Free Reforming the Economy 03 Practice Test - 12th Grade - Commerce
Question 1
The introduction of MRTP Act falls under which of the following categories?
Liberalisation
Privatisation
Globalisation
None of the above
SOLUTION
Solution : A
MRTP was about de-control, and thus falls under liberalisation reforms.
Question 2
How many industries retain licensing after the LPG reforms even today?
3
5
10
18
SOLUTION
Solution : B
The following industries remain within licensing control:
Question 3
The correct expansion of the MRTP Act is
Market Revenues and Tax Policies
Monopoly Reforms and Tariffs Policy
Monopoly and Restrictive Trade Practices
Multi-Reforms for Trade Practices
SOLUTION
Solution : C
MRTP Act stands for Monopoly and Restrictive Trade Practices.
Question 4
Expand FEMA.
SOLUTION
Solution :FEMA replaced FERA in 1999
Question 5
The action of an organisation whereby an asset or a subsidiary is sold off is known as
SOLUTION
Solution :When the government stake in a public enterprise is reduced by selling off the assets, it is called a disinvestment.
Question 6
Expand WTO.
World Tourism Organisation
World Transport Organisation
World Tariff Organisation
World Trade Organisation
SOLUTION
Solution : D
World Trade Organisation is an intergovernmental organisation acting as a regulator of global trade.
Question 7
India is a member of the WTO.
True
False
SOLUTION
Solution : A
India joined WTO in 1995, and has been a member since.
Question 8
The Third Generation reforms focused primarily on which of these aspects?
Factor markets
Decentralisation
Exports
Infrastructure
SOLUTION
Solution : B
The third generation of reforms, around the 10th FYP, emphasised on decentralisation.
Question 9
How many countries signed the GATT when it was established?
21
23
26
30
SOLUTION
Solution : B
23 countries joined as members of the GATT in 1948.
Question 10
The policy reforms through which the dominance of the public sector is reduced is called
SOLUTION
Solution :Privatisation comprises of reforms to reduce presence of the public sector in key industries.