This quiz works best with JavaScript enabled. Home > Indian Economy > History > New Economic Policy Of 1991 – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books New Economic Policy Of 1991 Quiz 1 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. WHICH OF THE FOLLOWING INDUSTRIES ARE RESERVED FOR THE PUBLIC SECTOR A) DEFENCE EQUIPMENTS. B) ATOMIC ENERGY GENERATION. C) CEMENT. D) BOTH 1 AND 2. Show Answer Correct Answer: D) BOTH 1 AND 2. 2. Mudra Bank was set up to meet the credit needs of the: A) Farmers. B) Small Enterprises. C) Large Enterprises. D) Exporters. Show Answer Correct Answer: B) Small Enterprises. 3. Reforms related to revenue and expenditure of government is termed as A) Industrial Reforms. B) Monetary Reforms. C) Fiscal Reforms. D) Financial Reforms. Show Answer Correct Answer: C) Fiscal Reforms. 4. Liberalisation means a system of laissez-faire A) True. B) False. Show Answer Correct Answer: B) False. 5. 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. 6. Which of following step is not taken by the government to execute policy of privatisation? A) Disinvestment of Public Sector. B) Setting up of BIFR. C) No restriction on expansion of business. D) None of the above. Show Answer Correct Answer: C) No restriction on expansion of business. 7. Which of following step is taken by the government to execute policy of privatisation? A) Setting up of Board of Industrial and Financial Reconstruction(BIFR). B) Reduction of Import Duty. C) Abolition of Export duty. D) None of the above. Show Answer Correct Answer: A) Setting up of Board of Industrial and Financial Reconstruction(BIFR). 8. The recent demonetization took place in A) December 8, 2015. B) November 8, 2015. C) November 8, 2016. D) December 8, 2016. Show Answer Correct Answer: C) November 8, 2016. 9. Frequent fixing the price of goods and services is part of A) Liberalisation. B) Privatisation. C) Both. D) None of the above. Show Answer Correct Answer: A) Liberalisation. 10. Choose the correct alternative showing chronological order of the following eventsi. establishments of GATTii. Demonetisation in Indiaiii. Maharatna status to different companies.iv. Foreign Exchange Management Act A) Iv, iii, i, ii. B) I, iv, iii, ii. C) Iv, ii, i, iii. D) Iii, i, iv, ii. Show Answer Correct Answer: B) I, iv, iii, ii. 11. Assertion (A) Post liberalization, the sale of domestic goods has increaded.Reasoning (R) The demand for imported goods had increased due to liberal policy. A) Is True but (R) is False. B) Is False but (R) is True. C) And (R) both are True and (R) is the correct explanation. D) And (R) both are True but (R) is not the correct explanation of (A). Show Answer Correct Answer: D) And (R) both are True but (R) is not the correct explanation of (A). 12. All indirect taxes have been subsumed under: A) State government tax. B) Central Government tax. C) Goods and service tax. D) Value added tax. Show Answer Correct Answer: C) Goods and service tax. 13. LPG policy focused on A) Liberalisation. B) Privatisation. C) Globalisation. D) All of these. Show Answer Correct Answer: D) All of these. 14. Which of following is a part of Globalisation? A) Giving more freedom. B) Integration of different countries of the world. C) Increasing participation of private sector. D) Reducing number of industries. Show Answer Correct Answer: B) Integration of different countries of the world. 15. Outsourcing is an off-shoot of: A) Liberalisation. B) Privatisation. C) Nationalisation. D) Globalization. Show Answer Correct Answer: D) Globalization. 16. Which of the following is not a benefit of demonstration in India? A) Control over corruption. B) Counterfeiting use of high denomination notes for illegal activities. C) Control on black money. D) More demanding Customers. Show Answer Correct Answer: D) More demanding Customers. 17. What was the main reason for increase in import price during 90s? A) Increase in crude oil prices. B) War with Pakistan. C) Demonetization. D) Non availability of solar vehicle's. Show Answer Correct Answer: A) Increase in crude oil prices. 18. ..... refers to the transfer of assets or services function from public to private ownership. A) Globalisation. B) Privatisation. C) Disinvestment. D) Liberalisation. Show Answer Correct Answer: B) Privatisation. 19. Recently there are how many types of GST in India? A) 2. B) 3. C) 4. D) 5. Show Answer Correct Answer: C) 4. 20. Which one of the following measure was taken to reduce inflation. A) Reduction of CRR and SLR. B) Increase in CRR and SLR. C) Lowering of exports. D) None of the above. Show Answer Correct Answer: A) Reduction of CRR and SLR. 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