, FDI was permitted upto _____%. Show Answer

Q7) The ________ industry is not reserved for the public sector. Show Answer

Q8) In the NEP, the investment limit in small scale industries has been increased has been increased to Rs. _______ to encourage competitiveness and technology upgradation. Show Answer

Q9) The SEBI was made a statutory body in the year _______. Show Answer

Q10) The removal of the _______ was a boost to industrial growth. Show Answer

Q11) Rupee was made fully convertible on the currency account in ________. Show Answer

Q12) After Independence, India accepted ________ pattern of society. Show Answer

Q13) Structural changes have taken in the Indian economy since ________. Show Answer

Q14) At present only ________ industries are reserved for public sector. Show Answer

Q15) The ________ is set up to take care of retrenched workers. Show Answer

Q16) The process that reduces the involvement of public sector in economic activities is called ________. Show Answer

Q17) At present foreign direct investment limit is raised to _______. Show Answer

Q18) The most important step undertaken to reform the public sector is _______. Show Answer

Q19) India experienced economic crisis in ________. Show Answer

Q20) The GDP growth in the post-economic reform period has been primarily caused by ________. Show Answer

Q21) Economic reforms were introduced when Dr. Manmohan Singh was the finance minister. Show Answer

Q22) The share of manufacturing sector in GDP has decreased recently. Show Answer

Q23) The FEMA replaced FERA. Show Answer

Q24) The NEP is also known as the LPG model. Show Answer

Q25) Presently, there are only four industries that are reserved for the public sector. Show Answer

Q26) NEP also allowed the import of foreign technology so that quality of goods improves and cost of production is reduced. Show Answer

Q27) The SEBI was formed in 1992 to introduced reforms in the insurance sector. Show Answer

Q28) Import licensing controls have been abolished except for imports of capital goods. Show Answer

Q29) The removal of MRTP Act was a boost to the industrial sector. Show Answer

Q30) Before 1991, Foreign exchange transactions were highly controlled and restricted. Show Answer

Q31) Disinvestment leads to rapid growth of private sector. Show Answer

Q32) New economic policy boosted the growth of private sector. Show Answer

Q33) Globalization will hardly affect poor farmers. Show Answer

Q34) Inflation is one of the outcomes of the economic reforms. Show Answer

Q35) Globalization is the ultimate aim of New Economic Policy. Show Answer

Q36) In May 1991, the growth rate of India reached negative level of -0.6% Show Answer

Q37) Industrial licensing is not required for setting up an alcohol factory. Show Answer

Q38) ONGC has been given the status of ‘Navratna’ by the globalization. Show Answer

Q39) An improved transport system is not a pre-requisite for globalization. Show Answer

Q40) The New Economic Policy did not have any impact on the service sector. Show Answer

Q41) After Independence, India had adopted _____. Show Answer

Q42) The new economic policy approved foreign technology in _____. Show Answer

Q43) At present, the number of industries reserved for public sector has been reduced to _____. Show Answer

Q44) The investment limit of small scale industries has been increased upto _____ crores. Show Answer

Q45) The financial sectors became more competitive due to entry of _____ banks. Show Answer

Q46) The Government of India announced the NEP on _____. Show Answer

Q47) _____ is considered to be the father of NEP. Show Answer

Q48) Licensing was made ______ under NEP. Show Answer

Q49) Under NEP unemployment has _____ due to close down of some industries. Show Answer

Q50) _____ is included in Navratna status. Show Answer

Q51) Arrange in proper order:
(a) FERA was replaced by FEMA
(b) Shortage of foreign exchange
(c) Introduction of NEP
(d) Delicensing
Show Answer

Q52) Arrange in proper order:
(a) Poor performance of PSUs
(b) LPG policy
(c) Public sector was playing dominant role
(d) Role of private sector increased
Show Answer

Q53) Arrange in proper order:
(a) Demand for software engineers increased in developed countries
(b) Role of private sector increased
(c) Help to earn foreign exchange
(d) Revolution in IT sector
Show Answer

Q54) Find the odd word out:
New Economic Policy-
Liberalization, Privatization, Demonetization, Globalisation
Show Answer

Q55) Find the odd word out:
Industries requiring compulsory licensing-
Defence equipment, agro-based industries, cigarettes, industrial explosives
Show Answer

Q56) Find the odd word out:
Navratna status companies-
SPCL, IOC, ONGC, HPCL
Show Answer

Q57) Find the odd word out:
Liberalization dealt with the following-
MRTP, FERA, SEBI, NTPC
Show Answer

Q58) Find the odd word out:
Indian companies into foreign collaboration-
Maruti-Suzuki, Hero-Honda, Mahindra & Mahindra, Tata-Timken
Show Answer

Q59) Find the odd word out:
Encouragement to exports-
EXIM, SEZ, AEZ, FERA
Show Answer

Q60) Find the odd word out:
Units in which disinvestment take place-
Maruti, ONGC, ITDC, VSNL
Show Answer

Q61) Regulate the foreign exchange : FEMA :: Regulate security market : _____. Show Answer

Q62) Disinvestment : ITDC hotel :: Collaboration : _____. Show Answer

Q63) Abolition of MRTP Act : Liberalization :: Convertibility of rupee : _____. Show Answer

Q64) Airport Authority of India (AAI) : Miniratna :: Hindustan Petroleum Corporation Ltd. (HPCL) : _____. Show Answer

Q65) Indian Oil Corporation : Navratnas :: Central Public Sector Enterprises : _____. Show Answer

Q66) SEZ : Trade Liberalization :: IRDA Act : _____. Show Answer

Q67) Abolition of Government License : _____ :: Selling of shares of sick public sector : Disinvestment. Show Answer

Q68) The transfer of ownership from public sector to private sector. Show Answer

Q69) Abolishment of the permission of Government for new industry production etc. Show Answer

Q70) Selling public sector units to private sector. Show Answer

Q71) Interaction of the Indian economy with rest of the world. Show Answer

Q72) To take the benefit of advance technology the companies of two countries work together. Show Answer

Q73) Policy providing incentives to exporters. Show Answer

Q74) Companies given full financial and managerial autonomy. Show Answer

Q75) Zone to encourage agricultural exports. Show Answer

Q76) Act under which firms get freedom to take investment decisions. Show Answer

Q77) A board set up to take decision regarding sick units. Show Answer

Q78) Industry requiring compulsory licensing. Show Answer

Q79) The NEP gave dominant position to the _____. Show Answer

Q80) At present 100 percent FDI is allowed in _____. Show Answer

Q81) A country may not attain self sufficiency in food production because of _____. Show Answer

Q82) An adverse effect of NEP on farmers is _____. Show Answer

Q83) The main objective of NEP, 1991 is to plunge India into _____. Show Answer

Q84) Rapid industrial growth took place after abolition of _____. Show Answer

Q85) Two industries reserved for public sector are _____. Show Answer

Q86) National Renewal Board took the responsibility of providing _____. Show Answer

Q87) Public Sector Units (PSU’s) have been categorized into _____. Show Answer