Economic Reforms Since 1991 - Online Test
Q1. LPG stands for
Answer : Option A
Explaination / Solution:
LPG stands for Liberalisation, Privatisation and Globalisation which was the model of economic reforms in India in 1991.
Q2. Agreement made between more than two nations regarding exchange of goods and services
Answer : Option B
Explaination / Solution:
Multilateral trade agreements are commerce treaties between more than two nations. The agreements reduce tariffs and make it easier for businesses to import and export.
Q3. PSU is
Answer : Option C
Explaination / Solution:
PSU stands for Public Sector Undertaking. These are also known as Public Sector Enterprises. It is the name given to the state owned enterprises in India.
Q4.
Answer : Option A
Explaination / Solution:
World Trade Organisation (WTO) started functioning on 1st January 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT).
Q5. Two services outsourced from India are
Answer : Option A
Explaination / Solution:
Both voice based business process services as well as banking services are being outsourced by companies in developed countries from India.
Q6. Under the industrial policy of 1991, the number of industries reserved for the public sector have been reduced from 17 to
Answer : Option A
Explaination / Solution:
Under the industrial policy of 1991, the number of industries reserved for the public sector were reduced from 17 to only 8, which were considered to be of strategic importance.
Q7. There are three industries which are reserved for the public sector except
Answer : Option D
Explaination / Solution:
Under the Reform policies introduced in and after 1991, only 3 industries were kept reserved for the public sector, i.e., defence equipments, atomic energy generation and railway transport.
Q8. When government disinvests its shares to the extent of 5 to 10 percent to meet the deficit in the budget, this is termed as
Answer : Option D
Explaination / Solution:
Token privatisation, also known as deficit privatisation occurs when the government disinvests its share to the extent of 5 to 10 percent to meet the deficit in the budget.
Q9. Which of the following is not one among the Maharatnas PSU’s
Answer : Option D
Explaination / Solution:
The company which was founded as Videsh Sanchar Nigam Limited (VSNL) in 1986 is not one among Maharatna PSUs.
Q10. The commercial banks are required to keep certain percentage of the deposits they accept from public in the form of cash. This percentage is known as
Answer : Option D
Explaination / Solution:
Statutory Liquidity Ratio (SLR) is a reserve requirement under which the commercial banks are required to keep a certain percentage of the total deposits in the form of cash.
