New Economic Policy Of 1991 Quiz 2 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. WTO was established in the year

Correct Answer: A) 1995.

2. Liberalisation implies

Correct Answer: A) Reduction in government's control over economy.

3. When was IRDA Act was passed?

Correct Answer: B) 1999.

4. What was the limit on companies Assets under MRTP Act?

Correct Answer: D) 100 crores.

5. Who was the Prime Minister in 1991 to take bold and significance decision

Correct Answer: B) P.V. Narasimha Rao.

6. Laissez-faire policy is that in which

Correct Answer: A) There is no intervention by the government in the functioning of an economy.

7. Which of following is not a part of Liberalisation?

Correct Answer: D) Integration of different countries of the world.

8. Trade between two contries is known as

Correct Answer: B) Bilateral trade.

9. Which of following is not a major component of new economic policy?

Correct Answer: B) Modernisation.

10. 'Make in India' is an example of

Correct Answer: A) Liberalisation.

11. Reforms in indirect taxes categorised into:

Correct Answer: A) Financial sector reforms.

12. RBI WAS SETUP IN

Correct Answer: D) 1935.

13. Outsourcing is good for India because:

Correct Answer: C) Both (a) and (b).

14. Since 1951, India has been ..... economy.

Correct Answer: B) Mixed.

15. When was new economic policy announced?

Correct Answer: C) July, 1991.

16. NEP stands for:

Correct Answer: A) New economic policy.

17. Which of the following was not a feature of Demonetisation?

Correct Answer: D) Promotion of black money.

18. ..... involves deregulation and reduction of government controls and greater autonomy of private investment to make economy more competitive.

Correct Answer: C) Liberalisation.

19. HEAD OFFICE OF WTO IS LOCATED IN

Correct Answer: A) GENEVA.

20. Which international organisation replaced general agreement on trade and tariff (GATT):

Correct Answer: C) World Trade Organisation.