MCQ Questions for Class 12 Economics Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal with Answers

Find here the NCERT Book Multiple Choice Questions from Class 12 Economics book with Answers Pdf free download as per CBSE new exam pattern. This may assist you to understand and check your knowledge about the chapters. Students also can take a free test of the Multiple Choice Questions of Class 12 Economics. Each question has four options followed by the right answer. These MCQ Questions are selected supported by the newest exam pattern as announced by CBSE.

Q1. In which year did India adopt the economic reforms?

(A) 1991
(B) 1993
(C) 1998
(D) 2001

(A) 1991

Q2. 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

(D) All of the above

Q3. When did the Gulf Crisis take place?

(A) 1985
(B) 1990-91
(C) 1995
(D) 1975

(B) 1990-91

Q4. 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

(C) $7 billion

Q5. What is the main feature of New Economic Policy?

(A) Liberalisation
(B) Privatisation
(C) Globalisation
(D) All of the above

(D) All of the above

Q6. For how many industries, licensing is still necessary?

(A) 7
(B) 6
(C) 9
(D) 10

(B) 6

Q7. How many industries are entirely reserved for the public sector?

(A) 6
(B) 10
(C) 2
(D) 4

(C) 2

Q8. What is the investment limit in small scale industries?

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

(B) 1 crore

Q9. When was VAT introduced in most of the States of India?

(A) 1995
(B) 2001
(C) 2005
(D) 2006

(C) 2005

Q10. How many countries are the members of WTO?

(A) 164
(B) 120
(C) 96
(D) 48

(A) 164

Q11. When was WTO established?

(A) 1996
(B) 1998
(C) 2000
(D) 1995

(D) 1995

Q12. Where is the headquarters of WTO located?

(A) Italy
(B) Geneva
(C) New York
(D) Washington

(B) Geneva

Q13. India met with an economic crisis in 1991 as it failed to repay its —- from abroad.


Q14. —- is the excess of expenditure (borrowings) over income.


Q15. To overcome the crisis, India approached IMF and World Bank for—-


Q16. Economic reforms refer to all those measures that aim at rendering the economy more efficient, competitive and—–


Q17. Fiscal policy refers to the revenue and expenditure policy of the government to achieve —- development in the economy.


Q18. Financial sectors were allowed to take decisions on various matters, without consulting—-


Q19. Trade policy reforms led to the removal of export duties to _____India’s competitive position.


Q20. India has become an important destination for global ____ since the reforms.


Q21. Trade between two countries is called ____ trade.


Q22. The industrial sector has experienced___ _ in growth pattern.


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Use the above-provided Chapter Wise NCERT MCQ Questions for Class 12 Economics with Answers Pdf free download. We hope the given NCERT MCQ Questions for Class 12 Economics PDF Free Download will definitely yield fruitful results. If you have any queries regarding The Solid State CBSE Class 12 Economics MCQs Multiple Choice Questions with Answers, drop a comment below and we will get back to you soon.

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